Economic Development Incentive. (a) Employer will receive a 5-year rebate of City of Xxxx Property Taxes that will extinguish proportionally, subject to compliance with the terms and conditions of this Agreement, including but not limited Article IV. Incentive Payments will begin the year following the year in which the Employer completes and receives a Certificate of Occupancy for the Project. The annual City of Xxxx Incentive Payment shall be calculated as follows: Year 1: 75% of Property Taxes Year 2: 65% of Property Taxes Year 3: 55% of Property Taxes Year 4: 45% of Property Taxes Year 5: 35% of Property Taxes
(b) The Incentive Payment shall be reduced by 10% each year for a total of 5 years.
(c) Freeport Tax Exemption. City, Hays County and Xxxx CISD participate in Freeport Exemption from ad valorem tax on business inventories destine for out-of-state shipment within 175 days.
(d) State Programs. City staff will aid and provide guidance to facilitate applications and help Employer access various state and/or federal programs including, but not limited to, the Texas Enterprise Program, Sales and Use Tax Benefits, Employee Training Resources, the Skills Development Fund and the Self-Sufficiency Fund.
Economic Development Incentive. As consideration for the Company’s performance of its obligations under this Agreement, during the Term of the Agreement City shall pay to the Company annual Chapter 380 payments calculated according to the following formula:
(a) The City’s total obligation to the Company under this Agreement shall not exceed Two Hundred Forty-Four Thousand, Five Hundred and No/100 Dollars ($244,500).
(b) For the Company obligations performed during calendar years 2014 through 2023, the City shall pay the Company One Hundred Fifty and No/100 Dollars ($150) for each New Full-Time Job created and retained as of December 31st of the applicable year if the Company has complied with all of its obligations under this Agreement.
Economic Development Incentive. Subject to Section 3.02 (Payments Subject to Future Appropriations), during the Term of this Agreement, provided the Company has demonstrated compliance with its obligations under this Agreement, City shall pay to the Company annual Chapter 380 payments as prescribed in this section 2. For the purposes of this Agreement “Eligible City Property Taxes” is defined as the portion of the ad valorem rate dedicated to Maintenance and Operation, after deducting the portion of the ad valorem rate dedicated for the transfer to the Austin Transit Partnership. The ad valorem tax rate used to determine the Eligible City Property Taxes shall be adjusted annually.
Economic Development Incentive. Subject to Section 3.02 (Payments Subject to Future Appropriations), during the Term of this Agreement, provided the Company has demonstrated compliance with its obligations under this Agreement, City shall pay to the Company annual Chapter 380 payments as prescribed in this section 2.
Economic Development Incentive. AGREEMENT HEDC AND EFJ LLC, dba PETE’S CAFE 4887-2726-4690, v. 1 them:
Economic Development Incentive. As consideration for the Company’s performance of its obligations under this Agreement, for a period of ten years beginning on the Effective Date, the City shall pay to the Company an annual Chapter 380 Payment (“Chapter 380 Payments”) in an amount equivalent to:
(a) 60% of the City property taxes levied on all personal property acquired after the Effective Date of this Agreement that is installed in the Manufacturing and Distribution Center; plus
(b) 60% of the City property taxes levied on the increase of real property taxable valuation after the Effective Date of this Agreement for the Manufacturing and Distribution Center and improvements thereon which are owned or leased by the Company. Such payment will commence with the tax year 2013 and terminate upon payment of the taxes for tax year 2022. Replacements of existing personal property must be New Equipment and Machinery placed into service for, or supporting the operation of the Manufacturing and Distribution Center after the effective date in order to be eligible for the Chapter 380 Payment under this Agreement. Real property improvements constructed at the Manufacturing and Distribution Center, by or for the Company after the Effective Date are included among the property referenced in Section 2.01(b). Property taxes on the value of existing real property improvements are not included in the amount eligible for Chapter 380 Payments under section 2.01(b).
