Economic Development Fund Sample Clauses
The Economic Development Fund clause establishes a dedicated pool of financial resources intended to support initiatives that promote economic growth within a specified area or sector. Typically, this clause outlines the sources of funding, the types of projects eligible for support—such as infrastructure improvements, workforce training, or business incentives—and the procedures for allocating and monitoring the use of funds. Its core practical function is to ensure that there is a structured and transparent mechanism for channeling investments into activities that drive economic advancement, thereby addressing the need for targeted development and accountability in the use of public or private funds.
Economic Development Fund. B.C. will pay $70,000,000 to CSTC, on behalf of the CSFNs, to establish a fund to support CSFN economic development initiatives (the "Economic Development Fund") as follows:
(a) $10,000,000 within 10 Working Days of execution of the Agreement by all of the Parties;
(b) the following amounts after the Parties have established the Advisory Committee and a framework for their regional economic development initiative pursuant to section 5.3(c):
(i) $10,000,000 after receiving the 2018/2019 funding report in respect of the payment made pursuant to section 5.5(a) in substantially the form set out in Schedule "B" ("Funding Report") from CSTC within 60 Working Days of the execution of the Agreement by all of the Parties
(ii) $15,000,000 after receiving the 2019/2020 Funding Report on or before April 30, 2020;
(iii) $15,000,000 after receiving the 2020/2021 Funding Report on or before April 30, 2021; and
(iv) $20,000,000 after receiving the 2021/2022 Funding Report on or before April 31, 2022 (collectively, the "Economic Development Fund Payments").
Economic Development Fund. 9.1 State commitment
Economic Development Fund. The Parties agree to delete section 5.5 of the Pathway Forward 2.0. Agreement and replace it with the following: