Events Triggering Recapture Clause Samples

Events Triggering Recapture. The Agency, in its sole discretion and on a case-by-case basis, may determine with respect to a particular project to require the project applicant to agree to the recapture by the Agency of the value of any or all exemptions from taxation granted with respect to the project by virtue of the Agency’s involvement. Events that the Agency may determine will trigger recapture may include, but shall not be limited to, the following: a. Failure to complete the acquisition, construction or installation of the Project Facility by the Completion Deadline; b. Failure by the Company to meet at least eighty percent (80%) of the Employment Level requirements required by the Project Agreements; c. Liquidation of substantially all of the Company’s operating assets and/or cessation of substantially all of the Company’s operations; d. Relocation of all or substantially all of Company’s operations at the Project Facility to another site or sale, lease or other disposition of substantially all of the Project Facility; e. Transfer of jobs equal to at least fifteen percent (15%) of the Company’s Employment Level out of the City of ▇▇▇▇▇▇; f. Failure by the Company to comply with the annual reporting requirements or to provide the Agency with requested information; g. Sublease of all or part of the Project Facility in violation of the project documents; h. Change in use of facility to other than the use proposed in the application for financial assistance and other directly and indirectly related uses; or i. Failure by the Company to make an actual investment in the Project by the Completion Deadline equal to or exceeding eighty percent (80%) of the estimated Total Project Costs as set forth in the Company’s application for financial assistance. Failure to provide the Agency with requested information as described in (f) above may include, without limitation, failure to respond to Agency inquiries concerning payment of principal and interest, payments in lieu of taxes, insurance coverage, insurance premiums, failure to provide insurance certificates when and as required by the Agency transaction documents, failure to provide the Agency with any information or documents requested by the Agency in order to provide any federal, state or local agency with information or reports required under any applicable law, rule or regulation; or failure to provide any other information concerning the project or the project applicant or any project operator requested by the Agency.