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HomeMy WebLinkAboutCOUNCIL - AGENDA ITEM - 09/04/2012 - RESOLUTION 2012-088 APPROVING AN AGREEMENT BETWEENDATE: September 4, 2012 STAFF: Josh Birks SeonAh Kendall AGENDA ITEM SUMMARY FORT COLLINS CITY COUNCIL 33 SUBJECT Resolution 2012-088 Approving an Agreement Between the City and Forney Industries to Provide Business Investment Assistance. EXECUTIVE SUMMARY This Resolution considers a Business Investment Agreement between the City of Fort Collins and Forney Industries, Inc. (Forney). Forney is considering expanding operations at its facility located at 1830 LaPorte Avenue, which is currently located in Larimer County. Forney has an 80-year relationship with the City and currently employs 120 people at the LaPorte site and 203 in the Northern Colorado area. In 2011, Forney grew by 13.5% and made a $4.2 million investment in infrastructure that resulted in eight new jobs. An additional investment of $750,000 is anticipated for 2012 and 2013, which includes an expansion of its operations on 1830 LaPorte Avenue. This expansion would add six professional jobs and approximately twelve hourly employees. Accommodating the expansion requires Forney to tap into the City’s sewer system and, consequently, annex into the City. Annexation exposes Forney to additional business costs in terms of sales and use tax, and the City has been asked to develop a business assistance package to mitigate some of the initial increases and offset costs associated with connecting to the sewer system. The business assistance package presented includes three components: (1) a three-year sales tax rebate of the non-dedicated portion of sales tax (2.25%), which amounts to approximately $15,000 per year, for a total incentive of $45,000; (2) a personal property tax rebate equal to half the personal property taxes upon annexation representing a value of $399 per year, or $3,990 over a 10-year period; and (3) a real property tax rebate on the real property taxes due upon annexation the rebate representing a value of $2,672 per year, or $26,720 over a 10-year period. The City of Fort Collins’ Business Investment Agreement requires Forney Industries, Inc. to annex into the city limits before providing assistance. The investments proposed relate to revenues the City would not otherwise collect if the annexation does not occur within the City. City Council is being asked to consider the proposed assistance package valued at approximately $75,710. BACKGROUND / DISCUSSION In June 2012, the City of Fort Collins adopted the new Economic Health Strategic Plan (EHSP) as a continuous evolution of the previous economic planning efforts. The Strengths, Weaknesses, Opportunities, and Threats (SWOT) analysis conducted in the EHSP evaluated the economic, demographic, and workforce characteristics on a local, state/region, and national/international level. The EHSP SWOT analysis acknowledged skills mismatch as a concern voiced by regional manufacturers. Forty-one percent of the population in the Fort Collins Metropolitan Statistical Area age 25 or older have a bachelor’s degree or higher. However, close to two-thirds of the jobs require only on-the-job training or prior experience. The skills mismatch creates both opportunities and challenges for the City. Bringing the skills of residents and the talent requirements of employers into balance can greatly benefit the city. It enhances local employers’ ability to fill open positions with local talent. It also creates an opportunity to move under-employed people into better jobs and to move unemployed people into the jobs those under-employed currently occupy. The new EHSP has identified four goals as the pillar of the plan: • Facilitate a stronger support network for existing employers, new businesses, and small business; • Enhance the innovation ecosystem and the economy that supports companies at all stages and aligns with City goals; • Create a system for talent development, retention and recruitment that responds to and anticipates employers’ needs; • Develop community assets and infrastructure necessary to support the region’s employers and talent. This Resolution addresses the Economic Health Office’s goal of facilitating a stronger business support network for existing employers, new businesses, and small business. Strengthening the support network for businesses in Fort Collins is the first objective of the Plan. This recognizes that the existing employers and small businesses are the backbone of Fort Collins. The Economic Health Office believes that this resolution is a sound move in strengthening September 4, 2012 -2- ITEM 33 the support network, and diversifying the employment and tax base of the community. In addition, the EHSP acknowledges the economic and community impact of a primary employer closing or relocating out of the City of Fort Collins, a distinct possibility for Forney. COMPANY BACKGROUND Forney Industries, Inc. has been established in the community for 80 years, beginning in 1932. Forney Industries is a distribution/light manufacturing center that distributes Forney labeled goods such as auto generators, battery chargers, electric welders, and welding supplies. In addition to its distribution center, Forney Industries acts as a third- party replenishment supplier. In 2011, Forney Industries purchased a new warehouse and distribution facility in the Fort Collins area. Forney currently employs 120 people at the LaPorte site and plans to add 6 professional jobs and 12 hourly employees (estimated average annual wage per employee is $49,000) within the next three years. BUSINESS ASSISTANCE The Economic Health Office does not use a “one size fits all” approach when it comes to business assistance packages. The request for tax incentives involves a multi-step process. After initial contact/request and investigation, the Economic Health Office drafts a package based on detailed information from the company in regard to estimated costs for expansion and/or relocation, estimated new jobs, etc. After development of the business assistance package, the Economic Health Director and staff presents the information to the Economic Advisory Committee and the Council Finance Committee for their feedback and recommendations. After feedback and recommendations from these committees, the Business Assistance Package is presented to City Council for its consideration. The Business Assistance Package being offered to Forney Industries is consistent with both the EHSP and the City Council directives: • The proposed Business Investment Agreement rebates sales tax revenues (non-dedicated sales tax collections of 2.25%; dedicated sales tax such as Keep Fort Collins Great will not be rebated) to offset the cost of connecting to sanitation sewer and lessening the burden of increased costs for sales tax due after annexation. • The EHSP clearly identifies business retention and expansion as a principal goal for the City’s job creation efforts over business attraction; the proposed expansion supports this goal. PROJECT OVERVIEW Forney Industries, Inc. plan for expansion would necessitate tapping into the City of Fort Collins’ sewer system, thus triggering annexation. Due to the nature of annexation, Forney Industries will become subject to additional tax burdens once within City limits. The City of Fort Collins Sales Tax Department estimates annual sales tax increase of approximately $24,000 upon annexation. Cost