Common use of Annual Incentive Payments to the Company Clause in Contracts

Annual Incentive Payments to the Company. Subject to the Company’s compliance with the requirements set forth in subsection 2(c), if the actual payroll withholding taxes collected and received by the City pursuant to subsection 2(b)(i) during the then preceding calendar year and in respect of that preceding calendar year from all Employees, net of refunds (such amount being referred to as the “Actual Withholdings”), equal or exceed the Target Withholdings (as defined in subsection 2(b)(v)) for that preceding calendar year, the City shall, on or before April 15 of the then current calendar year, pay to the Company, solely from nontax revenues (as defined in subsection 2(e)), an amount equal to the product of (A) the Actual Withholdings for that preceding calendar year multiplied by (B) the applicable Incentive Factor (as defined in subsection 2(b)(v)) (with each such product being referred to as an “Annual Incentive Payment”); provided, however, that (1) the City shall not be required pursuant to this subsection 2(b) to remit an Annual Incentive Payment to the Company in excess of the Annual Cap (as defined in subsection 2(b)(v)) in any calendar year, and (2) the aggregate amount of all Annual Incentive Payments remitted pursuant to this subsection 2(b) by the City to the Company shall not exceed One Hundred Twenty Thousand and 00/100 Dollars ($120,000.00).

Appears in 1 contract

Samples: Economic Development Agreement

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Annual Incentive Payments to the Company. Subject to the Company’s compliance with the requirements set forth in subsection 2(c2(d), if the actual payroll withholding taxes collected and received by the City pursuant to subsection 2(b)(i2(c)(i) during the then preceding calendar year and in respect of that preceding calendar year from all Employees, net of refunds (such amount being referred to as the “Actual Withholdings”), equal or exceed the Target Withholdings (as defined in subsection 2(b)(v2(c)(v)) for that preceding calendar year, the City shall, on or before April 15 of the then current calendar year, pay to the Company, solely from nontax revenues (as defined in subsection 2(e2(f)), an amount equal to the product of (A) the Actual Withholdings for that preceding calendar year multiplied by (B) the applicable Incentive Factor fifteen percent (as defined in subsection 2(b)(v)15%) (with each such product being referred to as an “Annual Incentive Payment”); provided, however, that (1) the City shall not be required pursuant to this subsection 2(b2(c) to remit an Annual Incentive Payment to the Company in excess of the Annual Cap (as defined in subsection 2(b)(v2(c)(v)) in any calendar year, and (2) the aggregate amount of all Annual Incentive Payments remitted pursuant to this subsection 2(b2(c) by the City to the Company shall not exceed One Seven Hundred Twenty Fifty-Five Thousand and 00/100 Dollars ($120,000.00755,000.00).

Appears in 1 contract

Samples: Economic Development Agreement

Annual Incentive Payments to the Company. Subject to the Company’s compliance with the requirements set forth in subsection 2(c2(d), if the actual payroll withholding taxes collected and received by the City pursuant to subsection 2(b)(i2(c)(i) during the then preceding calendar year and in respect of that preceding calendar year from all Employees, net of refunds (such amount being referred to as the “Actual Withholdings”), equal or exceed the Target Withholdings (as defined in subsection 2(b)(v2(c)(v)) for that preceding calendar year, the City shall, on or before April 15 of the then current calendar year, pay to the Company, solely from nontax revenues (as defined in subsection 2(e2(f)), an amount equal to the product of (A) the Actual Withholdings for that preceding calendar year multiplied by (B) the applicable Incentive Factor eighteen percent (as defined in subsection 2(b)(v)18%) (with each such product being referred to as an “Annual Incentive Payment”); provided, however, that (1) the City shall not be required pursuant to this subsection 2(b2(c) to remit an Annual Incentive Payment to the Company in excess of the Annual Cap (as defined in subsection 2(b)(v2(c)(v)) in any calendar year, and (2) the aggregate amount of all Annual Incentive Payments remitted pursuant to this subsection 2(b2(c) by the City to the Company shall not exceed One Hundred Twenty Eighty-Five Thousand and 00/100 Dollars ($120,000.0085,000.00).

Appears in 1 contract

Samples: Economic Development Agreement

Annual Incentive Payments to the Company. Subject to the Company’s compliance with the requirements set forth in subsection 2(c), if the actual payroll withholding taxes collected and received by the City pursuant to subsection 2(b)(i) during the then preceding calendar year and in respect of that preceding calendar year from all Employees, net of refunds (such amount being referred to as the “Actual Withholdings”), equal or exceed the Target Withholdings (as defined in subsection 2(b)(v)) for that preceding calendar year, the City shall, on or before April 15 of the then current calendar year, pay to the Company, solely from nontax revenues (as defined in subsection 2(e)), an amount equal to the product of (A) the Actual Withholdings for that preceding calendar year multiplied by (B) the applicable Incentive Factor eight percent (as defined in subsection 2(b)(v)8%) (with each such product being referred to as an “Annual Incentive Payment”); provided, however, that (1) the City shall not be required pursuant to this subsection 2(b) to remit an Annual Incentive Payment to the Company in excess of the Annual Cap (as defined in subsection 2(b)(v)) in any calendar year, and (2) the aggregate amount of all Annual Incentive Payments remitted pursuant to this subsection 2(b) by the City to the Company shall not exceed One Eighteen Thousand Six Hundred Twenty Thousand and 00/100 Dollars ($120,000.0018,600.00).

