Policy Text
Tax Revenue Sharing Agreement Summary
Rebate Payment
Business Name IndustryTotal Abatement
since Inception
Reg Sales TaxFY 2024
Reg Sales Tax Contract Date Amendment Maturity Term Payment CalculationPayment
Frequency
1 All American Asphalt OCA II Material production &
construction company2,490,747.42$ 472,681.62 $ 8/6/2008 9/17/2008
3/20/2013
12/16/20156/30/2038 15 years ● If annual sales tax is less than $500,000- No obligation;
● If annual sales tax is $500,000- $1,000,000- obligation is 25% of annual sales tax generated above $250,000
● If annual sales tax is greater than $1,000,000- obligation is 50% of annual sales tax generated above $250,000Annual
2Price Philanthropies Warehouse wholesaler 11,378,551.96 1,515,937.83 11/20/1987 na6/30/2028 40 years ● 50% of annual sales tax generated Quarterly
3 Downs Energy Commercial fueling &
energy operatiion9,847,945.29 3,561,032.40 11/15/2006 6/6/2012 6/30/2036 30 years ● 50% of annual sales tax generated above $250,000; ●
Quarters 61-120: No obligation if annual sales tax does not exceed $1,100,000 Quarterly
4 Robertsons Ready Mix Retail sale of construction
material 27,953,997.44 3,707,617.31 12/18/2013 na 6/30/2039 25 years ● 50% of annual sales tax generated Quarterly
5 Saul Chevrolet Construction & operation of
automotive dealership2,703,602.79 422,664.58 7/18/2012 3/5/2014 6/30/2030 15 years ● 1st payment calculated 12 months after construction completion; 15 yr term or $6,000,000 max payment
● 50% of annual sales tax generated above $200,000Annual
6 Robert E. Cendejas & Assoc Consultant Services 348,354.44 6,136.72 5/17/2017
na6/30/2057 40 years * Payment to Robert E. Cendejas & Assoc = 20% of City's net sales tax generated
* Termination of the agreement is to be considered to run for the length of any and all Operating Covenant Agreements tied to
this service.
Quarterly
7 LulaRoe Sales office for transaction
sales of apparel.1,679,610.45 30,683.58 8/2/2017 na 6/30/2057 40 years * Q1 & Q2, covenant payment = 50% of sales tax generated
* Q3 forward, if meets 3 events, covenant payment = 60% of sales tax generated
* Payment to Robert E. Cendejas & Assoc = 20% of City's net sales tax generated
* 3 events: • sales tax revenue exceeds $2,500,000 in a calendar year
• 150 new employees are hired in the City of Corona in Comparison to 2016 employee count at year end
• $51,500,000 investment is made in the City of Corona. Quarterly
Grand Total 56,402,809.78 $ 9,716,754.04 $
G:\Sales Tax Agreement & others\Sales Tax Agreements\@Sales Tax Agreement Summary