of annexation and expansion will cost Forney approximately $75,500 the first year and approximately $38,500 thereafter (Attachment 1). The Economic Health Office is proposing a performance-based package valued at $75,710. It should be noted that the sales tax rebate does not include any dedicated sales tax collections such as Keep Fort Collins Great. In addition, it will be Forney Industries’ responsibility to collect and submit sales tax receipts from actual purchases in order to receive this assistance. The package includes the following items shown in Table 1. September 4, 2012 -3- ITEM 33 Table 1: Forney Business Assistance Package Annexation Annual Total On-Going Investments Duration Personal Property Tax Rebate 10 years $ 399 $ 3,990 Real Property Tax Rebate 10 years $ 2,672 $26,720 Sales Tax Rebate 3 years $15,000 $45,000 Total On-Going $18,071 $75,710 Source: City of Fort Collins - Economic Health FINANCIAL / ECONOMIC IMPACTS Forney’s decision to annex into the City of Fort Collins limits will have both short- and long-term implications to the City. The City of Fort Collins Sales Tax Department estimates annual sales tax increase of approximately $24,000 upon annexation. Of the $24,000 collected, the Business Assistance Package proposal is to rebate $15,000 of non- dedicated sales tax (2.25%) for a three-year period. Forney Industries will be required to incur costs to tap into the City’s sewer system, which are estimated at approximately $32,000. In addition, the City of Fort Collins will be collecting 9.797 mill on personal and real property taxes that otherwise would not have been collected without Forney’s annexation into City limits. The estimated personal and real property tax collected from Forney to the City of Fort Collins upon annexation into City limits is $6,142 per year, of which, the Economic Health Office is proposing a rebate of $3,071 annually for ten years. Anticipated net revenues (based on information provided by Forney) for sales tax collected, real property tax collected and personal property collected from Forney to the City (after rebates) during the collection and rebate period of 2012 – 2024 is approximately $304,000. It should be noted that these anticipated net revenues is not all-inclusive and additional fees and taxes due are the responsibility of Forney. ENVIRONMENTAL IMPACTS The environmental impact of Forney’s annexation will have significant environmental implication to the City of Fort Collins. In 2006, the City of Fort Collins conducted the Northwest Subarea Plan. The plan identified two areas where drainage and flooding occur: 1) the West Vine Basin and 2) the Poudre River Basin. Forney’s land is located within the identified West Vine Basin, which floods periodically along Soldier Creek due to inadequate storm water outlets. Currently, Forney’s sewer drains into a leech field. If a septic system is properly designed and operated, a leech field system is safe. However, leech field septic systems only have an average useful life of 20 – 30 years and can become problematic for industrial type usage (such as accidental flow of non-sanitary waste, stress on the system, etc.). The Larimer County Environmental Health Department supports Forney Industries utilization of the City’s sewer system. The annexation will allow for a cleaner, safer disposal of all waste to reduce negative effects to the soil and groundwater properties. STAFF RECOMMENDATION Staff recommends adoption of the Resolution. September 4, 2012 -4- ITEM 33 BOARD / COMMISSION RECOMMENDATION On August 15, 2012, the Economic Advisory Commission was presented information in regard to the Forney Business Assistance Package. The Economic Advisory Commission voted 7-1 in favor of the Business Assistance Package. In addition, on August 20, 2012, the Council Finance Committee were provided information in regard to the Forney Business Assistance Package and were in favor of moving Resolution 2012-088 forward. ATTACHMENTS 1. Forney Rebate Schedule 2. Economic Advisory Commission Minutes (draft), 8/15/12 3. Forney Industries Context Map 4. Forney Industries Site Map 5. Powerpoint presentation Year Taxes are Paid 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Sales Tax Totals Sales Tax Collected 24,000 24,000 24,000 24,000 24,000 24,000 24,000 24,000 24,000 24,000 24,000 24,000 24,000 312,000 Sales Tax Rebate Paid ‐ 3,750 15,000 15,000 11,250 45,000 Personal Property Tax Personal Property Collected 798 798 798 798 798 798 798 798 798 798 798 8,778 Personal Property Rebate Paid 399 399 399 399 399 399 399 399 399 399 3,990 Real Property Tax Real Property Collected 5,344 5,344 5,344 5,344 5,344 5,344 5,344 5,344 5,344 5,344 5,344 58,784 Real Property Rebate Paid 2,672 2,672 2,672 2,672 2,672 2,672 2,672 2,672 2,672 2,672 26,720 Total Taxes Paid 24,000 24,000 30,142 30,142 30,142 30,142 30,142 30,142 30,142 30,142 30,142 30,142 30,142 379,562 Total Taxes Rebated 3,750 15,000 18,071 14,321 3,071 3,071 3,071 3,071 3,071 3,071 3,071 3,071 75,710 Forney Business Assistance Rebate Analysis ATTACHMENT 1 ATTACHMENT 2 S SHIELDS ST N SHIELDS ST LAPORTE AVE W VINE DR S TAFT HILL RD N TAFT HILL RD INDUSTRIES FORNEY INC OF FORT CITY COLLINS BROADCASTING JACOR OF CO Forney500Feet Context Industries Map 0 250 Printed: August 21, 2012 City Limits ± Annexation Parcels !"`$ ³I ÕZYXW ÉZYXW City of Fort Collins ATTACHMENT 3 LAPORTE AVE INDUSTRIES FORNEY INC CITY COLLINS OF FORT BROADCASTING JACOR OF CO Forney200Feet Site Industries Map 0 100 Printed: August 21, 2012 City Limits ± Annexation Parcels ATTACHMENT 4 8/28/2012 1 1 Forney Industries Business Assistance Package Presented by: Josh Birks, Economic Health Director SeonAh Kendall, Economic Health Analyst 2 Company History • Started in 1932; 80-year history • Distribution company – Forney labeled • 2011 purchased a new Warehouse and Distribution Facility (added 60,000SF) • Employs 120 people at the LaPorte site; 203 total in Northern Colorado • Currently Larimer County ATTACHMENT 5 8/28/2012 2 3 Annexation • Located within Fort Collins’ Growth Management Area • Connection to City’s sewer system • Annexation exposes Forney to additional business costs – wastewater, stormwater, and sales and use tax • September 4th and September 18th 4 8/28/2012 3 5 Forney’s Cost • Forney will incur costs of: – Approx. $32,000 to tap into sewer – Approx. $5,000 in annexation filings – Approx. $8,500 in storm and wastewater costs annually – Approx. $24,000/annually increased sales and use tax – Approx. $6,000/annually in personal and real property tax • Total first year costs = $75,500; thereafter, $38,500/annually 6 Project Overview • Mitigating costs of annexation • Additional investment by Forney of $750,000 is anticipated in 2012 – Adding 6 professional jobs and 12 hourly employees with an average salary of $47,000/annually for the professional jobs • Three components: – Sales Tax Rebate: $15,000/annually for 3 years • Excludes dedicated sales tax such as Keep Fort Collins Great – Personal Property Tax Rebate: $399/annually for 10 years – Real Property Tax Rebate: $2,672/annually for 10 years 8/28/2012 4 7 Business Assistance Package Total Estimated Annual Total Net Revenue Revenue Rebate Rebate over Rebate Period On-Going Investments Duration Personal Property Tax Rebate 10 Years $798 $399 $3,990 $4,788 Real Property Tax Rebate 10 Years $5,344 $2,672 $26,720 $32,064 Sales Tax Rebate 3 Years $24,000 $15,000 $45,000 $267,000 Total On-Going $30,142 $18,071 $75,710 $303,852 8 Environmental Considerations • In February 2012, the City of Fort Collins acquired 35 acres from Forney – Located north – Intended usage: regional detention pond • Currently, Forney’s sewer drains into a leach field – If property designed and operated, leach fields are safe • Useful life of 20 – 30 years – May negatively affect soil and groundwater properties 8/28/2012 5 9 Recommendations • Economic Advisory Commission – Voted 7-1 in favor • Council Finance Committee – Recommended moving forward with the assistance package • Economic Health Office – Recommends adoption of the Resolution 10 RESOLUTION 2012-088 OF THE COUNCIL OF THE CITY OF FORT COLLINS APPROVING AN AGREEMENT BETWEEN THE CITY AND FORNEY INDUSTRIES, INC. TO PROVIDE BUSINESS INVESTMENT ASSISTANCE WHEREAS, Forney Industries, Inc. (“Forney”) intends to submit an annexation petition to the City to annex the property upon which its manufacturing operation is located at 1830 LaPorte Avenue; and WHEREAS, in connection with the annexation, Forney will be expanding its business operations and creating an additional six jobs with an average an annual salary of $47,000, which jobs would provide a significant economic development benefit to the community at large; and WHEREAS, the Forney annexation and expansion is anticipated to increase annual sales tax revenue, personal property tax revenue, and real property tax revenue for the City by approximately $304,000 net of the rebates over the ten-year term of the Agreement; and WHEREAS, City staff has been working with Forney to discuss ways in which the City can provide financial assistance to Forney that will enhance the likelihood that the annexation and expansion will be pursued; and WHEREAS, City staff has prepared for City Council's consideration a proposed agreement between the City and Forney (the “Agreement”), which Agreement sets forth the terms and conditions upon which financial assistance will be provided to Forney by the City and is attached as Exhibit "A"; and WHEREAS, the City Council has determined that providing financial assistance to Forney as provided in the Agreement is in the best interests of the City and will serve the important public purposes of increasing employment in the City, stabilizing and improving the long term tax base of the City and providing additional economic development benefits to the City. NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF FORT COLLINS as follows: Section 1. That the City Council hereby finds that providing financial assistance to Forney, upon the terms and conditions contained in the Agreement, is in the best interests of the City and serves the important public purposes of increasing employment within the City, stabilizing and improving the long-term tax base of the City, and promoting economic development within the City. Section 2. That the Agreement, in substantially the form contained in Exhibit "A" attached hereto and incorporated herein by this reference, is hereby approved by the City Council, subject to such modifications as may be deemed necessary by the City Manager, in consultation with the City Attorney, in order to further the purposes of the Agreement. Section 3. That the City Manager is hereby authorized to execute the Agreement on behalf of the City. Passed and adopted at a regular meeting of the Council of the City of Fort Collins this 4th day of September A.D. 2012. Mayor ATTEST: City Clerk 1 BUSINESS INVESTMENT AGREEMENT FOR ECONOMIC DEVELOPMENT RELATED TO FORNEY INDUSTRIES, INC. THIS AGREEMENT is entered into this 28th day of September, 2012, by and between the City of Fort Collins, Colorado, a home rule municipal corporation (the “City”), and Forney Industries, Inc., a Colorado Corporation (“Forney”). RECITALS WHEREAS, Forney is the owner of property located at 1830 LaPorte Avenue, Fort Collins, Colorado that is more fully described in Exhibit A and incorporated herein by this reference (the “Property”); and WHEREAS, Forney has committed to petitioning City Council to annex the Property into the City by September 28, 2012; and WHEREAS, the annexation will enable the City to better maintain its place as the regional business center of Northern Colorado in the face of competing facilities that could otherwise draw significant employment opportunities out of the Fort Collins community; and WHEREAS, Forney estimates that as a result of the annexation they will be expanding operations and creating approximately 6 new professional jobs with an average salary of $47,000 annually; and WHEREAS, the City’s Economic Health Office has concluded that the Project will generate a substantial increase in tax revenue for the City, including approximately (i) $ 312,000 gross sales tax; (ii) $8,778 in gross new personal property tax in the first ten years; and (iii) $ 58,784 in gross new real property tax in the first ten years; and WHEREAS, according to the Economic Health Office the annexation and related operations will prevent high‐paying jobs from leaving Fort Collins to other sites in Northern Colorado and elsewhere; and WHEREAS, according to the Economic Health Office, the annexation and related expansion of operations will keep a manufacturing and distribution business in the City; and WHEREAS, Forney has requested that the City enter into a business investment agreement for economic development; and WHEREAS, based on Forney’s representations that (i) they will use commercially reasonable efforts to annex the Property into the City, (ii) the expansion of operations will maintain a manufacturing and distribution facility that will be owned and operated by Forney, EXHIBIT A 2 (iii) new jobs will be generated, and (iv) that they intend to have a reasonable expectation of long‐term operations in the City; and WHEREAS, in order to encourage the Project, the City Council has determined, through the adoption of Resolution 2012‐088 on August 21, 2012, that it is in the best interests of the City to provide a package of financial assistance consisting of three components: a rebate of new City sales tax revenues generated by Forney after they annex; a rebate of City personal property tax after they annex; and the rebate of City real property tax after they annex; and WHEREAS, the City Council has further determined, through the adoption of Resolution 2012‐088 that providing the financial assistance described in this Agreement to Forney will serve the important public purposes of increasing employment in the City, stabilizing and improving the long term tax base of the City, and providing additional economic development benefits to the City. NOW, THEREFORE, in consideration of the promises contained in this Agreement, and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties hereto agree as follows. SECTION 1. DEFINITIONS Application for Sales Tax Rebate means the application process for a sales tax rebate using City approved forms consistent with the form attached as Exhibit B and specifically including the following information: vendor name, invoice number and date, purchase price, and amount of Fort Collins tax paid; invoices may not need to be submitted at the time of the application. Charter means the Home Rule Charter of the City. City means the City of Fort Collins, Colorado, a home rule municipal corporation. Code means the Code of the City of Fort Collins. County Assessor means the Larimer County Assessor. Effective Period means the period following annexation of the Property and continuing during Forney’s ownership of the Property. Forney means Forney Industries, Inc., a Colorado Corporation and its subsidiaries. Land Use Code means the Fort Collins Land Use Code. Personal Property means all Forney’s corporeal personal property in the City. 3 Petition for Annexation means that petition to annex the Property, as shown in Exhibit A, into the City pursuant to the relevant provisions of the Code, Land Use Code, and state law. Real Property means the Property as described on Exhibit A. Sales Tax Rebate means the rebate of City sales tax to Forney described in Section 3 of this Agreement. SECTION 2. REPRESENTATIONS AND COVENANTS 2.1. The City represents and covenants that: 2.1.1. The City is a home rule municipal corporation of the State of Colorado. 