Laserfiche WebLink
"City Consideration" shall mean the amounts to be paid by City to Volvo for Volvo's <br />conduct of the Required Operations during the Operating Period. The City Consideration for the <br />Operating Period is to reimburse Volvo each Contract Year fifty percent (50 %) of the new sales <br />tax generated in the City from the Required Operations above the base year, up to one - million <br />dollars ($1,000,000.00), or ten (10) years, whichever comes first. <br />"Commencement Date" shall mean the date on which Volvo completes its facility <br />remodel and upgrade, as set forth in a written notice from Volvo to the City. The parties <br />anticipate that such work will take approximately six (6) months to complete. <br />"Contract Year" shall mean the period from July 1 to June 30 during each year of the <br />Operating Period. For the purposes of this Agreement, the first Contract Year ends on June 30, <br />2017. <br />"Covered Parties" shall mean the City and its elected and appointed boards; members, <br />officials, officers, agents, representatives, employees and volunteers, <br />"Effective Date" shall mean the date first written on page 1 of this Agreement. <br />"Operating Period" shall mean the period commencing as of the Commencement Date, <br />and continuing until and expiring after ten (10) years; provided, however, that Volvo may <br />terminate this Agreement for any reason, or no reason, at any time upon one hundred and <br />eighty (180) days' written notice to the City, <br />"Required Operations" shall collectively refer to the following on and with respect to <br />Volvo conducting its automotive retail sales and service operations in the City: (1) Volvo retaining <br />and continuing to own or lease sufficient facilities in the City to allow the automotive retail sales <br />and service operations to be conducted; (ii) Volvo's operation of the automotive retail sales and <br />service operations within the corporate boundaries of the City; and (iii) Volvo not transferring or <br />otherwise relocating the automotive retail sales or service operations as reported to the State <br />Board of Equalization to another facility or location outside of the City. <br />"Sales Tax(es)" means that portion of taxes that is allocated, paid to, and actually <br />received by City from the imposition of the Bradley -Burns Uniform Sales and Use Tax law <br />(commencing with Section 7200 of the California Revenue and Taxation Code), or any <br />successor law thereto, arising from all taxable sales transactions, occurring from Required <br />Operations conducted by Volvo within the City during the Operating Period. "Sales Tax" shall <br />not include sales tax revenues that are provided to a city based upon a special election and are <br />limited to be used for a specified governmental function or functions. <br />"Sales Tax Reports" shall include, for each Contract Year: (1) a statement identifying the <br />amount of Sales Tax paid by Volvo from Required Operations within the City during the Contract <br />Year; and, (ii) copies of all statements and reports filed with the State Board of Equalization. <br />"Termination Date" shall occur upon the payment of one- million dollars ($1,000,000.00) <br />In City Consideration from City to Volvo, or ten (10) years after the Commencement Date, <br />whichever comes first, subject to extension or earlier termination of the Operating Period as set <br />forth in this Agreement. <br />25B -4 <br />