Common use of Grant of Funds Clause in Contracts

Grant of Funds. In order to support acquisition and redevelopment of the Project Site and as an inducement for the Redeveloper to construct the Redeveloper Improvements, the City agrees, to the extent allowed by law and then only to the extent funds (TIF Funds) are lawfully available from the issuance of the TIF Bond, to make a grant of TIF Bond proceeds (TIF Proceeds) to Redeveloper in the amount of $200,000, less the City=s cost of issuing the TIF Bond. Redeveloper shall submit authentic and satisfactory documentation to the City to verify the grant was expended on eligible Project Costs. Any ineligible use of the grant shall immediately be repaid to the City.

Grant of Funds. In order to support acquisition and redevelopment of the Project Site and as an inducement for the Redeveloper to construct the Redeveloper Improvements, the City agrees, to the extent allowed by law and then only to the extent funds (TIF Funds) are lawfully available from the issuance of the TIF Bond, to make a grant of TIF Bond proceeds (TIF Proceeds) to Redeveloper in the amount of $200,000300,000, less the City=s ’s cost of issuing to issue the TIF Bond, subject to reimbursement as provided in Paragraph 15 below. Redeveloper shall submit authentic and satisfactory documentation to the City to verify the grant was expended on eligible Redevelopment Project Costs. Any ineligible use of the grant shall immediately be repaid to the City.

Grant of Funds. In order to support acquisition and redevelopment of the Redevelopment Project Site and as an inducement for the Redeveloper Owner to construct the Owner’s Improvements and for Redeveloper Improvementsto enter into the Lease, the City agrees, to the extent allowed by law and then only to the extent funds (TIF Funds) are lawfully available from the issuance of the TIF Bond, to make a grant of TIF Bond proceeds (TIF Proceeds) to Redeveloper in the amount of $200,000, less the City=s cost of issuing the TIF Bond71,270.00. Redeveloper shall submit authentic and satisfactory documentation to the City to verify the grant was expended on eligible Project Site Costs. Any ineligible use of the grant shall immediately be repaid to the City.