2.1.2. There is no litigation or administrative proceeding pending or, to the knowledge of the City, threatened, seeking to question the authority of the City to enter into or perform this Agreement. 2.1.3. The City reasonably believes that it has the authority to enter into the Agreement, and, assuming such authority, the City Council has properly and regularly authorized the City to enter into the Agreement. 2.2. Forney represents and covenants that: 2.2.1. Forney is a corporation, duly organized and validly existing under the laws of the State of Colorado, is authorized to do business in the State of Colorado, is not in violation of any provisions of its organizational documents or, to its knowledge, the laws of the State of Colorado. 2.2.2. Forney has the power and legal right to enter into the Agreement and has duly authorized the execution, delivery and performance of this Agreement by proper action, which Agreement will be enforceable against Forney in accordance with its terms. 2.2.3. The consummation of transaction contemplated by this Agreement will not violate any provision of the governing documents of Forney or, to its knowledge, constitute a default or result in the breach of any term or provision of any contract or agreement to which Forney is a party or by which it is bound. 2.2.4. To its knowledge, there is no litigation, proceeding, or investigation contesting the power of authority of Forney with respect to the annexation, expansion of operations, or this Agreement, and Forney is unaware that any such litigation, proceeding, or investigation has been threatened. 4 2.2.5. Forney has submitted a Petition for Annexation to the City in accordance with all applicable procedures set forth in the Code, Land Use Code, and Colorado law and has committed to take that Petition to the Fort Collins City Council no later than September 4, 2012, with final approval by September 28, 2012. 2.2.6. In annexing and expanding its operations on the Property, Forney will comply with all applicable zoning and land use requirements and other applicable federal, state, county, and City statutes, rules, regulations and ordinances. 2.2.7. Forney currently intends to operate, or cause to operate, a manufacturing and distribution facility for a period of not less than ten years beginning on December 31, 2012. 2.2.8. Forney will cooperate with the City in taking reasonable actions to defend against any litigation brought by a third party concerning the annexation, expansion of operations, or this Agreement. SECTION 3. PAYMENT AND REIMBURSEMENT OF SALES TAX 3.1. Forney shall pay to the City all City sales tax due from Forney for its operations during the Effective Period. 3.2. For purposes of this Agreement the parties agree that the rebate for sales taxes contemplated by this Agreement shall be based upon the base sales tax rate of 2.25% and shall specifically excludes any dedicated tax approved by City voters, including but not limited to: 3.2.1. A .25 percent tax approved by City voters to be used specifically for streets and transportation and currently due to expire on December 31, 2015; 3.2.2. A .25 percent tax approved by City voters to be used specifically for general city projects due to expire on December 31, 2015; 3.2.3. A .25 percent tax approved by City voters to be used specifically for natural areas and due to expire on December 31, 2030; and 3.2.4. A .85 percent tax on all non‐exempt taxable items, to be used for certain specified purposes and to be levied for a ten year period, beginning January 1, 2011, and ending December 31, 2021. 5 3.3. To the extent permitted by the constitution and laws of the State of Colorado and the Charter, including but not limited to, applicable prohibitions on multiple fiscal year obligations and the condition that all financial obligations be contingent upon the appropriation of funds sufficient and intended therefore by the City Council of the City, in its sole discretion, the City agrees to rebate to Forney the City sales tax paid by Forney under the terms set forth in paragraph 3.3.1, 3.3.2, 3.3.3, 3.3.4, and 3.3.5 below (the “Sales Tax Rebate”). If, as presently contemplated by the parties, the contingencies described in those paragraphs and this Agreement are satisfied, and subject to the legal limitations as noted above, the City will rebate to Forney up to one hundred percent (100%) of City sales tax paid by Forney for the period beginning September 28, 2012 and ending September 27, 2015(the “Rebate Period”) subject to a limit on the total sales tax rebate amount of Forty‐Five Thousand Dollars ($45,000) (the “Maximum Sales Tax Reimbursement”) and subject to annual maximum amounts of $3,750 for partial year 2012, $15,000 for 2013, $15,000 for 2014, and $11,250 for the partial year 2015. (the “Maximum Annual Cap”). 3.3.1. The Sales Tax Rebate shall be conditioned upon the full and timely payment by Forney to the City of all City sales tax due and owing from Forney. If this contingency has not been satisfied or is no longer satisfied as of the dates set forth below, no such Sales Tax Rebate, or any subsequent Sales Tax Rebate or other incentive payment provided in this Agreement, will be paid until payment of the City sales tax past due, with any applicable penalties and interest, is cured. Furthermore, in order to be eligible for any Sales Tax Rebate hereunder, Forney shall submit an Application for Sales Tax Rebate that satisfies all terms and conditions of that Application for Sales Tax Rebate. The Application for Sales Tax Rebate must be submitted as follows: 3.3.2. For rebate of City sales tax paid between September 28, 2012, and December 31, 2012, submit the Application for Sales Tax Rebate on or before March 31, 2013. The City’s Sales Tax Rebate to Forney for 2012 sales taxes hereunder will be due and payable no later than June 30, 2013 (the “First Payment”) and will not exceed $3,750. 3.3.3. For the rebate of City sales tax paid during 2013, submit the Application for Sales Tax Rebate on or before March 31, 2014. The related Sales Tax Rebate will be due and payable to Forney no later than June 30, 2014 (the “Second Payment”) and will not exceed $15,000. 3.3.4. For the rebate of City sales tax paid during 2014, submit the Application for Sales Tax Rebate on or before March 31, 2015. The related Sales Tax Rebate will be due and payable no later than June 30, 2015 (the “Third Payment”) and will not exceed $15,000. 6 3.3.5. For the rebate of City sales tax paid between January 1, 2015, and September 27, 2015, submit the Application for Sales Tax Rebate on or before December 31, 2015. The related Sales Tax Rebate will be due and payable no later than March 31, 2016 (the “Final Payment”) and will not exceed $11,250. 