Break-Even Point; State and Local Incentives Sample Clauses
Break-Even Point; State and Local Incentives. (a) State-Level Incentives: VEDP has estimated that the Commonwealth will reach its “break-even point” by the Performance Date. The break-even point compares new revenues realized as a result of the Capital Investment and New Jobs at the Facility with the Commonwealth’s expenditures on discretionary incentives, including but not limited to the COF Grant. With regard to the Facility, the Commonwealth expects to provide discretionary incentives in the following amounts: COF Grant $[100,000] [Virginia Jobs Investment Program (“VJIP”) (Estimated)] [Tobacco Region Opportunity Fund Grant (“TROF”)] [Enterprise Zone Real Property Investment Grant (“EZRPIG”) (Estimated)] [Enterprise Zone Job Creation Grant (“EZJCG”) (Estimated)] [Virginia Investment Performance Grant (“VIP Grant”)] [Virginia Talent Accelerator Program (“Virginia Talent Accelerator”) (Approximate Value)] [Major Eligible Employers Grant (“▇▇▇ ▇▇▇▇▇”)] [Virginia Economic Development Incentive Grant (“VEDIG”)] [Major Business Facility Job Tax Credit (“MBFJTC”) (Estimated)] [Port of Virginia Economic and Infrastructure Development Grant (“Port Grant”)] [Other] The proceeds of the COF Grant shall be used for the purposes described in Section 3(c). The VJIP grant proceeds shall be used by the Company to pay or reimburse itself for recruitment and training costs. [The proceeds of the TROF Grant [shall][may] be used for __________________________[any lawful purpose].] [The proceeds of [the EZRPIG,] [the EZJCG,] [the VIP Grant,] [the ▇▇▇ ▇▇▇▇▇,] [the VEDIG,] [and the Port Grant] may be used by the Company for any lawful purpose.] [The MBFJTC will serve as an offset to Virginia corporate income taxes that may be owed by the Company.] [The Virginia Talent Accelerator represents the value to the Company of workforce development services expected to be provided by VEDP to the Company for recruitment and training.]
Break-Even Point; State and Local Incentives. (a) State-Level Incentives: VEDP has estimated that the Commonwealth will reach its “break-even point” by the Performance Date. The break-even point compares new revenues realized as a result of the Capital Investment and New Jobs at the Facility with the Commonwealth’s expenditures on discretionary incentives, including but not limited to the COF Grant. With regard to the Facility, the Commonwealth expects to provide incentives in the following amounts: COF Grant $50,000 Virginia Jobs Investment Program (“VJIP”) (Estimated) 121,500 Enterprise Zone Real Property Investment Grant (“EZRPIG”) (Estimated) 200,000 Enterprise Zone Job Creation Grant (“EZJCG”) (Estimated) 595,400 Port of Virginia Economic and Infrastructure Development Grant (“Port Grant”) 100,500 Machinery and Tools Sales and Use Tax Exemption (if Company meets statutory criteria) Up to 660,000 The proceeds of the COF Grant shall be used for the purposes described in Section 3(c). The VJIP grant proceeds shall be used by the Company to pay or reimburse itself for recruitment and training costs. The proceeds of the EZRPIG, the EZJCG, and the Port Grant may be used by the Company for any lawful purpose.
Break-Even Point; State and Local Incentives. VEDP has estimated that the Commonwealth of Virginia will reach its “break-even point” by the Performance Date. The break-even point compares new revenues realized as a result of the Capital Investment and New Jobs at the Facility with the Commonwealth of Virginia’s expenditures on incentives, including but not limited to the GOF Grant. With regard to the Facility, the Commonwealth of Virginia expects to provide incentives in the following amounts: GOF Grant $300,000 Virginia Jobs Investment Program (“VJIP”) (Estimated) $417,200 The Locality, together with FMA, expects to provide the following incentives, as matching grants or otherwise, for the Facility: City of Hampton - Local Job Creation and Capital Investment Grant (“Local Grant”) $150,000 FMA -- 36 Month Rental Rate Reduction (“Rent Reduction”) $150,000 If, at the Performance Date, the amount of funds disbursed or committed to be disbursed to the Company by the Authority through the Local Grant totals less than the $150,000 portion of the GOF Grant local match requirement allocable to the Locality, the Authority, subject to appropriation, will make an additional grant to the Company of the difference, so long as the Company has met its Targets. If, at the Performance Date, the amount of the rent reduction made available to the Company from FMA totals less than the $150,000 portion of the GOF Grant local match requirement allocable to FMA, FMA, subject to appropriation, shall make an additional grant to the Company of the difference, so long as the Company has met its Targets. The proceeds of the GOF Grant and the Local Grant shall be used for the purposes described in Section 3 hereinabove. The VJIP Grant proceeds shall be used by the Company to pay or reimburse itself for recruitment and training costs. The Rent Reduction shall reflect cost savings to the Company.
