Economic Development Incentives. In consideration for Citimark fulfilling the Citimark Commitment, the City shall perform or cause to be performed the following:
Economic Development Incentives. 1.1. The City agrees to reimburse the Developer for only the material cost difference above and beyond the minimum water and sewer main infrastructure improvement standards within the Project as provided under Chapter 166 of the Code of Ordinances for the City of Dyersville. That reimbursement shall be made upon completing the water and sewer infrastructure improvements within the Property. Upon approval from the City, the Developer’s detailed statement of actual costs for water and sewer infrastructure improvements will be required.
Economic Development Incentives. 1.1. The Developer shall install street pavement with Portland Cement Concrete as provided in Section 166.07(E) of the Code of Ordinances for the City of Dyersville. The City shall reimburse the Developer $25.00 for each square yard of Portland Cement Concrete Pavement street, exclusive of curb and gutter. That reimbursement shall be made when the Developer’s Engineer Certifies the final amount of Portland Cement Concrete Pavement installed that is eligible for reimbursement.
1.2. The City shall reimburse the Developer for only the material cost difference above and beyond a minimum thirty-six (36) inch reinforced concrete storm sewer pipe. That reimbursement shall be made upon the successful completion of the storm sewer infrastructure improvements to the Property and at such time the City approves the Developer’s detailed statement of the actual costs for the infrastructure improvements
1.3. The City shall reimburse the Developer for only the material cost difference above and beyond the minimum Infrastructure Improvement standards as provided under Chapter 166 of the Code of Ordinances for the City of Dyersville. That reimbursement shall be made upon the successful completion of the infrastructure improvements to the Property and at such time the City approves the Developer’s detailed statement of the actual costs for the infrastructure improvements.
Economic Development Incentives. In consideration and as a material inducement for Company fulfilling its commitments hereunder and completing the Project, the City shall provide certain incentives as follows:
Economic Development Incentives. In consideration and as a material inducement for Owner fulfilling the Owner Commitment, the City shall provide certain incentives as follows:
A. Pursuant to and consistent with Ind. Code § 6-1.1-12.1 et. seq., the City shall cause the Site to be designated as an economic revitalization area (“ERA”) and endeavor to complete the required procedural steps to grant the Abatement on the any Building; and
B. Waive all City Fees on the Site incurred from the Effective Date until the Final Date.
Economic Development Incentives. The City agrees to provide to Developers, upon the terms and conditions set forth herein, the following sales tax rebates:
A. Subject to the conditions and limitations set forth herein, within thirty (30) days of receipt of such written request from Developer, the City shall rebate to Developer fifty percent (50%) of the City’s three percent (3%) sales tax collected across the Project. Four (4) -year estimates based on the projected development of three (3) Pad establishments are as follows: Year Pad 1 Pad 2 Pad 3 Total Sales Generated City Sales Taxes 50% Rebate to Developer* 1 4,000,000 2,000,000 1,035,000 7,035,000 211,050 105,525 2 4,160,000 2,080,000 1,076,400 7,316,400 219,492 109,746 3 4,326,400 2,163,200 1,119,456 7,609,056 228,272 114,136 4 4,499,456 2,249,728 1,164,234 7,913,418 237,403 118,701 *This shall not exceed 4 years or $400,000, whichever occurs earlier
B. No interest shall accrue on any sum payable to Developer.
C. In no event shall the amount of any annual sales tax rebate exceed the amount of sales taxes collected from the Project, and in no event shall the total Incentives exceed four hundred thousand dollars ($400,000.00) or the expiration of four (4) years from the Opening Date, whichever occurs first, subject to the terms and conditions of this Agreement.
D. The right to the Incentives shall be personal to Developer and shall not run with the land, except as expressly provided herein.
E. On or within a reasonable time after the end of every six (6) month period for which sales tax rebates are available, commencing with the Opening Date hereunder, Developer shall submit to the City’s Economic Development Director, with a copy to the City’s Finance Director, a written request for the rebate for the prior six (6) month period.
F. Developer shall keep accurate books and records of all Incentives received from the Opening Date until the Incentives have been fully paid. During regular business hours, and upon reasonable advance notice to Developer, the City or its designee is hereby authorized to review Developer’s books and records. Such review shall be conducted at the City’s expense.
Economic Development Incentives. So long as the Company is not in default under this Agreement, the County shall provide the Company with the following economic development incentives:
a. A cash incentive in the amount of EIGHTY-FIVE THOUSAND and 00/100 Dollars ($85,000.00), paid annually for three consecutive years, with the first installment paid by the County to the Company on the three-year anniversary date of this Agreement. Two additional payments in the same amount shall be made on the anniversary thereof so long as the parties shall remain in compliance with this Agreement. The total of all payments hereunder is TWO HUNDRED FIFTY-FIVE THOUSAND and 00/100 DOLLARS ($255,000.00). Payment of this incentive is made in furtherance of a legitimate public purpose as authorized by Florida Statutes section 124.045.
Economic Development Incentives. In consideration for Developer fulfilling the Development Commitment and for RQAW fulfilling the Job Commitment, the City shall provide the following economic development incentives:
Economic Development Incentives. So long as the Company is not in default under this Agreement, the County shall provide the Company with economic development incentives as follows:
a. Upon completion of the Project upon the Site, the County shall, for a period of ten years, commencing with the first year in which the Parcel’s tax assessed value reflects the value of the completed Project, rebate the County’s portion of any increase in ad valorem taxes assessed against and collected for the Parcel when compared to a “Baseline Year”. Baseline Year shall be defined as the County’s portion of ad valorem taxes assessed against the Parcel as of July 1, 2016. The County shall rebate or refund to the Company only those sums actually paid by the owners of the Site or any portions of the Site, and this Agreement shall not be construed as abating or exempting the Site or any portion of the Site from ad valorem taxes. The County’s obligation to rebate or refund such amounts shall not run with the land, but rather is a contractual right vested with the Company as long as it is not in breach of this Agreement and all taxes are paid timely or a default is timely cured during the ten year period during which the Company is entitled to the rebate or refund.
Economic Development Incentives. In consideration and as a material inducement for Knowledge Services fulfilling the Development Commitment and Employment Commitment, the City, FRC and Corporation, as applicable, shall provide the following incentives:
A. Pursuant to and consistent with Ind. Code § 6-1.1-12.1 et. seq., the City shall cause the Site to be designated as an ERA and shall take the required procedural steps to grant the real and personal property tax abatements described in Article IV(B) and (C) below;
B. Authorize a ten (10) year real property tax abatement on new increment resulting from improvements made to the Site in the following amounts: Year 1: 100%; Year 2: 95%; Year 3: 80%; Year 4: 65%; Year 5: 50%; Year 6: 40%; Year 7: 30%; Year 8: 20%; Year 9: 10%; and Year 10: 5%; and
C. Authorize a ten (10) year personal property tax abatement on eligible personal property located at the Site in the following amounts: Year 1: 100%; Year 2: 90%; Year 3: 80%; Year 4: 70%; Year 5: 60%; Year 6: 50%; Year 7: 40%; Year 8: 30%; Year 9: 20%; and Year 10: 10% (jointly, Article IV(B) and (C), the “Abatement”).