3.4. The City, in its sole discretion, may pre‐pay all or any portion of the Sales Tax Rebate without penalty. 3.5. Forney assumes all risk associated with any legal contingencies limiting the City’s obligation to make any payments in future fiscal years and conditioning all future fiscal year obligations on the City’s discretionary appropriation of funds therefor. 3.6. In the event that the annexation of the Real Property has not been finalized by September 28, 2012, as presently contemplated by the parties, the Rebate Period and maximum amounts referenced in paragraph 3.3 above, as well as the maximum amounts referenced in subparagraphs 3.3.2 and 3.3.5 will be adjusted to reflect the actual effective date of the annexation ordinance. 3.7. It is not the parties’ intent that Forney be paid or entitled to any interest or penalty on sales taxes paid by Forney, or any penalty or interest on Sales Tax Rebate payments delayed or withheld by the City. 3.8. In addition to the limit of the Maximum Sales Tax Reimbursement, the parties further acknowledge and agree that the City is in no way responsible for the amount of City sales tax actually paid or collected for any equipment or corporeal property of Forney. 3.9. The parties agree that the provisions of this Agreement do not constitute an indebtedness of the City within the meaning of any constitutional or statutory limitation or provision. The commitment of the City to pay the Sales Tax Rebate under this Agreement is from year to year only and does not constitute a mandatory payment obligation of the City in any fiscal year beyond the present fiscal year. This Agreement does not directly or indirectly obligate the City to make any payment of a Sales Tax Rebate beyond those for which funds have been appropriated as of the date of this Agreement. The City Manager (or any other officer or employee at the time charged with the responsibility of formulating budget proposals) shall make a good faith effort to include in the budget proposals and appropriation ordinances proposed to the City Council, in each year prior to expiration of this Agreement, amounts sufficient to meet the City’s commitments hereunder, subject to the conditions and contingencies set forth herein. Notwithstanding the foregoing, the parties expressly acknowledge that the decision as to whether to appropriate such amounts is in the discretion of the City Council. 7 3.10. Under no circumstance will Forney be assessed or be liable for any City sales and usetaxes with respect to any equipment or other corporeal property purchased and delivered to Forney prior to the annexation of the Property. The parties specifically acknowledge and agree that a rebate of use tax is not contemplated as part of this Agreement. SECTION 4. PAYMENT AND REBATE OF PERSONAL PROPERTY TAXES 4.1. Forney shall pay to the City all personal property taxes due from Forney associated with its operations on the Property during the Effective Period. 4.2. To the extent permitted by the constitution and laws of the State of Colorado and the Charter, including but not limited to, applicable prohibitions on multiple fiscal year obligations and the condition that all financial obligations be contingent upon the appropriation of funds sufficient and intended therefore by the City Council of the City, in its sole discretion, the City agrees to rebate to Forney a portion of the City personal property taxes paid under the terms and conditions set forth in paragraph 4.3 below (the “Personal Property Tax Rebate”). If, as presently contemplated by the parties, the contingencies described in paragraph 4.3 and this Agreement are satisfied as to each of the ten payments provided for therein, and subject to the legal limitations as noted above, the City will rebate to Forney up to the amount shown on the Payment Schedule defined below, of City personal property taxes actually paid in the increments and for the time periods described therein, subject to a limit on the total amount of Personal Property Tax Rebate to be paid by the City of Three Thousand Nine Hundred Ninety Dollars ($3,990) in total, and a limit on each annual payment of Three Hundred Ninety‐Nine Dollars ($399). 4.3. The payments of Personal Property Tax Rebates referenced in paragraph 4.2 above will be made by the City to Forney as follows: 4.3.1. Forney and the City have jointly created a schedule of estimated personal property taxes to be paid (“Payment Schedule”) associated with the Property as described in this Agreement, attached hereto and incorporated herein by this reference as Exhibit C. This Payment Schedule also provides the basis for a schedule of personal property tax rebate payments, which shall be 50% of the City personal property taxes paid by Forney up the maximum amounts set forth above. 4.3.2. The annual Personal Property Tax Rebate contemplated by this Section will be paid by December 31 of each year, with the first such annual payment scheduled for 2015 as set forth in the Payment Schedule. 4.3.3. Forney expressly agrees that no portion of the Personal Property Tax Rebate will be paid if, at the time specified for payment, Forney: 8 (a) has not continuously conducted it operations on the Property as described in this Agreement; or (b) has not actually paid to the City during the relevant tax year personal property taxes equal to or greater than two times the Personal Property Tax Rebates for that year, as set forth in the appropriate payment schedule; or (c) has not actually paid to the City during the term of this Agreement total personal property taxes equal to or greater than two times the total Personal Property Tax Rebates paid to date under the Agreement, including the pending payment. 4.4. The City reserves the right to modify the Payment Schedule in the event that material change to the City’s mill levy or personal property tax assessment methodology would make the Payment Schedule provided herein inconsistent with the parties’ intent that the Personal Property Tax Rebate not exceed fifty percent (50%) of the amount of personal property tax actually collected by the City for the personal property installed and operating as part of Forney’s business operations on the Property. 4.5. The parties agree that the City may, at its option, require Forney to make available to the City all documents that verify the purchase of Personal Property installed or used on the Property, including the County Assessor’s certification of value. The City agrees that, except as otherwise provided by law or applicable court order, such documents constitute privileged information and confidential financial data within the meaning of the Colorado Open Records Act, and, to the extent permitted by law, the City shall deny the right of inspection of such documents to any third party without the consent of Forney. 4.6. The City, in its sole discretion, may pre‐pay all or any portion of the Personal Property Tax Rebate without penalty. 4.7. Forney assumes the entire risk that the annexation and operations on the Property will be approved and maintain operations at the levels sufficient to generate the level of personal property tax identified above, and the risk that all or any portion of the Personal Property Tax Rebate may be forfeited unless the requirements of this Agreement have been satisfied. Forney further assumes all risk associated with legal contingencies limiting the City’s obligation to make any payments in future fiscal years and conditioning all future fiscal year obligations on the City’s discretionary appropriation of funds therefor. 