Break-Even Point; State and Local Incentives. VEDP has estimated that the Commonwealth will reach its “break-even point” by the Performance Date. The break-even point compares new revenues realized as a result of the Capital Investment and New Jobs at the Facility with the Commonwealth’s expenditures on incentives, including but not limited to the GOF Grant. With regard to the Facility, the Commonwealth expects to provide incentives to the Company in the following amounts: GOF Grant $1,000,000 Virginia Jobs Investment Program (“VJIP”) (Estimated) 125,000 The Locality expects to provide at least the following incentives, as matching grants or otherwise, for the Facility: Category of Incentive: Total Amount Capital Expenditures near ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇ $1,000,000 If, by the Performance Date, the value of improvements, services or support from or on behalf of the Locality to the Company totals less than the $1,000,000 GOF Grant local match requirement, the Locality, subject to appropriation, will provide additional improvements, services or support to the Company equal to the amount of the shortfall, so long as the Company has met its Targets. The parties to this Agreement acknowledge that the VJIP grant is not a part of the GOF Grant and requires no local match. The proceeds of the GOF Grant shall be used for the purposes described in Section 3. The VJIP grant proceeds shall be used by the Company to pay or reimburse itself for recruitment and training costs. The improvements, services or support to be provided by or on behalf of the Locality to the Company will offset the cost to the Company of procuring such improvements, services or support.
Break-Even Point; State and Local Incentives. (a) State-Level Incentives: VEDP has estimated that the Commonwealth will reach its “break-even point” by the Performance Date. The break-even point compares new revenues realized as a result of the Capital Investment and New Jobs at the Facility with the Commonwealth’s expenditures on discretionary incentives, including but not limited to the COF Grant. With regard to the Facility, the Commonwealth expects to provide discretionary incentives in the following amounts: COF Grant $50,000 Virginia Jobs Investment Program (“VJIP”) (Estimated) 121,500 Enterprise Zone Real Property Investment Grant (“EZRPIG”) 200,000 (Estimated) Enterprise Zone Job Creation Grant (“EZJCG”) (Estimated) 595,400 Port of Virginia Economic and Infrastructure Development Grant 100,500 (“Port Grant”) The proceeds of the COF Grant shall be used for the purposes described in Section 3(c). The VJIP grant proceeds shall be used by the Company to pay or reimburse itself for recruitment and training costs. The proceeds of the EZRPIG, the EZJCG, and the Port Grant may be used by the Company for any lawful purpose.
Break-Even Point; State and Local Incentives. (a) State-Level Incentives: VEDP has estimated that the Commonwealth will reach its “break-even point” by the [Subsequent] Performance Date. The break-even point compares new revenues realized as a result of the Capital Investment and New Jobs at the Facility with the Commonwealth’s expenditures on discretionary incentives, including but not limited to the COF Grant. With regard to the Facility, the Commonwealth expects to provide discretionary incentives in the following amounts: Category of Incentive: Total Amount COF Grant $ Virginia Jobs Investment Program (“VJIP”) (Estimated) Tobacco Region Opportunity Fund Grant (“TROF”) Enterprise Zone Real Property Investment Grant (“EZRPIG”) (Estimated) Enterprise Zone Job Creation Grant (“EZJCG”) (Estimated) Virginia Investment Performance Grant (“VIP Grant”) Major Eligible Employers Grant (“▇▇▇ ▇▇▇▇▇”) Virginia Economic Development Incentive Grant (“VEDIG”) Major Business Facility Job Tax Credit (“MBFJTC”) (Estimated) The proceeds of the COF Grant shall be used for the purposes described in Section 3(b). The VJIP grant proceeds shall be used by the Company to pay or reimburse itself for recruitment and training costs. [The proceeds of the TROF Grant [shall][may] be used for
Break-Even Point; State and Local Incentives