operating a facility in the city, pay any balance due to
the city and transfer any remainder in accordance with
paragraph (2).]
(iii) To a city of the third class hosting a
licensed facility, other than a Category 3 licensed
facility, [2% of the gross terminal revenue or
$10,000,000 annually, whichever is greater, shall be paid
by each licensed gaming entity operating a licensed
facility located in that city] $10,000,000 annually, less
any amount up to $5,000,000 received pursuant to a
written agreement with a licensed gaming entity executed
prior to the effective date of this part, shall be
distributed to the city, subject, however, to the
budgetary limitation in this subparagraph. In the event
that the city has a written agreement with a licensed
gaming entity executed prior to the effective date of
this part, the amount paid under the agreement to the
city shall be applied and credited [to the difference
between 2% of the gross terminal revenue and the
$10,000,000 owed under this subparagraph if the 2% of the
gross terminal revenue is less than $10,000,000. If 2% of
the gross terminal revenue is greater than the
$10,000,000 required to be paid under this subparagraph,
the credit shall not apply. The amount of gross terminal
revenue required to be paid pursuant to the agreement
shall be deemed to be gross terminal revenue for purposes
of this subparagraph.], up to $5,000,000, to the slot
machine license operation fee owed under section 1326.1.
The amount allocated to the designated municipalities
shall not exceed 50% of their total budget for fiscal
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