4.8. It is not the parties’ intent that Forney be paid or entitled to any interest or penalty on personal property taxes paid, or any penalty or interest on Personal Property Tax Rebate payments delayed or withheld by the City. 9 4.9. The parties agree that the provisions of this Agreement do not constitute an indebtedness of the City within the meaning of any constitutional or statutory limitation or provision. The commitment of the City to pay the Personal Property Tax Rebate described in this Agreement is from year to year only and does not constitute a mandatory payment obligation of the City in any fiscal year beyond the present fiscal year. This Agreement does not directly or indirectly obligate the City to make any payment of any Personal Property Tax Rebate beyond those for which funds have been appropriated as of the date this Agreement. The City Manager (or any other officer or employee at the time charged with the responsibility of formulating budget proposals) shall make a good faith effort to include in the budget proposals and appropriation ordinances proposed to the City Council, in each year prior to expiration of this Agreement, amounts sufficient to meet the City’s commitments hereunder, subject to the conditions and contingencies set forth herein. Notwithstanding the foregoing, the parties expressly acknowledge that the decision as to whether to appropriate such amounts is in the discretion of the City Council. SECTION 5. PAYMENT AND REBATE OF REAL PROPERTY TAXES 5.1. Forney shall pay to the City all real property taxes due from Forney associated with its operations on the Property during the Effective Period. 5.2. To the extent permitted by the constitution and laws of the State of Colorado and the Charter, including but not limited to, applicable prohibitions on multiple fiscal year obligations and the condition that all financial obligations be contingent upon the appropriation of funds sufficient and intended therefore by the City Council of the City, in its sole discretion, the City agrees to rebate to Forney a portion of the City real property taxes paid for the real property under the terms and conditions set forth in paragraph 5.3 below (the “Real Property Tax Rebate”). If, as presently contemplated by the parties, the contingencies described in paragraph 5.3 and this Agreement are satisfied as to each of the ten payments provided for therein, and subject to the legal limitations as noted above, the City will rebate to Forney up to the amount shown on the Payment Schedule defined below, of City real property taxes actually paid for the real property in the increments and for the time periods described therein, subject to a limit on the total amount of Real Property Tax Rebate to be paid by the City of Twenty Six Thousand Seven Hundred Twenty Dollars ($26,720) in total, and a limit on each annual payment of Two Thousand Six Hundred Seventy‐Two Dollars ($2,672). 5.3. The payments of Real Property Tax Rebates referenced in paragraph 5.2 above will be made by the City to Forney as follows: 10 5.3.1. Forney and the City have jointly created a schedule of estimated real property taxes to be paid (the “Payment Schedule”) associated with the Property as described in this Agreement, attached hereto and incorporated herein by this reference as Exhibit C. This Payment Schedule also provides the basis for a schedule of real property tax rebate payments, which shall be 50% of the City real property taxes paid by Forney up to the maximum amount set forth above. 5.3.2. The annual Real Property Tax Rebate contemplated by this Section will be paid by December 31 of each year, with the first such annual payment scheduled for 2015 as set forth in the Payment Schedule. 5.3.3. Forney expressly agrees that no portion of the Real Property Tax Rebate will be paid if, at the time specified for payment, Forney: (a) has not continuously conducted it operations on the Property as described in this Agreement; or (b) has not actually paid to the City during the relevant tax year real property taxes equal to or greater than two times the Real Property Tax Rebates for that year, as set forth in the appropriate payment schedule; or (c) has not actually paid to the City during the term of this Agreement total real property taxes equal to or greater than two times the total Real Property Tax Rebates paid to date under the Agreement, including the pending payment. 5.4. The City reserves the right to modify the Payment Schedule in the event that material change to the City’s mill levy or the County’s real property tax assessment methodology would make the Payment Schedule provided herein inconsistent with the parties’ intent that the Real Property Tax Rebate not exceed fifty percent (50%) of the amount of real property tax actually collected by the City for the Property. 5.5. The parties agree that the City may, at its option, require Forney to make available to the City all documents that verify the assessed value of the Property, including the County Assessor’s certification of value. The City agrees that, except as otherwise provided by law or applicable court order, such documents constitute privileged information and confidential financial data within the meaning of the Colorado Open Records Act, and, to the extent permitted by law, the City shall deny the right of inspection of such documents to any third party without the consent of Forney. 5.6. The City, in its sole discretion, may pre‐pay all or any portion of the Real Property Tax Rebate without penalty. 11 5.7. Forney assumes the entire risk that the annexation will be approved and the Property valuation will be sufficiently high to generate the level of real property tax identified above, and the risk that all or any portion of the Real Property Tax Rebate may be forfeited unless the requirements of this Agreement have been satisfied. Forney further assumes all risk associated with legal contingencies limiting the City’s obligation to make any payments in future fiscal years and conditioning all future fiscal year obligations on the City’s discretionary appropriation of funds therefor. 