CHAPTER 380 GRANT Sample Clauses

CHAPTER 380 GRANT. 3. The City will provide a Chapter 380 Economic Development grant equal to the actual hard costs of the 8-inch water line (i.e. labor and materials, excluding overhead or design costs) up to $265,000. The grant will be paid periodically, upon request by the Developer. Developer must have met the conditions set forth below in order to be eligible for a grant:
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CHAPTER 380 GRANT. 5. The City will provide a Chapter 380 Economic Development grant of up to $82,500, subject to the conditions and as otherwise provided below. The grant will be paid periodically, upon request by the Developer. Developer must have met the conditions set forth below in order to be eligible for a grant:
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CHAPTER 380 GRANT. Consistent with the provisions of the Act and in consideration of the Project (defined below) and Grantee’s compliance with the obligations specified in the Grant Documents (defined below), City will pay Grantee an economic development grant in an amount not to exceed SEVENTY THOUSAND AND NO/100 DOLLARS ($70,000.00) (the “Grant”). Grantee’s subject facility is located at 0000 Xxxxxx Xxxxxx Road (“Facility”) in the city of Dallas, and the Property is graphically depicted in Exhibit A. Payment of the Grant shall be made in accordance with the obligations, terms, and conditions defined below. In addition, to be eligible for any payment, Grantee shall not otherwise be in default of this Agreement. During the Compliance Period, Xxxxxxx’s failure to comply with the terms and conditions of the Agreement shall constitute a default under Section 4 of this Agreement. The Grant shall be not be paid until Grantee’s obligations, terms and conditions, as defined herein, are met.
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CHAPTER 380 GRANT. Phase IA)
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CHAPTER 380 GRANT. Phase IC)
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CHAPTER 380 GRANT. The City shall consider a separate economic development grant agreement (the “Chapter 380 Agreement”) pursuant to Chapter 380 to provide a grant to the Developer, on an annual basis, using fifteen percent (15%) of the City’s maintenance and operations ad valorem tax increment, any remainder of the City TIRZ Increment after application of the TIRZ Credit described in Section 5.2(a) above, and the ESD TIRZ Increment, if any (the “Chapter 380 Grant”). The Parties agree that the Chapter 380 Grant will be used to reimburse the costs of the Public Infrastructure and provide funding for incentive agreements with targeted tenants and users for the Project as agreed to by the City and the Developer. The City TIRZ Increment paid to the Developer pursuant to the 380 Grant shall not exceed the sum of $1,000,000 annually or $25,000,000 cumulatively for a term not to exceed 40 years and may be earned by the Developer subject to the performance criteria provided in the Chapter 380 Agreement (the “Chapter 380 Incentive Maximum”). The ESD TIRZ Increment shall not be applied toward the calculation of the Chapter 380 Incentive Maximum; however after the Chapter 380 Incentive Maximum has been reached, (i) the City and ESD shall no longer be obligated to place the revenues in a segregated TIRZ account for Chapter 380 incentives and those funds shall be the property of the City and the ESD, in proportion to their respective ownership of same, to be used by each entity in their sole and absolute discretion; and (ii) the TIRZ Revenues shall only be used for payment of administrative costs and expenses of the TIRZ and the payment of the TIRZ Credit (the “Authorized TIRZ Revenue Expenses”). All other excess TIRZ Revenues over and above the payment of the Authorized TIRZ Revenue Expenses, the City shall no longer be obligated to place the TIRZ Revenues in a segregated TIRZ account and the revenues shall be the property of the City, to be used by the City in its sole and absolute discretion.
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Related to CHAPTER 380 GRANT

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