Appears in 1 contract

Samples: Economic Development Agreement

Annual Incentive Payments to the Company. Subject to the Company’s compliance with the requirements set forth in subsection 2(c2(d), if the actual payroll withholding taxes collected and received by the City pursuant to subsection 2(b)(i2(c)(i) during the then preceding calendar year and in respect of that preceding calendar year from all Employees, net of refunds (such amount being referred to as the “Actual Withholdings”), equal or exceed the Target Withholdings (as defined in subsection 2(b)(v2(c)(v)) for that preceding calendar year, the City shall, on or before April 15 of the then current calendar year, pay to the Company, solely from nontax revenues (as defined in subsection 2(e2(f)), an amount equal to the product of (A) the Actual Withholdings for that preceding calendar year multiplied by (B) the applicable Incentive Factor twelve percent (as defined in subsection 2(b)(v)12%) (with each such product being referred to as an “Annual Incentive Payment”); provided, however, that (1) the City shall not be required pursuant to this subsection 2(b2(c) to remit an Annual Incentive Payment to the Company in excess of the Annual Cap (as defined in subsection 2(b)(v2(c)(v)) in any calendar year, and (2) the aggregate amount of all Annual Incentive Payments remitted pursuant to this subsection 2(b2(c) by the City to the Company shall not exceed One Forty-Three Thousand Three Hundred Twenty Thousand and 00/100 Dollars ($120,000.0043,300.00).

Appears in 1 contract

Samples: Economic Development Agreement

Annual Incentive Payments to the Company. Subject to the Company’s compliance with the requirements set forth in subsection 2(c2(d), if the actual payroll withholding taxes collected and received by the City pursuant to subsection 2(b)(i2(c)(i) during the then preceding calendar year and in respect of that preceding calendar year from all Employees, net of refunds (such amount being referred to as the “Actual Withholdings”), equal or exceed the Target Withholdings (as defined in subsection 2(b)(v2(c)(v)) for that preceding calendar year, the City shall, on or before April 15 of the then current calendar year, pay to the Company, solely from nontax revenues (as defined in subsection 2(e2(f)), an amount equal to the product of (A) the Actual Withholdings for that preceding calendar year multiplied by (B) the applicable Incentive Factor fifteen percent (as defined in subsection 2(b)(v)15%) (with each such product being referred to as an “Annual Incentive Payment”); provided, however, that (1) the City shall not be required pursuant to this subsection 2(b2(c) to remit an Annual Incentive Payment to the Company in excess of the Annual Cap (as defined in subsection 2(b)(v2(c)(v)) in any calendar year, and (2) the aggregate amount of all Annual Incentive Payments remitted pursuant to this subsection 2(b2(c) by the City to the Company shall not exceed One Hundred Twenty Thirty-Five Thousand and 00/100 Dollars ($120,000.00135,000.00).

Appears in 1 contract

Samples: Economic Development Agreement

Annual Incentive Payments to the Company. Subject to the Company’s compliance with the requirements set forth in subsection 2(c2(d), if the actual payroll withholding taxes collected and received by the City pursuant to subsection 2(b)(i2(c)(i) during the then preceding calendar year and in respect of that preceding calendar year from all Employees, net of any payroll withholding tax refunds (such amount being referred to as the “Actual Withholdings”), equal or exceed the Target Withholdings (as defined in subsection 2(b)(v2(c)(v)) for that preceding calendar year, the City shall, on or before April 15 of the then current calendar year, pay to the Company, solely from nontax revenues (as defined in subsection 2(e2(f)), an amount equal to the product of (A) the Actual Withholdings for that preceding calendar year multiplied by (B) the applicable Incentive Factor eighteen percent (as defined in subsection 2(b)(v)18%) (with each such product being referred to as an “Annual Incentive Payment”); provided, however, that (1) the City shall not be required pursuant to this subsection 2(b2(c) to remit an Annual Incentive Payment to the Company in excess of the Annual Cap (as defined in subsection 2(b)(v2(c)(v)) in any calendar year, and (2) the aggregate amount of all Annual Incentive Payments remitted pursuant to this subsection 2(b2(c) by the City to the Company shall not exceed One Hundred Twenty Ninety Thousand and 00/100 Dollars ($120,000.0090,000.00).

