2025-002 - Approving and authorizing an Economic Development Agreement by and between the City of Paris and AUDAX Enterprises

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agrees to provide the Company with three (3) Annual Sales Tax Grants, each in an amount equal to fifty percent (50%) of the Sales Tax Receipts attributable to the Retailers' sales for the calendar years 2024, 2025, and 2026. Sales Tax Receipts will be determined by the City using sales tax revenue information derived through the State of Texas as authorized by Texas Tax Code Sec. 321.3022. (b) Each Annual Sales Tax Grant shall be due within thirty (30) days after receiving a Payment Request from Company for the relevant Grant Period, but in no event before the first day of April of 2025, 2026, and 2027. (c) Adjustment_ Notification., The Company shall promptly notify the City in writing of any adjustments found, determined, or made by the Retailers, the State of Texas, or by an audit that results, or will result, in either a refund or reallocation of Sales Tax Receipts or the payment of Sales and Use Tax or involving amounts reported by the Company as subject to this Agreement. Such notification shall also include the amount of any such adjustment in Sales and Use Tax or Sales Tax Receipts. The company shall notify the City in writing within ninety (90) days after receipt of notice of intent of the State of Texas to audit the Company, its Affiliates and/or its customers. Such notification shall also include the period of such audit or investigation. (d) Ad'ustmegtsw In the event any of the Retailers files an amended sales and use tax return or report with the State of Texas, or if additional Sales and Use Tax is due and owing by the Company to the State of Texas, as determined or approved by the State of Texas, affecting Sales Tax Receipts for a previous Grant Period, then the Annual Sales Tax Grant payment for the Grant Period immediately following such State of Texas approved amendment shall be adjusted accordingly (i.e., up or down, depending on the facts) provided the City has received Sales Tax Receipts attributed to such adjustment. (e) Refunds and,Under g ments of Grants In the event the State of Texas determines that the City erroneously received Sales Tax Receipts, or that the amount of Sales and Use Tax paid to the Company exceeds (or is less than) the correct amount of Sales and Use Tax for a previous Grant Period, for which the Company has received an Annual Sales Tax Grant, the Company shall, within sixty (60) days after receipt of notification thereof from the City specifying that amount by which such Annual Sales Tax Grant exceeded the amount to which the Company was entitled pursuant to such State of Texas determination, adjust (up or down, depending on the facts) the amount claimed due for the Annual Sales Tax Grant for the Grant Period immediately following such State of Texas determination. If the Company does not adjust the amount claimed due for the Annual Sales Tax Grant payment for the Grant Period immediately following such State of Texas determination, the City may, at its option, adjust the Annual Sales Tax for the Grant Period immediately following the State of Texas determination. As a condition precedent to payment of such refund, the City shall provide the Company with a copy of