Business Subsidy Sample Clauses

Business Subsidy. While the Assessment Amount does not constitute a “business subsidy” as defined by Minn. Stat. §116J.993, subd. 3(1), of the Business Subsidy Act, Minn. Stat. §§116J.993 to 116J.995 because it is in an amount less than $150,000, any reduction in the Assessment Amount that is greater than $25,000 is subject to reporting requirements contained in Minn. Stat. §116J.994(8)(b). The public purposes of the reduction in the Assessment Amount are assisting development of the Property for the installation of storage units which will better serve the needs of the community and the increase of the tax base of the City and the State. Wage and job goals are not among the public purposes included. The Developer must submit a report to HEDRA containing information that allows HEDRA to submit the reports required by Minn. Stat. §116J.994(8)(b) and (c). If, the Developer fails to provide a report, the Developer must pay HEDRA a penalty of $100 for each subsequent day until the report is filed. The maximum aggregate penalty payable is $1,000.
Sample 1Sample 2
AutoNDA by SimpleDocs
Business Subsidy. The parties agree and understand that the financial assistance described in this Agreement does not constitute a business subsidy within the meaning of the Business Subsidy Act, because the assistance is for housing, an enumerated exception under Section 116J.993, subdivision 3(7) of the Business Subsidy Act. The Developer releases and waives any claim against the Authority and its governing body members, officers, agents, servants and employees thereof arising from application of the Business Subsidy Act to this Agreement, including without limitation any claim that the Authority failed to comply with the Business Subsidy Act with respect to this Agreement.
Sample 1
Business Subsidy. The parties hereto agree and acknowledge that the Grant does not constitute a business subsidy under Minnesota Statutes, §§ 116J.993 to 116J.994, as amended, because the Grant is to a government entity.
Sample 1
Business Subsidy. The parties agree and understand that the Purchase Price is at least equal to the market value of such property, and that the conveyance described in this Agreement does not constitute a “business subsidy” within the meaning of Minnesota Statutes, Sections 116J.993 to 116J.995, as amended.
Sample 1
Business Subsidy. A. Land sale proceeds: City will write down the purchase price of the Sliver Lot and Lot 5, representing assistance in the aggregate amount of $267,700 (see Section 1, above). B. TIF from Riverfront TIF District: City will provide TIF assistance in the form of a “pay as you go” T)F Note in the principal amount equal to the purchase price paid by Developer for Lots 4 and 6. The TIF Note will be payable solely from 95% of the tax increments derived from Lots 4, 5 and 6, and will carry interest at the rate of 4.5%. Developer must acknowledge that increment from the hotel alone is not expected to be sufficient to pay full principal and interest on the note—future development on Lots 4 and 5 will be required to produced additional increment needed to pay the proposed TIF note. Issuance of the TIF Note is contingent on:  Developer having closed on acquisition of all parcels (4, 5 6 and Sliver Lot).  City having determined that it meets the conditions for release of Lot 6 and the Sliver Lot from the pledge to the outstanding Series 2006 TIF Note. C Additional TIF: City will provide additional assistance in the maximum amount of $300,000, from the City’s existing District No. 4. Funds will be disbursed for Developer costs related to the hotel that are eligible for TIF funding in accordance with law. Timing and other terms of disbursement to be negotiated.
Sample 1
Business Subsidy 
Sample 1Sample 2

Related to Business Subsidy

  • Insurance Business All insurance policies issued by any Regulated Insurance Company are, to the extent required under applicable law, on forms approved by the insurance regulatory authorities of the jurisdictions where issued or have been filed with and not objected to by such authorities within the period for objection, except for those forms with respect to which a failure to obtain such approval or make such a filing without it being objected to, either individually or in the aggregate, has not had, and could not reasonably be expected to have, a Material Adverse Effect.

  • Business Auto Liability The following Automobile Liability will be required and coverage shall apply to all owned, hired, and non-owned vehicles used with minimum limits of: $100,000 bodily injury per person (B.I.) $300,000 bodily injury per occurrence (B.I.) $100,000 property damage (PD) or $300,000 combined single limit (C.S.L.) of B.I. and P.D.

  • Certified and Minority Business Enterprises Reports Upon Customer request, the Contractor shall report to the requesting Customer the Contractor’s spend with certified and other minority business enterprises in the provision of commodities or services related to the Customer’s orders. These reports shall include the period covered, the name, minority code, and Federal Employer Identification Number of each minority business utilized during the period; commodities and services provided by the minority business enterprise, and the amount paid to each minority business enterprise on behalf of the Customer.

  • The Business The parties acknowledge that the Company is engaged in the development, marketing and sale of certain proprietary technologies, processes and related products in the areas of chemical detection, technical processes, and technical/business services, and that the Company may also from time to time become or may intend to become engaged in other business endeavors (individually and collectively, the "BUSINESS"). The Company shall be deemed to intend to become engaged in a business endeavor if it has devoted or expended any significant resources, either financial or human resources, towards the proposed endeavor, either in planning or implementing the undertaking of such planned endeavor.

  • Business Tax The Consultant represents and warrants that it currently has a City business tax certificate or exemption, if qualified, and will maintain such certificate or exemption for the Master Agreement term.

  • Assumed Business Names Borrower has filed or recorded all documents or filings required by law relating to all assumed business names used by Borrower. Excluding the name of Borrower, the following is a complete list of all assumed business names under which Borrower does business: None.

  • Business Assets The Company Assets comprise all of the property and assets of the Business, and none of the Vendor or the Significant Shareholders nor any other person, firm or corporation owns any assets used by the Company in operating the Business, whether under a lease, rental agreement or other arrangement;

  • State Business Licenses The Servicer or the Certificateholder shall prepare and instruct the Trust to file each state business license (and any renewal thereof) required to be filed under applicable state law without further consent or instruction from the Instructing Party (as defined in the Trust Agreement), including a Sales Finance Company Application (and any renewal thereof) with the Pennsylvania Department of Banking, Licensing Division, and a Financial Regulation Application (and any renewal thereof) with the Maryland Department of Labor, Licensing and Regulation.

  • Insurance Companies Insurance required hereunder shall be in companies duly licensed to transact business in the State of Washington, and maintaining during the policy term a General Policyholders Rating of ‘A-’ or better and a financial rating of ‘IX’ or better, as set forth in the most current issue of “Best’s Insurance Guide.”

  • Separate Business CAC shall not: (i) fail to maintain separate books, financial statements, accounting records and other corporate documents from those of Funding; (ii) commingle any of its assets or the assets of any of its Affiliates with those of Funding (except to the extent that CAC acts as the Servicer of the Loans); (iii) pay from its own assets any obligation or indebtedness of any kind incurred by Funding (or the Trust); and (iv) directly, or through any of its Affiliates, borrow funds or accept credit or guaranties from Funding.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!