5.8. It is not the parties’ intent that Forney be paid or entitled to any interest or penalty on real property taxes paid, or any penalty or interest on Real Property Tax Rebate payments delayed or withheld by the City. 5.9. The parties agree that the provisions of this Agreement do not constitute an indebtedness of the City within the meaning of any constitutional or statutory limitation or provision. The commitment of the City to pay the Real Property Tax Rebate described in this Agreement is from year to year only and does not constitute a mandatory payment obligation of the City in any fiscal year beyond the present fiscal year. This Agreement does not directly or indirectly obligate the City to make any payment of any Real Property Tax Rebate beyond those for which funds have been appropriated as of the date of this Agreement. The City Manager (or any other officer or employee at the time charged with the responsibility of formulating budget proposals) shall make a good faith effort to include in the budget proposals and appropriation ordinances proposed to the City Council, in each year prior to expiration of this Agreement, amounts sufficient to meet the City’s commitments hereunder, subject to the conditions and contingencies set forth herein. Notwithstanding the foregoing, the parties expressly acknowledge that the decision as to whether to appropriate such amounts is in the discretion of the City Council. SECTION 6. CITY’S RIGHT TO WITHHOLD OR OFFSET PAYMENTS 6.1. Following annexation of the Property, Forney agrees to comply with all City codes, ordinances, resolutions and regulations, and to pay all taxes, fees and expenses due to the City under the Code, the Land Use Code, the Petition for Annexation, or this Agreement, subject to any variances or modifications of standards that may be granted to Forney under the Code or the Land Use Code, and to comply with the terms and conditions of the Petition for Annexation. If Forney is in violation of the provisions of the Code, the Land Use Code, this Agreement or the Petition for Annexation, the City will provide written notice to Forney of such violation, and allow the Forney a period of sixty (60) days in which to cure such violation. The City may thereafter withhold any payment of Sales Tax Rebate, Personal Property Tax Rebate, or Real Property Tax Rebate due to Forney under this Agreement until such time as the violations are cured or abated. 12 6.2. In addition to the foregoing, the City, at its option, may, after the notice and after the expiration of the cure period if such violations have not been cured or abated, apply any Sales Tax Rebate, Personal Property Tax Rebate, or Real Property Tax Rebate that would otherwise be payable to Forney under this Agreement to any unpaid amounts theretofore due and payable to the City by Forney under this Agreement, the Code, the Land Use Code, or the Petition for Annexation, in which event Forney will be credited with the full amount of any such payments. SECTION 7. RECORDS AND AUDITS 7.1. Forney must keep true, accurate and complete records of all equipment and personal property installed and operated on the Property and identifying and document all equipment and Personal Property installed or operated on the Property, which records will be available for inspection by the City without unreasonable delay and without City expense. Forney agrees that the City has the right, through its duly authorized agents or representatives, to examine all such records upon ten (10) days notice at all reasonable times, for the purpose of determining the accuracy and propriety of the financial representations which have been made by Forney as well as the right to inspect and inventory the Personal Property on the Property in order to confirm that the same is in place and in use as required in connection with any rebate hereunder. This right of review and inspection exists solely to determine Forney’s compliance with this Agreement and terminates upon termination of the later of the Cityʹs payments of Sales Tax Rebate as provided in Section 3 of this Agreement, the payments of Personal Property Tax Rebates as provided in Section 4 of this Agreement, and the payments of Real Property Tax Rebates as provided in Section 5 of this Agreement. In the event that the City becomes the custodian of any such records which may contain trade secrets or confidential or proprietary information, and are so marked, the City will, to the extent permitted by law, protect the confidentiality of such information and deny any request for inspection of such records. 7.2. The City will keep, or cause to be kept, true, accurate and complete records of all calculations relating to the Sales Tax Rebate; the Personal Property Tax Rebate; the Real Property Tax Rebate; and such other calculations, allocations and payments required by this Agreement, and will make such records available for inspection by Forney upon ten (10) days notice at all reasonable times, to the extent permitted by law. SECTION 8. RESTRICTIONS ON ASSIGNMENT 8.1. The qualifications of Forney to accomplish the objectives of the City hereunder are of particular concern to the City. Therefore, no voluntary or involuntary successor in interest of Forney shall acquire any rights or powers under this Agreement except as expressly set forth herein and Forney will not assign all or any part of this Agreement, except with the prior written approval of the City Council, in its sole discretion; provided, nothing herein shall prevent Forney from ceasing or modifying its operations or selling the Property. 13 8.2. Forney must notify the City within fifteen (15) days of any and all changes whatsoever in the identity of the parties in control of Forney, or the degree thereof, of which it or any of its officers have been notified or otherwise have knowledge or information. SECTION 9. EVENTS OF DEFAULT; REMEDIES 9.1. Default or an event of default by Forney mean one or more of the following events: 9.1.1 Any representation or warranty made in this Agreement by Forney was materially inaccurate when made or shall prove to be materially inaccurate; 9.1.2 Forney assigns or attempts to assign this Agreement in violation of Section 8 of this Agreement; or 9.1.3 Forney fails to substantially observe or perform any other material covenant, obligation or agreement required under this Agreement. 10 In order to exercise any remedy for default hereunder, upon the occurrence of any event of default, the City shall provide written notice to Forney. Forney must immediately proceed to cure or remedy such default, and in any event, such default shall be cured within thirty (30) days after receipt of the notice, or such longer time as the City and Forney agree in writing. Upon the failure of Forney to so cure any such default, the City shall have all remedies available to it, in law or in equity, excluding specific performance. 11 Default or an event of default by the City shall mean one or more of the following events: 11.1 Any representation or warranty made in this Agreement by the City was materially inaccurate when made or shall prove to be materially inaccurate; or 11.2 The City fails to perform any material covenant, obligation or agreement required of it under this Agreement. 12 Upon the occurrence of any event of default, Forney will provide written notice to the City. The City must immediately proceed to cure or remedy such default, and in any event, such default shall be cured within thirty (30) days after receipt of the notice, or such longer time as the City and Forney agree in writing. Upon the failure of the City to so cure any such default, Forney will have all remedies available to it, in law or in equity excluding specific performance. 14 SECTION 10. NOTICES 10.1. All notices required or permitted hereunder shall be in writing and shall be effective upon mailing, deposited in the United States Mail, postage prepaid, and addressed to the intended recipient as follows. Any party can change its address by written notice to the other given in accordance with this paragraph. 10.1.1. City of Fort Collins: City of Fort Collins Attention: City Manager 300 LaPorte Avenue, PO Box 580 Fort Collins, CO 80522‐0580 10.1.2. With a copy to: City of Fort Collins Attention: City Attorney 300 LaPorte Avenue, PO Box 580 Fort Collins, CO 80522‐0580 10.1.3. Forney: Forney Industries, Inc. Attention: Steve Anderson, President 1830 LaPorte Avenue Fort Collins, Colorado 80521 10.1.4. With a copy to: Forney Industries, Inc. Attention: Kyle Pettine, COO 1830 LaPorte Avenue Fort Collins, Colorado 80521 SECTION 11. MISCELLANEOUS 11.1. Binding Effect. This Agreement inures to the benefit of and is binding upon the City and Forney and Forney’s assignees which are permitted pursuant to Section 8 of this Agreement. 