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Cullman City 2013. Special Economic Development Agreement (02611689-7)

Cullman City 2013. Special Economic Development Agreement (02611689-7)

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Published by Trent Moore
The contract agreement between the City of Cullman and developer MRP Cullman to share up-to $6 million in tax revenue to expand the Cullman Shopping Center.
The contract agreement between the City of Cullman and developer MRP Cullman to share up-to $6 million in tax revenue to expand the Cullman Shopping Center.

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Published by: Trent Moore on Aug 29, 2013
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05/04/2014

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 SPECIAL ECONOMIC DEVELOPMENT AGREEMENT Dated September 1, 2013 byCITY OF CULLMAN, ALABAMAandMRP CULLMAN LLC This Special Economic Development Agreement was prepared by Heyward C. Hoschof Maynard, Cooper & Gale, P.C., 1901 Sixth Avenue North, 2400 Regions/HarbertPlaza, Birmingham, Alabama 35203-2618. 
{02611689.7}
 
SPECIAL ECONOMIC DEVELOPMENT AGREEMENT
 This
SPECIAL ECONOMIC DEVELOPMENT AGREEMENT
is made and entered as of September 1, 2013 by the
CITY OF CULLMAN
,
ALABAMA,
an Alabama municipal corporation(the "City"), and
MRP CULLMAN LLC,
a Delaware limited liability company (the "Developer").
Recitals
 The Developer expects and intends to expand and increase the tax and revenue base othe City by development of commercial enterprises within the corporate limits of the City. The City has agreed to provide the Developer, as provided herein, the within referencedEconomic Development Payments.Pursuant to the applicable laws of the State of Alabama, and for the purposes,referenced herein, the City and the Developer have delivered this Agreement.
Agreement
NOW, THEREFORE, for and in consideration of the premises, and the mutual covenantsand agreements herein contained, the City and the Developer hereby covenant and agree asfollows:
{02611689.7}
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ARTICLE 1DEFINITIONS
For purposes of this Agreement the following terms shall have the followingmeanings:
Act of Insolvency
shall mean, with respect to any Person, the appointment of areceiver, liquidator or trustee of such Person or any of its Property or assets; or a generalassignment by such Person for the benefit of the creditors thereof; or the commencement of proceedings by or against such Person under any bankruptcy, reorganization, arrangement,insolvency, readjustment of debt, dissolution or liquidation law or any jurisdiction, now orhereafter in effect.
Calendar Quarter
shall mean a period of three consecutive calendar months.
Economic Development Payments
shall mean collectively the payments to bemade by the City to the Developer pursuant to Section 4.02.
Effective City Sales Tax Rate
shall mean the sum of the percentage amountsallocated to the City of the rates at which the Local Sales Taxes are levied, as set forth anddefined on Exhibit D hereto.
Effective Date
shall mean September 1, 2013.
Enabling Law
shall mean Amendment No. 772 of the Constitution of Alabama of 1901, as amended, as at any time amended or supplemented, or any successor provision of law.
Existing Project Business
shall mean and include (a) any Person identified onExhibit B and any Successor thereof and (b) any Relocated Business and any Successorthereof.
Existing Project Business Sales Tax Period
shall mean the period beginning onthe Effective Date and ending on August 31, 2016.
Existing Project Business Sales Tax Proceeds
shall mean and include the netproceeds from the levy of Local Sales Taxes within the Project Area which (a) are actuallyreceived, determined on the basis of the Effective City Sales Tax Rate, by the City fromExisting Project Businesses and (b) the City is authorized by law to use for any lawfulpurpose without restriction thereupon (i) provided by law or (ii) provided by ordinance orresolution of the City in effect on the Effective Date.
Existing Project Businesses
shall mean and include collectively each ExistingProject Business.
{02611689.7}
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