Economic Development Incentive. As consideration for the Company’s performance of its obligations under this Agreement, for a period of ten years beginning on the Effective Date, the City shall pay to the Company an annual Chapter 380 Payment (“Chapter 380 Payments”) in an amount equivalent to:
(a) The City’s total obligation to the Company under this Agreement shall not exceed One Million Five Hundred Sixty Thousand Two Hundred and No/100 Dollars ($1,560,000).
(b) Until the Company has made the required investment as provided in Section 1.01, the Chapter 380 payment for any year shall not exceed $200,000.
Economic Development Incentive. Subject to Section 3.02 (Payments Subject to Future Appropriations), during the Term of this Agreement, provided the Company has demonstrated compliance with its obligations under this Agreement, City shall pay to the Company annual Chapter 380 payments as prescribed in this section 2.
2.1.01 The City’s total obligation to the Company under this Agreement shall not exceed:
a. $1,332 for the Company’s performance through December 31, 2020; plus
b. $3,108 for the Company’s 2021 performance; plus
c. $4,884 for the Company’s 2022 performance; plus
d. $7,992 for the Company’s 2023 performance; plus e. $7,992 for the Company’s 2024 performance.
Economic Development Incentive. A. Subject to the Property Owner’s continued compliance with and satisfaction of the terms and conditions of this Agreement as set forth in Article IV, as well as the Property Owner’s obligation to repay the Incentive pursuant to Section V.B., the City agrees to pay the Incentive to the Property Owner on or before April 1st of the second full calendar year following the Completion Date.
B. The Incentive provided for in this Agreement shall be paid solely from lawfully available funds that have been appropriated by the City Council for the Home Improvement Program. Funds available for the Home Improvement Program shall be paid out on a first come first serve basis. Under no circumstances shall the City’s obligation to pay the Incentive be deemed to create any debt within the meaning of any constitutional or statutory provision. None of the City’s obligations under this Agreement shall be pledged or otherwise encumbered in favor of any commercial lender and/or similar financial institution or other third party.
Economic Development Incentive. As consideration for APPLE’S performance of its obligations under this Agreement, for a period of ten (10) years beginning the year following Employment Year One, the City agrees to pay the following amounts (“Chapter 380 Payments”) to APPLE pursuant to the payment schedule below:
(a) For APPLE’s performance pursuant to Article I during Employment Years One and each Employment Year thereafter through Employment Year Six, each annual Chapter 380 Payment will consist of:
(i) An amount equal to one hundred percent (100%) of the City property taxes paid by APPLE on New Machinery and Equipment for the applicable Employment Year; plus
(ii) An amount equal to one hundred percent (100%) of the City property taxes paid by APPLE for the applicable Employment Year on New Improvements constructed at APPLE’S Americas Operations Center after the Effective Date of this Agreement. City property taxes associated with the land and any improvements constructed prior to the Effective Date shall not be included when calculating these Chapter 380 Payments.
(b) If APPLE has obtained a building permit or issued a notice to proceed with the construction of Phase II New Improvements by December 31 of Employment Year Seven, then for APPLE’s performance pursuant to Article I during Employment Year Seven and each Employment Year thereafter through Employment Year Ten, each annual Chapter 380 Payment will consist of:
(i) An amount equal to one hundred percent (100%) of the City property taxes paid by APPLE on New Machinery and Equipment for the applicable Employment Year; plus
(ii) An amount equal to one hundred percent (100%) of the City property taxes paid by APPLE on New Improvements constructed at APPLE’S Americas Operations Center after the Effective Date of this Agreement, for the applicable Employment Year. City property taxes associated with the land and any improvements constructed prior to the Effective Date shall not be included when calculating the Chapter 380 Payments.
(c) If APPLE has not obtained a building permit or issued a notice to proceed with the construction of Phase II New Improvements by December 31 of Employment Year Seven, then for APPLE’s performance pursuant to Article I during Employment Year Seven and each Employment Year thereafter through Employment Year Ten, each annual Chapter 380 Payment will consist of:
(i) An amount equal to eighty percent (80%) of the City property taxes paid by APPLE on New Machinery and Equipment for the applicable Employment Yea...
