Contribution Credits. Any rights to Contribution Credits accruing after a change in ownership with respect to periods prior to such change in ownership shall remain with Employer named in this Agreement provided such Employer's membership is renewed in accordance with Section 11. B. hereof. In the event of a change in ownership in which Employer's membership in the Fund is not renewed, but membership is renewed with respect to a successor owner in accordance with Section 11. B. hereof, then any rights to Contribution Credits shall be with such successor owner. Notwithstanding the foregoing, Employer and any new owner or successor may independently agree to allocate any such payment among themselves as they see fit. If the Fund does not renew membership with respect to Employer or any successor owner, then no party will be eligible for Contribution Credits.
Contribution Credits. Contribution ‘credits’ may be provided to the developer in respect to the works delivered under an agreement. These ‘credits’ may be considered by Council to offset development contributions that may be imposed on that development through a DA consent or CDC Council has discretion in the consideration of the opportunity for contribution credits and will consider the following principles when assessing the opportunity for credits: • Where the work within the agreement is listed in a development contributions plan, a credit cannot exceed the value of that work in the contributions plan. • No credits will be given for works or land additional to the requirements of a contributions plan. • Where the completed works exceed the cost of works within the contributions plan, no credits will be available. • Where the contribution credit is less than the contributions imposed by a DA consent or CDC, the balance of these contributions is to be paid to Council. • Works delivered under an agreement that satisfy obligations under Councils Community Infrastructure Policy will not be considered for credits. • Generally, the offset amount considered will only be up to the amount payable in respect of the same category of infrastructure included in a contributions plan. • If a contributions credit exceeds the contributions plan requirement, Council may at its discretion: • Allow the developer to use the remaining part of the credit in relation to future development in the locality of the development where the VPA applies, or • Enable monetary recoupment of credits from future development, where the exceeding credits have benefited this land by delivering works subject to the contributions plan, or • In limited situations- pay the difference. • Is the planning agreement directed towards a legitimate planning purpose? Is this purpose identified in statutory planning controls and other adopted strategies of Council? • Do the proposed public benefits have a relationship to the development that are not wholly unrelated to the development? • Does the agreement meet values and expectations of the public and protect public interest? • Does the planning agreement provide a reasonable means to achieve the desired outcomes for the development? • Does the planning agreement demonstrate the achievement of a public benefit? • Where the agreement relates to a change in zoning or development standards, does the value of the development uplift equate to the public benefit proposed? • Does th...
Contribution Credits. The Company will credit to the Retirement Account the amount that would have been contributed on Xxxxxxx'x behalf under the Retirement Plan for the years 1997 and 1998 if Xxxxxxx had been eligible to participate in that Plan upon assuming his duties under the Employment Agreement. That credit will be made at the time the Company otherwise makes its 1997 contribution to the Retirement Plan.
Contribution Credits. The Bank shall credit $55,000.00 per calendar year to Executive’s Account as long as Executive is employed by the Bank at the time such amount is credited. Contribution Credits for any given Plan Year under this Section shall be credited to the Executive’s Account at such time or times established by the Bank in its sole discretion. This amount shall be in addition to amounts credited under the Supplemental Executive Retirement Plan of November 27, 2018, the “2018 Plan”.
Contribution Credits. The Parties acknowledge and agree that:
(a) on Completion of the Sewer Main Works in accordance with this Agreement, Council agrees to offset 75% of the Construction Costs as credit to, and thereby reduce the Developer’s liability to pay any sewerage contributions payable by the Developer pursuant to Council’s Development Servicing Plan under Section 64 of the Local Government Xxx 0000; and
(b) the Developer must pay Council the Stormwater Capitalisation Amount prior to the issue of the relevant Subdivision Certificate (as specified in Schedule 3); and
(c) within 7 days of Council’s issuance of the First Subdivision Certificate, Council must pay the Developer $157,500 in respect of the Road Upgrade Woks; and
(d) on Completion of the Park Embellishment Works in accordance with this Agreement, Council agrees to offset $60,000 as credit to, and thereby reduce the Developer’s liability to pay any contributions pursuant to Development Contributions under section 7.12 of the Act.
