Common use of Economic Development Grants Clause in Contracts

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, 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 seven (107) 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, 20342031, 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 24 -25 June 1, 2026 75% of Tax Increments for the Fiscal Year 25-26 25 -26 June 1, 2027 75% of Tax Increments for the Fiscal Year 26-27 26 -27 June 1, 2028 75% of Tax Increments for the Fiscal Year 27-28 27 -28 June 1, 2029 75% of Tax Increments for the Fiscal Year 28-29 28 -29 June 1, 2030 75% of Tax Increments for the Fiscal Year 29-30 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 30 -31 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 the Developer being and remaining in compliance with the terms of this Agreement at the time of each payment (subject to all applicable cure periods)Agreement, to make up to ten fourteen (1014) 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)the Developer, under the following terms and conditions. a. Formula and Schedule. Assuming the completion of the Minimum Required Improvements by December 31, 20222024, first full assessment of the Required Improvements on January 1, 20232025, and eligibility under debt certification to the terms of this Agreement at Auditor by the time of paymentCity prior to December 1, then 2025, the Economic Development Grants shall commence on June 1, 2025 2027, 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 earlier2040, pursuant to Section 403.19 of the Urban Renewal Act under the following formula and scheduleformula: Date Amount of Economic Development Grants June 1, 2025 752027 65% 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 7565% of Tax Increments for the Fiscal Year 27-28 June 1, 2029 7565% of Tax Increments for the Fiscal Year 28-29 June 1, 2030 7565% of Tax Increments for the Fiscal Year 29-30 June 1, 2031 7565% of Tax Increments for the Fiscal Year 30-31 June 1, 2032 7565% of Tax Increments for the Fiscal Year 31-32 June 1, 2033 7565% of Tax Increments for the Fiscal Year 32-33 June 1, 2034 7565% of Tax Increments for the Fiscal Year 33-34 Under no circumstances shall the failure by Developer to qualify June 1, 2035 65% of Tax Increments for an Economic Development Grant in any year serve to extend the term Fiscal Year 34-35 June 1, 2036 65% of this Agreement beyond the Termination Date or the number Tax Increments for Fiscal Year 35-36 June 1, 2037 65% of years during which Economic Development Grants may be awarded to Developer or the total amount thereofTax Increments for Fiscal Year 36-37 June 1, it being the intent 2038 65% 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 theretoTax Increments for Fiscal Year 37-38 June 1, up to the Maximum Aggregate Amount set forth in Section 8.1(c).2039 65% of Tax Increments for Fiscal Year 38-39 June 1, 2040 65% of Tax Increments for Fiscal Year 39-40

