Economic Development Incentive Grant. Beginning the first full year following stabilization of the AMLI Tower (defined as 94.25% occupancy), City will provide to AMLI five (5) consecutive annual economic development grants from the City’s ad valorem taxes actually collected by City for the applicable grant year, subject to the payment terms set forth herein and in the Master Incentive Agreement. Each year of the grant period AMLI will provide their Net Operating Income per GAAP before ground lease payments, capital expenditures, tenant improvement allowances and leasing commissions, certified by their Chief Financial Officer (the “Certified NOI”). The Certified NOI (numerator) will be divided by AMLI’s Actual Certified Construction Costs (denominator) to calculate an Annual Return on Cost (ROC) for the Project. If the Annual Return on Cost is below the ROC thresholds outlined in the schedule below, AMLI will be entitled to receive a grant not to exceed $1.6 million each year there is a gap between the computed Actual ROC and the Required ROC threshold. The ROC thresholds for each grant year shall be: Grant Year Year 1 Year 2 Year 3 Year 4 Year 5 Threshold (%) 6.91 6.98 7.20 7.42 7.45 AMLI will be entitled to roll over any amount greater than the $1.6 million each year to the following grant year, but in no event shall the reimbursement amount exceed $1.6 million annually and $6,500,000 cumulatively for the entire grant period. AMLI will provide annual audited financial statements for each grant year.
Economic Development Incentive Grant. As an economic development incentive grant to assist JVEP with a portion of the Project, the BEDC agrees to provide a one- time grant up to 60% of the project cost, in an amount not to exceed $275,000, to assist in covering actual reasonable costs of the Improvements to the Centre.
Economic Development Incentive Grant. As an economic development incentive grant to assist Xxxxxxxx Xxxxx with a portion of the Project, the BEDC agrees to provide a one-time grant up to 70% of the project cost, in the amount not to exceed $195,000, to assist in covering actual reasonable costs of the Improvements to the Center.
Economic Development Incentive Grant. Beginning the first full year following stabilization of the AMLI Tower (defined as 94.25% occupancy), City will provide to AMLI five (5) consecutive annual economic development grants from the City’s ad valorem taxes actually collected by the City for the applicable grant year, subject to the payment terms set forth herein and in the Master Incentive Agreement. Each year of the grant period AMLI will provide their Net Operating Income per GAAP before ground lease payments, capital expenditures, tenant improvement allowances and leasing commissions, certified by their Chief Financial Officer (the “Certified NOI”). The Certified NOI (numerator) will be divided by AMLI’s Actual Certified Construction Costs (denominator) to calculate an Annual Return on Cost (ROC) for the Project. If the Annual Return on Cost is below the ROC thresholds outlined in the schedule below, AMLI will be entitled to receive a grant not to exceed $1.6 million each year there is a gap between the computed Actual ROC and the Required ROC threshold. The ROC thresholds for each grant year shall be: AMLI will be entitled to roll over any amount greater than $1.6 million each year to the following grant year, but in no event shall the reimbursement amount exceed $1.6 million annually and $6,500,000 cumulatively for the entire grant period. AMLI will provide annual audited financial statements for each grant year.
Economic Development Incentive Grant. Beginning the first full year following stabilization of the AMLI Tower (defined as 94.25% occupancy), City will provide to AMLI five (5six (6) consecutive annual economic development grants from the City’s ad valorem taxes actually collected by City for the applicable grant year, subject to the payment terms set forth herein and in the Master Incentive Agreement. Each year of the grant period AMLI will provide their Net Operating Income per GAAP before ground lease payments, capital expenditures, tenant improvement allowances and leasing commissions, certified by their Chief Financial Officer (the “Certified NOI”). The Certified NOI (numerator) will be divided by AMLI’s Actual Certified Construction Costs (denominator) to calculate an Annual Return on Cost (ROC) for the Project. If the Annual Return on Cost is below the ROC thresholds outlined in the schedule below, AMLI will be entitled to receive a grant not to exceed $1.6 million,600,000 each year there is a gap between the computed Actual ROC and the Required ROC threshold. The ROC thresholds for each grant year shall be: Year 1 6.91 Year 2 6.98 Year 3 7.20 Year 4 7.42 Year 5 7.45 AMLI will be entitled to roll over any amount greater than the $1.6 million,600,000 each year to the following grant year, but in no event shall the reimbursement amount exceed $1.6 million,600,000 annually and $6,5008,000,000 cumulatively for the entire grant period. AMLI will provide annual audited financial statements for each grant year.
Economic Development Incentive Grant. In order to incentivize and induce CPO to make an additional $300,000 capital investment in the Project, the County Board, subject to appropriation and the terms of this Agreement, will provide the XXX Xxxxx in the amount of $200,000 to the XXX for the benefit of CPO.