Contribution Credits. The Parties acknowledge and agree that:
(a) the Developer must pay Council the Stormwater Capitalisation Amount at the times set out in Schedule 3; and
(b) within twenty-one (21) days of Council’s issuance of the First Subdivision Certificate, Council must pay the Developer $157,500 (exclusive of GST) in respect of the Road Upgrade Works, provided that Council has received a valid tax invoice for that amount within five (5) days of the issuance of the First Subdivision Certificate; and
(c) on Completion of the Park Embellishment Works in accordance with this Agreement, Council agrees to offset $60,000 as credit to, and thereby reduce the Developer’s liability to pay any contributions pursuant to Development Contributions under section 7.12 of the Act.
Contribution Credits. Dividends in the form of (i) cash payments or (ii) credits (“Contributions Credits”) to be applied toward member contributions required during the next fiscal year and to be paid out of the surplus of the Fund may, in the total discretion of the Board, be declared from time to time by resolution of the Board. The Board shall have full and final discretion to determine the form of the dividends. At no time will any dividends be paid that would impair the capital of the Fund. All dividends shall be calculated in accordance with the rules adopted by the Department. All Contribution Credits shall be subject to the following procedures and conditions:
A. Subject to subsection B below, twenty-five percent (25%) of the Contribution Credit will be applied to the January contribution payment required during the next fiscal year and the remaining seventy-five percent (75%) will be applied on a pro-rata basis to each of the remaining monthly payments for February through December of the next fiscal year.
B. The maximum Contributions Credit to any member will be limited to no more than seventy-five percent (75%) of the member’s total contribution obligation for the next fiscal year.
C. The Board reserves the right to adjust the Contribution Credit to participating members up to the maximum where special circumstances dictate.
D. No credits, refunds, dividends or Contribution Credits of any kind shall be payable to, paid to or credited against any debts owed to the Fund by any person or entity who is not a member of the Fund on the date the credit, refund, divided or Contribution Credit is paid or credited to the Fund’s members, even if the person or entity was a member of the Fund during the period to which the credit, refund, dividend or Contribution Credit relates.
E. Any unapplied portion of a Contribution Credit or a carryover Contribution Credit that has been assigned to a member who withdraws from the Fund (or whose memberships are terminated) during a fiscal year will be forfeited by the member and retained by the Fund. Such members will receive no credit, refund, or dividend, payment or distribution of any kind from the Fund.
F. No credits, refunds, dividends or Contribution Credit of any kind shall be payable to, paid to or credited against any debts owed to the Fund by any member who, at the time of the declaration or payment of such credit, refund, dividend or Contribution Credit, is in arrears to the Fund with respect to any contribution payment, additiona...
Contribution Credits. Any rights to Contribution Credits accruing after a change in ownership with respect to periods prior to such change in ownership shall remain with Employer named in this Participation Agreement provided such Employer's membership is renewed in accordance with Section
Contribution Credits. 5.1 The parties agree that in each separate agreement Contributions Credits will be accumulated in dollars calculated at the time the resource consent for the Public Work is granted.
5.2 Contributions Credits earned will be adjusted by CPI on 1 July each year and confirmed in writing by Council at that time.
5.3 The basis for determining Contributions Credits is that PAL may be asked to undertake Public Works that are outside of the immediate area of the Paraparaumu Airport Development and/or provide for a capacity that is greater than is needed for the that Development as prescribed by Council’s engineering standards, the District Plan or other Council documents (such as guidelines related to the development of public infrastructure and amenities). This means that there must be one or more tangible benefits for the public that are not just a consequence of using the Airport’s commercial facilities.
5.4 In calculating Contributions Credits, the Credits must not exceed Council’s calculation of the additional public good of those works.
5.5 Clause 6 applies in determining the value of any Contributions Credit in a separate agreement.
5.6 The Council accepts that, until an Activity’s Contributions Credit is exhausted, it will allow PAL to use that Contributions Credit to offset any Financial Contributions or any future Development Contributions for that Activity (such as stormwater) required by the Council in relation to the Paraparaumu Airport Development.
Contribution Credits