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 at the time of each payment (subject to all applicable cure periods)Agreement, to make up to ten (10) years of 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 TwentyFive Hundred Sixty-Seven one Thousand Five Hundred Forty Dollars ($27,000)561,540) in the aggregate, under the following terms and conditions. a. Formula and Schedule. formula: Assuming the completion of the Minimum Improvements by December 31August 30, 2022, first 2017 and full assessment of the Minimum Improvements on January 1, 20232018, and eligibility under debt certification by the terms of this Agreement at City to the time of paymentAuditor prior to December 1, then 2018, the Economic Development Grants shall commence on June 1, 2025 2020 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, 2029 pursuant to Section 403.19 of the Urban Renewal Act in the following formula and scheduleamounts: Date Amount of Economic Development Grants June 1, 2025 75% 2020 One Hundred percent (100%) of Tax Increments for the Fiscal Year 242019-25 2020 June 1, 2021 One Hundred percent (100%) of Tax Increments for Fiscal Year 2020-2021 June 1, 2022 One Hundred percent (100%) of Tax Increments for Fiscal Year 2021-2022 June 1, 2023 One Hundred percent (100%) of Tax Increments for Fiscal Year 2022-2023 June 1, 2024 One Hundred percent (100%) of Tax Increments for Fiscal Year 2023-2024 June 1, 2025 One Hundred percent (100%) of Tax Increments for Fiscal Year 2024-2025 June 1, 2026 75% One Hundred percent (100%) of Tax Increments for the Fiscal Year 252025-26 2026 June 1, 2027 75% One Hundred percent (100%) of Tax Increments for the Fiscal Year 262026-27 2027 June 1, 2028 75% One Hundred percent (100%) of Tax Increments for the Fiscal Year 272027-28 2028 June 1, 2029 75% One Hundred percent (100%) of Tax Increments for the Fiscal Year 282028-29 June 2029 Each annual payment shall be equal in amount to the above percentages of the Tax Increments, not to exceed $561,540 in the aggregate, collected by the City with respect to the Minimum Improvements on the Development Property under the terms of the Ordinance and deposited into the Xxxxxxxx Center, LLC TIF Account (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 Developer) during the preceding twelve-month period in respect of the Minimum Improvements, but subject to limitation and adjustment as provided in this Article (such payments being referred to collectively as the "Economic Development Grants"). The Parties recognize that the Minimum Improvements consist of the complete renovation of the Existing Facility located on the Development Property. Subject to Unavoidable Delays, the construction of the Minimum Improvements is expected to be completed in August 2017. Total construction costs are expected to be a minimum of $5,000,000, which includes $3,500,000 for Hard Construction Costs and $1,500,000 for Soft Construction Costs. For the purposes of this Agreement, the January 1, 2030 75% 2015 assessed value of Tax Increments the Existing Facility will not be considered part of the incremental value of the Renovated Facility for any Economic Development Grants. The parties agree that the January 1, 2015 assessed value of the Existing Facility (building value only) is $1,228,190. The parties agree that the increased value of the Renovated Facility 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 purpose of this Agreement beyond is expected to be approximately $3,000,000, but the Termination Date or Poweshiek County Assessor will make 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 final determination as to the Maximum Aggregate Amount set forth in Section 8.1(c)value.

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 at and the time of each payment (subject to all applicable cure periods)EDA Contract, to make up to ten (10) years of 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 Fifteen Million Five Hundred Thousand Dollars ($27,000), 15,500,000) under the following terms and conditions. a. Formula and Schedule. formula: Assuming the completion of the Minimum Improvements by December 31November 30, 2022, first 2018 and full assessment of the Minimum Improvements on January 1, 20232019, and eligibility under debt certification by the terms of this Agreement at City to the time of paymentAuditor prior to December 1, then 2019, the Economic Development Grants shall commence on June 1, 2025 2021 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, 2030 pursuant to Section 403.19 of the Urban Renewal Act in the following formula and scheduleamounts: Date Amount of Economic Development Grants June 1, 2025 752021 50% of Tax Increments for the Fiscal Year 242020-25 2021 June 1, 2026 752022 50% of Tax Increments for the Fiscal Year 252021-26 2022 June 1, 2027 752023 50% of Tax Increments for the Fiscal Year 262022-27 2023 June 1, 2028 752024 50% of Tax Increments for the Fiscal Year 272023-28 2024 June 1, 2029 752025 50% of Tax Increments for the Fiscal Year 282024-29 2025 June 1, 2030 752026 50% of Tax Increments for the Fiscal Year 292025-30 2026 June 1, 2031 752027 50% of Tax Increments for the Fiscal Year 302026-31 2027 June 1, 2032 752028 50% of Tax Increments for the Fiscal Year 312027-32 2028 June 1, 2033 752029 50% of Tax Increments for the Fiscal Year 322028-33 2029 June 1, 2034 752030 50% of Tax Increments for the Fiscal Year 332029-34 Under no circumstances 2030 Each annual payment shall be equal in amount to the failure above percentages of the Tax Increments collected by Developer the City with respect to qualify for an the Minimum Improvements on the Development Property under the terms of the Ordinance and deposited into the Xxxxxxxx Foods of Iowa, LLC TIF Account (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 Developer) during the preceding twelve-month period in respect of the Development Property and the Minimum Improvements, but subject to limitation and adjustment as provided in this Article (such payments being referred to collectively as the "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(cGrants").