Common use of Economic Development Grant Calculation and Funding Clause in Contracts

Economic Development Grant Calculation and Funding. City is obligated to pay to Owner or Village Center Local Government Corporation one or more payments in the amounts indicated by applying the calculations referenced in Sections 5.2, 5.3 and 5.4 hereof, from any lawful source other than Ad Valorem Tax Revenues or Hotel Occupancy Tax Revenues (except as provided in Section 5.4 hereof) as described in Sections 5.2 and 5.3.1 hereof during the Term, subject to the satisfaction of Owner’s Performance Criteria and Owner’s timely and full compliance with all applicable terms and conditions contained in this Agreement. The portion of the Economic Development Xxxxx to be paid to Owner shall not exceed twenty-nine million, two hundred fifty thousand Dollars ($29,250,000) over the life of the transaction. This aggregate cap on the Economic Development Grant payments shall not apply to any Hotel Occupancy Tax Payments made to Village Center Local Government Corporation, which payments shall not be capped. In recognition of the fact that a portion of the Economic Development Grant will be, by necessity, calculated and paid after taxes have been levied by and paid to City and, therefore, will always be paid in arrears, City’s obligation to pay installments of the Economic Development Grant to Owner shall cease when all Economic Development Grant payments accruing to Owner with respect to the period from the Effective Date through the conclusion of the Term have been paid in full by City to Owner.

Economic Development Grant Calculation and Funding. City is obligated to pay to Owner or Village Center Local Government Corporation one or more payments in the amounts indicated by applying the calculations referenced in Sections 5.2, 5.3 and 5.4 hereof, from any lawful source other than Ad Valorem Tax Revenues or Hotel Occupancy Tax Revenues (except as provided in Section 5.4 hereof) as described in Sections 5.2 and 5.3.1 hereof during the Term, subject to the satisfaction of Owner’s Performance Criteria and Owner’s timely and full compliance with all applicable terms and conditions contained in this Agreement. The portion of the Economic Development Xxxxx Grant to be paid to Owner shall not exceed twenty-nine million, two hundred fifty thousand Dollars ($29,250,000) over the life of the transaction. This aggregate cap on the Economic Development Grant payments shall not apply to any Hotel Occupancy Tax Payments made to Village Center Local Government Corporation, which payments shall not be capped. In recognition of the fact that a portion of the Economic Development Grant will be, by necessity, calculated and paid after taxes have been levied by and paid to City and, therefore, will always be paid in arrears, City’s obligation to pay installments of the Economic Development Grant to Owner shall cease when all Economic Development Grant payments accruing to Owner with respect to the period from the Effective Date through the conclusion of the Term have been paid in full by City to Owner.