City Funding. City agrees to provide proceeds from the City’s Room Tax to Contractor for the services provided under this Agreement. The City will provide up to 30% of the proceeds from a tax rate of 9% and 70% of the proceeds from any tax rate in excess of 9% (10% on June 1, 2014 and 10.4% on June 1, 2015), less the City’s administrative costs (audit and overhead costs). The amount paid monthly to Contractor shall be based on City projections as to the amount of revenue forecasted to be received by Room Tax receipts adjusted by the prior month’s budget to actual variance, subject to 3(d) above.
City Funding. For the Programming in Exhibit 2, the City’s Funding commitment (i.e., the Funding to be paid to the County) during the Term is $25,186,923 for FY 2024-25 and, beginning in FY 2025-26, is $31,186,923 each Fiscal Year thereafter (during the Term) plus an annual Inflation Factor cost increase.
City Funding. The City Shall pay BNSF for all actual labor coStS, material coStS, equipment coStS, and other coStS and eXpenSeS incurred by BNSF in performing the railroad work required for conStruction of the Project in a total amount not to eXceed $2,400,000.00. ThiS amount conSiStS of the eStimated conStruction coSt of $1,830,535.00 aS Set forth in EXhibit “B”, $140,000 for flagging, and a conStruction contingency fund of $429,465.00. The conStruction contingency fund Shall be uSed to reimburSe BNSF if itS actual conStruction coStS eXceed the eStimated conStruction coStS. If during the courSe of conStruction BNSF anticipateS that itS actual conStruction coStS will eXceed the eStimated conStruction coSt, BNSF Shall promptly notify the City So additional fundS can be appropriated to complete conStruction of the railroad work required for the Project. BNSF may diScontinue conStruction activitieS until Such time aS the City notifieS BNSF that Sufficient additional fundS have been appropriated. If the City failS to appropriate Sufficient additional fundS, BNSF may terminate thiS Agreement purSuant to Article III, Section 3.
City Funding. The City shall pay Hanzon Studios an amount not to exceed Seven Hundred Thousand and 00/100 dollars ($700,000.00) (the “Advance”), in the manner set forth below, which shall be used by Hanzon Studios for expenses directly related to the development, promotion, staging and realization of Camp Christmas (“Camp Christmas Expenses”).
City Funding. The City has committed to spend up to the sum of the funds available to the City from the Remediation Fund. The Parties acknowledge that the Remediation Fund may be accessed by the City or the Port for Remediation anywhere on the EDC Property. The Parties further acknowledge that, under the terms of the ARMOA, once all the monies in the Remediation Fund have been spent, neither the City nor the Port is obligated to continue to provide monies to the Remediation Fund. Finally, the Parties acknowledge that the City is not representing or guaranteeing the availability of monies from the Remediation Fund for Pre- Closing Remediation Obligations. In the event that the Remediation Fund is insufficient to fund all of the City’s pre-Close of Escrow obligations as identified in Section 7.2, then, unless otherwise agreed to through Section 7.2.3.7, above, the Developer may elect to fund the remaining costs to remediate the other Pre-Closing Remediation Obligations. As conditions to exercising its option to remediate: (1) City must approve the Developer’s financing (which must be in at least the amount of the estimated costs of completing the remediation) and which must be in the form of: (A) a cash deposit into the Remediation Fund (in a segregated sub-fund to be used only for Developer’s Project; any unused Developer-funded remediation costs shall be returned to Developer after receipt of a Remediation Certification Letter (or its equivalent) from the applicable regulatory authority.), (B) a letter of credit from a major bank or similar financial institution registered to and doing business in the United States, or (C) a guaranty from an entity registered and doing business in the United States with assets of at least the projected full costs of the remediation; and (2) City has the reasonable right to approve Developer’s proposed remediation contractor. If the Developer elects to proceed with remediation under this Section 7.3.4: (1) the Developer’s remediation work plan shall be subject to DTSC and/or RWQCB approval, as appropriate, in accordance with the coordination procedures in Section 7.3; and (2) the City shall remain the lead contact for all communications with DTSC, the RWQCB and/or any other Resource Agency.
City Funding. The City agrees to provide GNMCC with funds in an amount not to exceed Thirty-Seven Thousand Five Hundred Dollars ($37,500.00), as provided in the City’s Budget for Fiscal Year 2023-2024, under Ordinance No. 1511, adopted on September 19, 2023.
City Funding. The City will endeavor to obtain funding to apply towards the cost of improvements within the Summit Street Commercial Corridor consistent with the SSIP. The City will also pursue grant dollars that may be available to match the City’s commitment. ProMedica will work with the City to pursue grant dollars and private funding to support these improvements.
City Funding. (i) As stated in the recitals hereto, the City has conditionally agreed to provide the City Funds to assist in the funding of construction of IPTC’s three (3) planned BRTs. The parties hereby agree that $2,000,000.00 of the DPW Funds (the “DPW RL 1 Project Funds”) and the total $6,000,000.00 of the DMD Funds shall be utilized for construction of the RL 1 Project, subject to the conditions hereof and as detailed in Schedule I, attached hereto and incorporated herein. The remaining $4,000,000.00 of the DPW Funds will be utilized to assist in funding the construction of the Purple Line, the Blue Line and Red Line Phases 2 and 3 as detailed in Schedule I.
(ii) Other than the DPW RL 1 Project Funds portion of the City Funds, the City’s obligation to provide any of the remaining City Funds is contingent upon the availability to IPTC of the Small Starts Grant FTA Funds for the RL 1 Project, which have been awarded but not yet made available by the FTA. IPTC shall provide the City with written notice that the Small Starts Grant FTA Funds for the RL 1 Project has been made available for expenditure by IPTC before any of the remaining City Funds may be disbursed. In the event that the Small Starts Grant FTA Funds for the RL 1 Project are not forthcoming to IPTC for whatever reason, then the City shall no longer be obligated to provide any of the remaining City Funds, and the City and IPTC shall renegotiate the terms and conditions of this Agreement relating to the use of the remaining City Funds.
(iii) The City Funds shall be used solely by IPTC for expenditures directly related to and for the construction of infrastructure improvements in accordance with Approved Plans (as defined in Section 4(b)(v)).
(iv) IPTC agrees that DPW may deduct from the DPW Funds an amount not to exceed $350,000.00 in 2018 and 2019 to defray DPW’s considerable costs incurred in reviewing plans, coordinating with IPTC and its contractors, and for an engineering firm contracted by DPW (the “DPW Inspector”) to assist DPW with the foregoing and to monitor construction of the RL 1 Project, including in particular the construction of City Infrastructure (as defined in Section 4(c)(i)), on behalf of DPW.
(v) The DPW Funds shall be payable as set forth in Schedule I.
(vi) The DMD Funds shall be payable within 60 days after receipt by DMD of an invoice from IPTC, the form and substance of which may be prescribed by the City. IPTC shall submit such invoice to: Department of Metropolitan Development...
City Funding. Subject to the provisions City will advance the amount of [●] (the “City Funding”), the City Funding will be advanced in accordance with the Funding Schedule set out in Section 4.3 upon the conditions set out in Section 4.4, either being satisfied or waived and in accordance with the terms and conditions of Article 5.
City Funding. City Funding shall be paid annually to the Edmonton Heritage Council to fund the coordination of activities and services over the term of the agreement. This funding will be adjusted annually by City Council approved operating budget guidelines. The Edmonton Heritage Council’s operating budget may also be adjusted on a one time or ongoing basis as determined by City Council.
