2020-09-14-minutes-public-works-study-session

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section provides a revenue sharing formula intended to reduce the adverse financial impact on the County as a result of annexation. 14.2. Sales and Use Tax, The City and County agree to share in the revenues from property zoned for commercial and/or industrial use within annexed areas for an 8 -year period (32 tax quarter periods) using the formula established in section 13.3 below. "CST" shall mean the city sales and use taxes received by the City, excluding CST specifically identified for allocation to transit, affordable housing and/or law and justice purposes as provided by state law. 14.3. Formula for Sales and Use Tax Revenue Sharing. The formula for sales and use tax revenue sharing shall be as follows: Time Period First four tax quarters Second four tax quarters Third four tax quarters Fourth four tax quarters Fifth four tax quarters Sixth four tax quaver Seventh four tax quarter's Eighth four tax quarters Ninth four tax quarters _Perm of CST Paid to County 80% CST 70% CST 60% CST 50% CST 40% CST 3CP/o CST 20°® CST 10% CST 0% CST The first payment from the City to the County shall be due and payable within ninety days of the first anniversary of the effective date of the annexation with subsequent payments due and payable within ninety days of the second, third and fourth anniversary dates of the effective date of the annexation 15. RECORDS TRANSFER. Prior to and following annexation of unincorporated area into the City, and upon the City's request in writing, copies of County records relevant to jurisdiction, the provision of government somees and permitting within the annexation area will be copied and transferred to the City. Said records shall include, but are not limited to, the records from the Kittitas County Department of Public Works and the Kittitas County Department of Community Development Services 16. ADDENDA AND AMENDMENTS. 16.1. Amendments. The City and County recognize that amendments to this Agreement may be necessary to clarify particular sections or to update and expand the Agreement. Either party may pursue an amendment, as necessary. 16.2. Process for adding addenda or amending this agreement. An addendum or amendment must follow the requisite notice, hearing and adoption process required by state law, and be mutually agreed upon by the parties and executed in writing before becoming effective. UGA Interlocal Agreement Draft (08-14-2020) -- Page 8 of 13