Economic Development Grants. For and in consideration of the obligations being assumed by Developer hereunder, and in furtherance of the goals and objectives of the Urban Renewal Plan for the Urban Renewal Area and the Urban Renewal Act, City agrees, subject to Developer being and remaining in compliance with the terms of this Agreement at the time of each payment (subject to all applicable cure periods), to make up to ten (10) consecutive annual payments of Economic Development Grants to Developer comprised of a percentage of each fiscal year’s Tax Increments, up to a total aggregate amount not to exceed Twenty-Seven Thousand Dollars ($27,000), under the following terms and conditions.
a. Formula and Schedule. Assuming the completion of the Minimum Improvements by December 31, 2022, first full assessment on January 1, 2023, and eligibility under the terms of this Agreement at the time of payment, then Economic Development Grants shall commence on June 1, 2025 and end (i) after the aggregate amount of the Economic Development Grants paid have totaled $27,000, or (ii) on June 1, 2034, whichever is earlier, pursuant to the following formula and schedule: Date Amount of Economic Development Grants June 1, 2025 75% of Tax Increments for the Fiscal Year 24-25 June 1, 2026 75% of Tax Increments for the Fiscal Year 25-26 June 1, 2027 75% of Tax Increments for the Fiscal Year 26-27 June 1, 2028 75% of Tax Increments for the Fiscal Year 27-28 June 1, 2029 75% of Tax Increments for the Fiscal Year 28-29 June 1, 2030 75% of Tax Increments for the Fiscal Year 29-30 June 1, 2031 75% of Tax Increments for the Fiscal Year 30-31 June 1, 2032 75% of Tax Increments for the Fiscal Year 31-32 June 1, 2033 75% of Tax Increments for the Fiscal Year 32-33 June 1, 2034 75% of Tax Increments for the Fiscal Year 33-34 Under no circumstances shall the failure by Developer to qualify for an Economic Development Grant in any year serve to extend the term of this Agreement beyond the Termination Date or the number of years during which Economic Development Grants may be awarded to Developer or the total amount thereof, it being the intent of parties hereto to provide Developer with an opportunity to receive Economic Development Grants only if Developer fully complies with the provisions hereof and Developer becomes entitled thereto, up to the Maximum Aggregate Amount set forth in Section 8.1(c).
Economic Development Grants. For and in consideration of the obligations being assumed by Developer hereunder, and in furtherance of the goals and objectives of the Urban Renewal Plan for the Urban Renewal Area and the Urban Renewal Act, the City agrees, subject to Developer being and remaining in compliance with the terms of this Agreement, to make up to ten
Economic Development Grants. 1. Subject to the terms and of this Agreement, and OWNER’s full and timely performance of, and compliance with, each of the applicable Grant Criteria set forth in Article IV, the CITY agrees to pay to OWNER the following Chapter 380 Grant commencing in Year 1 and continuing for each subsequent year up to 9 additional years, provided that the Chapter 380 Grant will cease when the Maximum Grant Amount has been reached: ● Year 1: o An amount equal to 100% of the Real Property Taxes received by the City on an annual basis. o An amount equal to 50% of the City’s 1% local sales tax collected on the sales of the tenants of the Property. ● Year 2: o An amount equal to 90% of the Real Property Taxes received by the City on an annual basis. o An amount equal to 50% of the City’s 1% local sales tax collected on the sales of the tenants of the Property. ● Year 3: o An amount equal to 80% of the Real Property Taxes received by the City on an annual basis. o An amount equal to 50% of the City’s 1% local sales tax collected on the sales of the tenants of the Property. ● Year 4: o An amount equal to 70% of the Real Property Taxes received by the City on an annual basis. o An amount equal to 50% of the City’s 1% local sales tax collected on the sales of the tenants of the Property. ● Year 5: o An amount equal to 60% of the Real Property Taxes received by the City on an annual basis. o An amount equal to 50% of the City’s 1% local sales tax collected on the sales of the tenants of the Property. ● Year 6: o An amount equal to 50% of the Real Property Taxes received by the City on an annual basis. o An amount equal to 50% of the City’s 1% local sales tax collected on the sales of the tenants of the Property. ● Year 7: o An amount equal to 40% of the Real Property Taxes received by the City on an annual basis. o An amount equal to 50% of the City’s 1% local sales tax collected on the sales of the tenants of the Property. ● Year 8: o An amount equal to 30% of the Real Property Taxes received by the City on an annual basis. o An amount equal to 50% of the City’s 1% local sales tax collected on the sales of the tenants of the Property. ● Year 9: o An amount equal to 20% of the Real Property Taxes received by the City on an annual basis. o An amount equal to 50% of the City’s 1% local sales tax collected on the sales of the tenants of the Property. ● Year 10: o An amount equal to 10% of the Real Property Taxes received by the City on an annual basis. o An amount equal to 50% of th...