11.2. No Third Party Beneficiaries. The City is not obligated or liable under the terms of this Agreement to any person or entity not a party hereto except any assignee permitted pursuant to Section 8 of this Agreement. Further, the City is not bound by any contracts or conditions that Forney may negotiate with third parties. 15 11.3. Interpretation, Jurisdiction and Venue. This Agreement is being executed and delivered and is intended to be performed in the State of Colorado, and the laws of Colorado govern the validity, construction, enforcement and interpretation of this Agreement. Exclusive jurisdiction and venue for resolution of any dispute arising hereunder will be in the Larimer County, Colorado District Court. 11.4. Entire Agreement. This Agreement embodies the whole agreement of the parties concerning financial assistance by the City. Although it is anticipated there will be at least one other agreement governing annexation issues related to the Property, there are no promises, terms, conditions, or obligations other than those contained herein exist with respect to the financial assistance package. This Agreement supersedes all provisions, communications, representations, or agreement, either verbal or written, between the parties with respect to the financial assistance package. 11.5. Waiver of Breach. A written waiver by either party to this Agreement of the breach of any term or provision of this Agreement will not operate or be construed as a waiver or any subsequent breach by another party. 11.6. Article and Section Captions. The captions of the articles and sections of this Agreement are set forth only for the convenience and reference of the parties and are not intended in any way to define, limit, or describe the scope or intent of this Agreement. 11.7. City and Forney Not Partners. Notwithstanding any language in this Agreement, the City is not a member, partner, or joint venturer of Forney, and the City shall not be responsible for any debt or liability of Forney or its contractors or agents. Forney is not responsible for any debt or liability of the City or their contractors or agents. 11.8. Severability. If any portion or portions of this Agreement are determined to be illegal or unenforceable, the remainder of this Agreement will not be affected thereby and will remain in full force and effect as if such illegal or unenforceable portion or portions did not exist. If all or any portion of the payments required by the terms of this Agreement are determined, by a court of competent jurisdiction in a final non‐appealable judgment, to be contrary to public policy or otherwise precluded, and if the decision of such court clearly indicates how the payments may be made differently and in a manner that is legal, valid and enforceable, then the Parties will utilize their reasonable, best, good faith efforts to promptly restructure and/or amend this Agreement in accordance with such court decision, or to enter into a new agreement, to assure, to the extent legally permissible, that all payments are made to Forney as contemplated by this Agreement. 11.9. Originals. This Agreement may be simultaneously executed in any number of counterparts, each of which will be deemed original but all of which constitute one and the same Agreement. 16 11.10. Joint Draft. The parties agree they drafted this Agreement jointly with each having the advice of legal counsel and an equal opportunity to contribute to its content. IN WITNESS WHEREOF, the City and Forney have executed this Agreement as of the date first above written. [Signatures on following pages.] 17 CITY OF FORT COLLINS, COLORADO a municipal corporation By: Darin A. Atteberry, City Manager Attest: City Clerk Approved as to form: Assistant City Attorney FORNEY INDUSTRIES, INC. a Colorado corporation By: Name and title State of ) )ss. County of ) The foregoing was acknowledged before me this _________ day of 2012, by as Forney Industries, Inc., a Colorado corporation. Witness my hand and official seal. My commission expires: Notary Public 18 EXHIBIT A Parcels of land located in the Northwest Quarter of Section 10, Township 7 North, Range 69 West of the 6th Principal Meridian, County of Larimer, State of Colorado, and being more particularly described as follows: Commencing at the Center Quarter Corner of Section 10 and assuming the South line of the Northwest Quarter of Section 10 to bear North 89°14ʹ44ʺ West, with all other bearings herein relative thereto; Thence, North 89°14ʹ44ʺ West, 615.00 feet to the Southwest corner of Radio City Annexation, said point also being on the North line of Frey Annexation and said point being the POINT OF BEGINNING; Thence along said North line of Frey Annexation, North 89°14ʹ44ʺ West, 710.01 feet to a point on the East line of Springer Farm Annexation; thence along said East line, North 00°38ʹ55ʺ East, 435.71 feet to the North line of Springer Farm Annexation; thence along said North line, North 89°14ʹ49ʺ West, 330.72 feet to a point on the East line of Canfield Annexation; thence along said East line, North 00°42ʹ46ʺ East, 656.12 feet; thence departing said East line, South 89°24ʹ33ʺ East, 1320.17 feet; thence, South 00°23ʹ46ʺ West, 377.97 feet; thence, North 89°14ʹ44ʺ West, 285.00 feet; thence, South 00°23ʹ46ʺ West, 164.64 feet to the Northwest corner of Radio City Annexation; thence along the West line of Radio City Annexation, South 00°23ʹ46ʺ West, 308.17 feet; thence departing said West line, North 87°54ʹ20ʺ West, 249.40 feet; thence, South 07°37ʹ19ʺ East, 72.44 feet; thence, North 89°14ʹ44ʺ West, 86.39 feet; thence, North 00°23ʹ46ʺ East, 21.00 feet; thence, North 89°14ʹ44ʺ West, 83.00 feet; thence, South 00°23ʹ46ʺ West, 50.00 feet; thence, North 89°14ʹ37ʺ West, 85.00 feet; thence, South 00°23ʹ46ʺ West, 120.00 feet to a point on the North right‐of‐way line of Laporte Avenue; thence along said North right‐of‐way line, South 89°14ʹ44ʺ East, 493.58 feet to a point on the West line of Radio City Annexation; thence along said West line, South 00°23ʹ46ʺ West, 30.00 feet to the POINT OF BEGINNING. Said parcel of land contains 23.160 acres, more or less (±), and is subject to any rights‐of‐way or other easements of record or as now existing on said described parcel of land. E 19 Exhibit A EExhibit B 20 EExhibit B 21 Exhibit C Year Taxes are Paid 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Sales Tax Totals Sales Tax Collected 24,000 24,000 24,000 24,000 24,000 24,000 24,000 24,000 24,000 24,000 24,000 24,000 24,000 312,000 Sales Tax Rebate Paid ‐ 3,750 15,000 15,000 11,250 45,000 Personal Property Tax Personal Property Collected 798 798 798 798 798 798 798 798 798 798 798 8,778 Personal Property Rebate Paid 399 399 399 399 399 399 399 399 399 399 3,990 Real Property Tax Real Property Collected 5,344 5,344 5,344 5,344 5,344 5,344 5,344 5,344 5,344 5,344 5,344 58,784 Real Property Rebate Paid 2,672 2,672 2,672 2,672 2,672 2,672 2,672 2,672 2,672 2,672 26,720 Total Taxes Paid 24,000 24,000 30,142 30,142 30,142 30,142 30,142 30,142 30,142 30,142 30,142 30,142 30,142 379,562 Total Taxes Rebated 3,750 15,000 18,071 14,321 3,071 3,071 3,071 3,071 3,071 3,071 3,071 3,071 75,710 Forney Business Assistance Rebate Analysis