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2022-015 - Approving an Economic Development Agreement with Alpha Lake LTD
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2022-015 - Approving an Economic Development Agreement with Alpha Lake LTD
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3/16/2022 3:09:30 PM
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3/3/2022 9:14:35 AM
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CITY CLERK
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writing of the Company's actions and with copies of all documents and information related <br />thereto. In the event the Comptroller Challenge is not resolved favorably to the City and/or <br />in the event the State of Texas determines that the Leased Premises are not a place of <br />business where the Sales and Use Tax was properly remitted to the State of Texas, and <br />Sales and Use Tax Receipts previously paid or remitted to the City relating to the Leased <br />Premises are reversed and required to be repaid to the State of Texas, then the obligation <br />to pay the Annual Sales Tax Grants shall terminate and the Company shall refund all <br />Annual Grants received by the Company from the City that relate to the Comptroller <br />Challenge, which refund shall be paid to the City within forty-five (45) days of the date <br />that the Comptroller Challenge require the City to repay Sales and Use Tax Receipts. <br />Article IV—Limitations on Annual Grants <br />4.1 Current Revenue. The Annual Property Tax Grants and Annual Sales Tax <br />Grants made hereunder shall be paid solely from lawfully available funds that have been <br />appropriated by the City. Under no circumstance shall City's obligations hereunder be <br />deemed to create any debt within the meaning of any constitutional or statutory provision. <br />The Grants shall be paid solely from annual appropriations from the general funds of the <br />City or from such other funds of the City as may be legally set aside for such purpose <br />consistent with Article III, Section 52(a) of the Texas Constitution. Further, City shall not <br />be obligated to pay any commercial bank, lender, or similar institution for any loan or <br />credit agreement made by Company. None of the City's obligations under this Agreement <br />shall be pledged or otherwise encumbered in favor of any commercial lender and/or <br />similar financial institution. <br />4.2 Grant Limitations. Under no circumstances shall the obligations of the <br />City hereunder be deemed to create any debt within the meaning of any constitutional or <br />statutory provision; provided, however, City agrees during the term of this Agreement to <br />make a good faith effort to appropriate funds each year to pay the Grants for the then <br />ensuing fiscal year. Further, the City shall not be obligated to any commercial bank, <br />lender, or similar institution for any loan or credit agreement made by the Company. None <br />of the City's obligations under this Agreement shall be pledged or otherwise encumbered <br />in favor of any commercial lender and/or similar financial institution. <br />4.3 Indemnification. The Company agrees to defend, indemnify and hold <br />the City, its respective officers, agents, and employees (collectively, the "City") <br />harmless from and against any and all reasonable liabilities, damages, claims, <br />lawsuits, judgments, attorney fees, costs, expenses, and any cause of action that <br />directly relates to any of the following: any claims or demands by the State of Texas <br />that the City has been erroneously or over -paid Sales and Use Tax for any period <br />during the term of this Agreement as the result of the failure of the Company to <br />maintain a place of business at the Property or in the City, or as a result of any act <br />or omission or breach or non-performance by the Company under this Agreement <br />
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