Economic Development Grants. Currently, all of the colleges have economic development grant activity. A review of the colleges’ existing economic development grant programs reveals that the colleges have used these funds primarily for new for-credit program development. RTI will pursue economic development grant activity. In contrast to the colleges, RTI will target its efforts exclusively on providing not-for-credit pre- and post-employment training, as well as small business development programs and services to Contra Costa County employers. RTI will collaborate with the colleges to bring a “value-added” approach to college-generated economic development grant activity.
Economic Development Grants. For and in consideration of the Chamber’s commitments and obligations under this Agreement, the City agrees to make up to ten (10) consecutive annual payments to the Chamber on or before July 31 of each fiscal year, beginning in Fiscal Year 2021-2022, each in the amount of up to One Hundred Thousand Dollars ($100,000) (collectively referred to as the “Economic Development Grants” or “Grants”), pursuant to the following terms and subject to the following conditions:
a. At the time of each payment of an Economic Development Grant, the Chamber must be in compliance with all terms of this Agreement, including timely filing of complete Annual Reports under Section 4 and proper use of any previously received Economic Development Grant funds.
b. The amount of each annual Grant shall be determined in the City’s sole discretion, to be considered for approval by the City Council annually during the City’s budgeting processes. The parties agree it is within the City Council’s discretion to determine not to appropriate a Grant payment for any given year.
c. The City intends to advance each Grant payment from an available funding source and then certify the advanced Grant payment to the County for reimbursement through Tax Increment Financing (TIF) under the authority of Iowa Code Section 403.19 and the City’s TIF ordinance(s) for the Urban Renewal Area. However, if the City does not have available funds to provide a Grant in a particular year, the City shall have no obligation to make a Grant in that year.
Economic Development Grants. HUD intends to use the Section 108 loan guarantee program to the maximum extent feasible to fund economic devel- opment projects in the nonentitlement areas of New York. In the event that there are not enough Section 108 loan guarantee funds available to fund via- ble economic development projects, if a project needs a grant in addition to a loan guarantee to make it viable, or if the project does not meet the require- ments of the Section 108 program but is eligible for a grant under this subpart, HUD may fund Economic Development applications as they are determined to be fundable in a specific amount by HUD up to the sum set aside for eco- nomic development projects in a notice of funding availability, notwith- standing paragraph (g) of this section. HUD also has the option in a NOFA of funding economic development activi- ties on a competitive basis, as a com- petitive application as described in paragraph (a)(1) of this section. In order for an applicant to receive Small Cities grant funds on a noncompetitive basis, the field office must determine that the economic development project will have a substantial impact on the needs identified by the applicant.
