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5.3.5 the tonnage of aggregate described in clauses 5.3.2 and 5.3.3 that <br />is subject to tax by any other governmental entity or agency (specifying such amounts by <br />governmental entity and agency), and the rate(s) of such other governmental entity's(ies') or <br />agency's(ies') tax(es); and <br />5.3.6 the amounts of any credits/offsets claimed in accordance with Section <br />5.4 below, and if necessary, an explanation of how the credit/offset was determined. <br />The Parties agree that whenever in this Development Agreement the amount of <br />aggregate extracted or processed is to be calculated or reported, such amounts shall be determined <br />at and as of the time such aggregate is sold, it being acknowledged by the Parties that this will <br />result in the most accurate and easily verifiable calculations and reporting. <br />5.4 Credits/Offsets. The License Tax payable by Developer to the City for any <br />quarter shall be reduced by an amount equal to the Non -Redlands Tax Credit. The "Non - <br />Redlands Tax Credit" shall mean the amount of tax (with the sole exception of the sales tax that <br />is levied against the retail sale of items generally) paid or payable by Developer to any <br />governmental entity or agency other than the City (the "Non -Redlands Taxing Entities") and <br />attributable to aggregate extracted or aggregate processed by Developer within the boundaries of <br />the City during such quarter; provided, however, that the amount of such credit during any such <br />quarter shall not exceed the following: (i) the amount of License Tax that would be payable by <br />Developer to the City during such quarter if it were calculated prior to application of the Non - <br />Redlands Tax Credit multiplied by (ii) the fraction that has as its numerator the number of Non - <br />Redlands Taxing Entities imposing tax on the aggregate business of Developer that quarter, and <br />as its denominator one plus the number of Non -Redlands Taxing Entities imposing tax on the <br />aggregate business of Developer that quarter. <br />5.5 Reductions. Notwithstanding anything to the contrary contained in this <br />Development Agreement, or in any other ordinance, law, statute, rule or regulation promulgated, <br />passed, or enacted by the City or its populace, the City covenants and agrees with Developer that <br />LAnocs\27019251 -7- <br />