Adjustments to Grant Amounts. If (i) the final result of an assessment, audit, refund claim or other action by a taxpayer or taxing authority results in a change in the amount of tax liability for a prior tax period of any City tax revenue that was used as the basis for the computation of any Grant payment due under this Agreement, and (ii) such change in tax liability results in a payment to or from the City of such taxes, whether by actual payment, credit, offset, or otherwise, then (iii) for the Grant type computed with reference to that type of tax, the City will adjust the Grant payment otherwise due for the grant computation periodGrant Period in which the City makes or receives such payment up or down, as the case may be, to account for such prior period’s tax liability adjustment and payment. If the adjustment required by this Section 5(f) cannot be fully accomplished by adjusting the Grant payment for the grant computation periodGrant Period in which the City makes or receives such payment, the Grant payment due for subsequent grant computation periodsGrant Periods shall be adjusted as necessary.
Adjustments to Grant Amounts. If (i) the final result of an assessment, audit, refund claim or other action by a taxpayer or taxing authority results in a change in the amount of tax liability for a prior tax period of any City tax revenue that was used as the basis for the computation of any Grant payment due under this Agreement, and (ii) such change in tax liability results in a payment to or from the City of such taxes, whether by actual payment, credit, offset, or otherwise, then (iii) for the Grant type computed with reference to that type of tax, the City will adjust the Grant payment otherwise due for the Grant Period in which the City makes or receives such payment up or down, as the case may be, to account for such prior period’s tax liability adjustment and payment. If the adjustment required by this Section 5(f) cannot be fully accomplished by adjusting the Grant payment for the Grant Period in which the City makes or receives such payment, the Grant payment due for subsequent Grant Periods shall be adjusted as necessary.
Adjustments to Grant Amounts. If (i) the final result of an assessment, audit, refund claim or other action by a taxpayer or taxing authority results in a change in the amount of tax liability for a prior tax period of any City tax revenue that was used as the basis for the computation of any Hotel Grant payment due under this Agreement, and (ii) such change in tax liability results in a payment to or from the City of such taxes, whether by actual payment, credit, offset, or otherwise, then (iii) for the Hotel Grant type computed with reference to that type of tax, the City, after notice to Developer will adjust the Hotel Grant payment otherwise due for the Grant Computation Period in which the City makes or receives such payment up or down, as the case may be, to account for such prior period’s tax liability adjustment and payment. If the adjustment required by this Section 4(b)(ii) cannot be fully accomplished by adjusting the Hotel Grant payment for the Grant Computation Period in which the City makes or receives such payment, the Hotel Grant payment due for subsequent Grant Computation Periods shall be adjusted as necessary.
Adjustments to Grant Amounts. (a) If the Company does not achieve the Investment Benchmark or the Jobs Benchmark specified below on or before the latter of the Deadline or the second anniversary of the Deadline (not later than December 31, 2024) (“Extended Deadline”), then, as the County’s sole and exclusive remedy for any such failure (which failure will not constitute a breach of this Agreement), the Grant Payments for the Initial Tax Year and subsequent tax years will be adjusted as set forth in this Section 4. The adjustment formulas described in this Section 4 are weighted such that 75% is assigned to the Minimum Investment and 25% is assigned to the Jobs Minimum.