Economic Development Grants. (1) For and in consideration of Developer’s obligations hereunder, and in furtherance of the goals and objectives of the Urban Renewal Plan for the Project Area and the Urban Renewal Law, City agrees, subject to Developer being and remaining in compliance with the terms of this Agreement, to make twenty (20) consecutive semi-annual payments (such payments being referred to collectively as the Economic Development Grants) to Developer, as follows: November 1, 2020 May 1, 2021 November 1, 2021 May 1, 2022 November 1, 2022 May 1, 2023 November 1, 2023 May 1, 2024 November 1, 2024 May 1, 2025 November 1, 2025 May 1, 2026 November 1, 2026 May 1, 2027 November 1, 2027 May 1, 2028 November 1, 2028 May 1, 2029 November 1, 2029 May 1, 2030 pursuant to Iowa Code Section 403.9 of the Urban Renewal Law, in amounts equal to the actual amount of tax increment revenues collected by City under Iowa Code Section 403.19 (without regard to any averaging that may otherwise be utilized under Iowa Code Section 403.19 and excluding any interest that may accrue thereon prior to payment to Developer) during the preceding six-month period in respect of the Property and Minimum Improvements constructed by Developer thereon (the collected tax increment revenue being referred to herein as the Developer Tax Increments). Developer recognizes and agrees that the Economic Development Grants shall be paid solely and only from the incremental taxes collected by City in respect of the Property and Minimum Improvements, which does not include property taxes collected for the payment of bonds and interest of each taxing district, and taxes for the regular and voter-approved physical plant and equipment levy, instructional support levy, and any other portion required to be excluded by Iowa law, and thus such incremental taxes will not include all amounts paid by Developer as regular property taxes.
(2) To fund the Economic Development Grants, City shall certify to the County prior to December 1 of each year, commencing December 1, 2019, its request for the available Developer Tax Increments, resulting from the assessments imposed by the County as of January 1 of that year, to be collected by City as taxes are paid during the following fiscal year and which shall thereafter be disbursed to Developer on November 1 and May 1 of that fiscal year. (Example: If City so certifies by December 1, 2019, the Economic Development Grants in respect thereof would be paid to Developer on November 1, 2020, and...
Economic Development Grants. (1) If the Expansion Property Purchaser exercises its Expansion Election, for and in consideration of Developer's, Expansion Property Purchaser’s, and Employer's obligations hereunder, and in furtherance of the goals and objectives of the Urban Renewal Plan for the Project Area and the Urban Renewal Law, City agrees, subject to Developer and Employer being and remaining in compliance with the terms of this Agreement, to make twenty (20) consecutive semi-annual payments (such payments being referred to collectively as the Economic Development Grants) to Employer, as follows: First semi-annual payment to be made on the first November 1 following the first certification to the County required by Sec. 3.2(2). For example, if the first certification is made prior to December 1, 2020, then the semi-annual payments shall be as follows: November 1, 2021 May 1, 2022 November 1, 2022 May 1, 2023 November 1, 2023 May 1, 2024 November 1, 2024 May 1, 2025 November 1, 2025 May 1, 2026 November 1, 2026 May 1, 2027 November 1, 2027 May 1, 2028 November 1, 2028 May 1, 2029 November 1, 2029 May 1, 2030 November 1, 2030 May 1, 2031 pursuant to Iowa Code Section 403.9 of the Urban Renewal Law, in amounts equal to the actual amount of tax increment revenues collected by City under Iowa Code Section 403.19 (without regard to any averaging that may otherwise be utilized under Iowa Code Section 403.19 and excluding any interest that may accrue thereon prior to payment to Employer) during the preceding six-month period in respect of the Property and Minimum Improvements constructed by Developer (the Developer Tax Increments). For purposes of calculating the amount of the Economic Development Grants provided in this Section, the Developer Tax Increments shall be only those tax increment revenues collected by City in respect of the increase in the assessed value of the Developer’s Property above the assessment of January 1, 2019 ($3,906,310.00). Employer recognizes and agrees that the Economic Development Grants shall be paid solely and only from the incremental taxes collected by City in respect to the Developer’s Property and Minimum Improvements, which does not include property taxes collected for the payment of bonds and interest of each taxing district, and taxes for the regular and voter-approved physical plant and equipment levy, instructional support levy, and any other portion required to be excluded by Iowa law, and thus such incremental taxes will not include all amounts ...
