Common use of Break-Even Point; State and Local Incentives Clause in Contracts

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 $__________ 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”) VEDP Talent Accelerator Program (“VTAP”) (Approximate Value) Major Eligible Employers Grant (“XXX Xxxxx”) 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 XXX Xxxxx,] [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 VTAP 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 discretionary incentives in the following amounts: 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”) VEDP Virginia Talent Accelerator Program (“VTAPVirginia Talent Accelerator”) (Approximate Value) Major Eligible Employers Grant (“XXX Xxxxx”) 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 XXX Xxxxx,] [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 VTAP 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 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”) VEDP )] [Virginia Talent Accelerator Program (“VTAPVirginia Talent Accelerator”) (Approximate Value) )] [Major Eligible Employers Grant (“XXX Xxxxx”) )] [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 XXX Xxxxx,] [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 VTAP 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 [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: 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”) VEDP Talent Accelerator Program (“VTAP”) (Approximate Value) Major Eligible Employers Grant (“XXX Xxxxx”) 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(c3(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 (b) Locality-Level Incentives: The Locality expects to provide the following incentives, as matching grants or otherwise, for __________________________[any lawful purposethe Facility by the Performance Date: ], the Locality has elected to allocate $ from the TROF Grant toward the COF Grant local match requirement.] [Initial] Performance Date, the [proceeds / funds] disbursed or committed to be disbursed by the Locality to the Company total less than the $ COF Grant local match requirement, the Locality, subject to appropriation, will make an additional grant to the Company of the difference at the [Initial] Performance Date, so long as the Company has met its Targets.] The proceeds of the Locality’s [the EZRPIG,may / shall] [the EZJCG,] [the VIP Grant,] [the XXX Xxxxx,] [the VEDIG,] [and the Port Grant] may be used by the Company for [any lawful purposepurpose / ].] [The MBFJTC will serve as an offset to Virginia corporate income taxes that may be owed by the Company.] [The VTAP represents the value to the Company of workforce development services expected to be provided by VEDP to the Company for recruitment and training.]