Appears in 1 contract

Samples: Economic Development Agreement

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Annual Incentive Payments to the Company. Subject to the Company’s compliance with the requirements set forth in subsection 2(c2(d), if the actual payroll withholding taxes collected and received by the City pursuant to subsection 2(b)(i2(c)(i) during the then preceding calendar year and in respect of that preceding calendar year from all Employees, net of refunds (such amount being referred to as the “Actual Withholdings”), equal or exceed the Target Withholdings (as defined in subsection 2(b)(v2(c)(v)) for that preceding calendar year, the City shall, on or before April 15 of the then current calendar year, pay to the Company, solely from nontax revenues (as defined in subsection 2(e2(f)), an amount equal to the product of (A) the Actual Withholdings for that preceding calendar year multiplied by (B) the applicable Incentive Factor seventeen percent (as defined in subsection 2(b)(v)17%) (with each such product being referred to as an “Annual Incentive Payment”); provided, however, that (1) the City shall not be required pursuant to this subsection 2(b2(c) to remit an Annual Incentive Payment to the Company in excess of the Annual Cap (as defined in subsection 2(b)(v2(c)(v)) in any calendar year, and (2) the aggregate amount of all Annual Incentive Payments remitted pursuant to this subsection 2(b2(c) by the City to the Company shall not exceed One Million Six Hundred Twenty Sixty-Five Thousand and 00/100 Dollars ($120,000.001,665,000.00).

Appears in 1 contract

Samples: Economic Development Agreement

Annual Incentive Payments to the Company. Subject to the Company’s compliance with the requirements set forth in subsection 2(c), if the actual payroll withholding taxes collected and received by the City pursuant to subsection 2(b)(i) during the then preceding calendar year and in respect of that preceding calendar year from all Employees, net of refunds (such amount being referred to as the “Actual Withholdings”), equal or exceed the Target Withholdings (as defined in subsection 2(b)(v)) for that preceding calendar year, the City shall, on or before April 15 of the then current calendar year, pay to the Company, solely from nontax revenues (as defined in subsection 2(e)), an amount equal to the product of (A) the Actual Withholdings for that preceding calendar year multiplied by (B) the applicable Incentive Factor ten percent (as defined in subsection 2(b)(v)10%) (with each such product being referred to as an “Annual Incentive Payment”); provided, however, that (1) the City shall not be required pursuant to this subsection 2(b) to remit an Annual Incentive Payment to the Company in excess of the Annual Cap (as defined in subsection 2(b)(v)) in any calendar year, and (2) the aggregate amount of all Annual Incentive Payments remitted pursuant to this subsection 2(b) by the City to the Company shall not exceed One Hundred Twenty Sixty-Seven Thousand and 00/100 Dollars ($120,000.0067,000.00).

Appears in 1 contract

Samples: Economic Development Agreement

Annual Incentive Payments to the Company. Subject to the Company’s compliance with the requirements set forth in subsection 2(c2(d), if the actual payroll withholding taxes collected and received by the City pursuant to subsection 2(b)(i2(c)(i) during the then preceding calendar year and in respect of that preceding calendar year from all Employees, net of refunds (such amount being referred to as the “Actual Withholdings”), equal or exceed the Target Withholdings (as defined in subsection 2(b)(v2(c)(v)) for that preceding calendar year, the City shall, on or before April 15 of the then current calendar year, pay to the Company, solely from nontax revenues (as defined in subsection 2(e2(f)), an amount equal to the product of (A) the Actual Withholdings for that preceding calendar year multiplied by (B) the applicable Incentive Factor twelve percent (as defined in subsection 2(b)(v)12%) (with each such product being referred to as an “Annual Incentive Payment”); provided, however, that (1) the City shall not be required pursuant to this subsection 2(b2(c) to remit an Annual Incentive Payment to the Company in excess of the Annual Cap (as defined in subsection 2(b)(v2(c)(v)) in any calendar year, and (2) the aggregate amount of all Annual Incentive Payments remitted pursuant to this subsection 2(b2(c) by the City to the Company shall not exceed One Hundred Twenty Fifty-Seven Thousand and 00/100 Dollars ($120,000.0057,000.00).

Appears in 1 contract

Samples: Economic Development Agreement

Annual Incentive Payments to the Company. Subject to the Company’s compliance with the requirements set forth in subsection 2(c), if the actual payroll withholding taxes collected and received by the City pursuant to subsection 2(b)(i) during the then preceding calendar year and in respect of that preceding calendar year from all Employees, net of refunds (such amount being referred to as the “Actual Withholdings”), equal or exceed the Target Withholdings (as defined in subsection 2(b)(v)) for that preceding calendar year, the City shall, on or before April 15 of the then current calendar year, pay to the Company, solely from nontax revenues (as defined in subsection 2(e)), an amount equal to the product of (A) the Actual Withholdings for that preceding calendar year multiplied by (B) the applicable Incentive Factor twenty percent (as defined in subsection 2(b)(v)20%) (with each such product being referred to as an “Annual Incentive Payment”); provided, however, that (1) the City shall not be required pursuant to this subsection 2(b) to remit an Annual Incentive Payment to the Company in excess of the Annual Cap (as defined in subsection 2(b)(v)) in any calendar year, and (2) the aggregate amount of all Annual Incentive Payments remitted pursuant to this subsection 2(b) by the City to the Company shall not exceed One Nine Hundred Twenty Fifty-Five Thousand and 00/100 Dollars ($120,000.00955,000.00).

Appears in 1 contract

Samples: Economic Development Agreement

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