Economic Development Grants. (a) For and in consideration of the obligations being assumed by the Developer hereunder, and in furtherance of the goals and objectives of the Urban Renewal Plan for the Project Area and the Urban Renewal Act, the City agrees, subject to the Developer being and remaining in compliance with the terms of this Agreement and to the terms of this Article VIII, to assume an obligation to make up to twenty (20) consecutive semi-annual payments to the Developer commencing in October 2006, pursuant to Section 403.9 of the Urban Renewal Act, equal in amount to one hundred percent (100%) the Tax Increments collected by the City under the terms of the Ordinance (without regard to any averaging that may otherwise be utilized under Section 403.19 and excluding any interest that may accrue thereon prior to payment to the Developer) during the preceding six-month period in respect of the Development Property and the Minimum Improvements, but subject to adjustment as provided in this Article (such payments being referred to collectively as the “Economic Development Grants”).
(b) The obligation of the City to make an Economic Development Grant to the Developer in any year shall be subject to and conditioned upon the timely filing by the Developer of the annual certificate required under Section 6.7 hereof and the City Council’s approval thereof. If the Developer’s annual certificate is timely filed and contains the information required under Section 6.7 and the City Council approves of the same, the City shall certify to the County prior to December 1 of that year its request for the available Tax Increments resulting from the assessments imposed by the County as of January 1 of that year, to be collected by the City as taxes are paid during the following fiscal year and which shall thereafter be disbursed to the Developer in October and April of that fiscal year. (Example: if the Developer and the City each so certify in November and December, 2005, respectively, the first Economic Development Grant would be paid to the Developer in October, 2006).
(c) In the event that the annual certificate required to be delivered by the Developer under Section 6.7 is not delivered to the City by November 1 of any year, the Developer recognizes and agrees that the City may have insufficient time to review and approve the same and certify its request for Tax Increments to the County and that, as a result, no Economic Development Grant may be made to the Developer in respect thereof. The...
Economic Development Grants. A. Subject to compliance with the terms of this Agreement, and upon receipt ofthe invoices paid by DEVELOPER, relative to the Project Costs for any part, component, aspect, or the like of the Eligible Improvements which is substantially completed and evidenced by a written certification (or other similar documentation) by DEVELOPER's engineers and/or contractors, the CITY shall review and approve all invoices and the CITY shall be obligated to provide an economic development grant(s), from lawfully available revenue (not including sales tax revenue), to the DEVELOPER equal to the full amount of the Project Costs evidenced by such invoices (but, in no event, exceeding an amount equal to fifty percent (50%) of the increase of CITY ad valorem taxes above the Base Property Tax, as further described herein and limited by this Section 2.02 and Section 3 .01). In the event that the DEVELOPER is not paid the full amount of the Project Costs evidenced by such invoices due to the fifty percent (50%) limit described herein in any given year, the amount of Project Costs not paid to the DEVELOPER shall be payable in the following year(s) provided that such payments are in accordance with this Section 2.02 and Section 3.01.
B. S ubject to Section 2.02 (C) below, the CITY, during the term of this Agreement, shall provide the economic development grant(s) contemplated in this Section 2.02 to the DEVELOPER for Project Costs in an amount equal to fifty percent (50%) of the increase of CITY ad valorem taxes, above the Base Property Tax (as defined herein), which is generated from the Property and collected by the CITY each year. "Base Property Tax" shall mean the amount of ad valorem taxes levied and collected by the CITY, on the Property, based on the total taxable appraised value of the Property as of January I, 2014. The economic development grant(s) from the CITY to the DEVELOPER for Project Costs shall be provided in annual payments by August I of each year in which there is an increase in ad valorem tax revenue above the Base Property Tax collected by the CITY for the Property ("Property Revenue"), provided that the source for such economic development grant(s) shall not be from sales tax revenue.
C. The CITY shall provide the DEVELOPER economic development grant(s) for the full amount of Project Costs for the Eligible Improvements up to a cumulative total amount of six million dollars ($6,000,000.00) subject to the following limitations:
I. The applicable single-famil...
