Common use of TDD Sales Tax Clause in Contracts

TDD Sales Tax. The City has delivered a copy of the TDD Resolution to the Kansas Department of Revenue (“DOR”) imposing the TDD Sales Tax effective January 1, 2008. The Developer agrees to provide ongoing contact information to the DOR and the City regarding new tenants within the Oak Park Mall TDD. Except as otherwise set forth herein, all TDD Sales Tax shall be available for and dedicated to pay Eligible Expenses for the duration of the TDD term or until the City’s obligations under this Agreement have been satisfied, whichever is first, and shall be utilized according to the procedures set forth herein in the following order of priorities: 1. First, pursuant to 2009 Senate Bill No. 78, Section 2, the Existing Deposit shall be used to pay accrued City Expenses, and the fees described in Article VII (A) incurred to the date hereof, and Eligible Expenses to the extent of the Existing Deposit; 2. Second, to finance the TDD Project; pay the principal and interest on any TDD Bonds issued to 3. Third, to pay or reimburse the City for all City Expenses; and 4. Fourth, to the extent permitted under the TDD Act, to reimburse the Developer for remaining Eligible Expenses.

Appears in 1 contract

Sources: Development Agreement

TDD Sales Tax. The City has delivered a copy of the TDD Resolution to the Kansas Department of Revenue (“DOR”) imposing the TDD Sales Tax effective January 1, 2008. The Developer agrees to provide ongoing contact information to the DOR and the City regarding new tenants within the Oak Park Mall TDD. Except as otherwise set forth herein, all TDD Sales Tax shall be available for and dedicated to pay Eligible Expenses for the duration of the TDD term or until the City’s obligations under this Agreement have been satisfied, whichever is first, and shall be utilized according to the procedures set forth herein in the following order of priorities: 1. First, pursuant to 2009 Senate Bill ▇▇▇▇ No. 78, Section 2, the Existing Deposit shall be used to pay accrued City Expenses, and the fees described in Article VII (A) incurred to the date hereof, and Eligible Expenses to the extent of the Existing Deposit; 2. Second, to finance the TDD Project; pay the principal and interest on any TDD Bonds issued to 3. Third, to pay or reimburse the City for all City Expenses; and 4. Fourth, to the extent permitted under the TDD Act, to reimburse the Developer for remaining Eligible Expenses.

Appears in 1 contract

Sources: Development Agreement