Guarantee of Occupational Tax Revenue Sample Clauses

Guarantee of Occupational Tax Revenue. (i) Grantees hereby guarantee to generate occupational tax revenue to the City of Hopkinsville equal to or exceeding the sum of $500,000.00 during the first five (5) years after the occupancy and opening of the Rural King anchor store, and equal to or exceeding the sum of $500,000.00 during the next five (5) years (years 5 through 10 after occupancy and opening of the Rural King anchor store). (ii) For the purpose of this Agreement, “occupational tax revenue” shall be defined as all revenue paid to the City of Hopkinsville pursuant to Hopkinsville Code of Ordinances, Section 110.04, from employees employed by a new business located within the Property identified on Exhibit A. Specifically excluded from the definition of “occupational tax revenue” is all occupational tax paid on behalf of contractors, subcontractors or employees of said contractors and/or subcontractors during the construction and redevelopment of the Property. Also specifically excluded from said definition is all occupational tax paid on behalf of employees of existing businesses located in City limits of the City of Hopkinsville, Kentucky that relocate to the Property identified on Exhibit A. It is the specific agreement and understanding of the parties that tax paid on behalf of any existing business located within the City limits of the City of Hopkinsville that relocates to the Property identified on Exhibit A will not be considered in calculating the occupational tax revenue pursuant to this Agreement. (iii) The timeline for calculation of occupational tax revenue received shall begin upon the first calendar year following the occupancy and opening of the Rural King anchor store, and the total amount of occupational tax revenue generated during each of the two (2) aforesaid five (5) year periods shall be calculated at the conclusion of each said five (5) year period. Said occupational tax revenue only includes occupational tax paid on behalf of new employees of new businesses, and will not include occupational tax revenue from employees of businesses located within the City limits of the City of Hopkinsville that relocate to the Property identified on Exhibit A. (iv) In the event there has not been a total of at least ninety percent (90%) of the targeted $500,000.00 in occupational tax revenue generated from the Property during either five (5) year period, the Grantees agree to indemnify and repay to the City an amount equal to the deficiency, which shall be calculated as the differe...
Sample 1
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Guarantee of Occupational Tax Revenue. (i) Grantee hereby guarantees to generate Occupational Tax Revenue (as defined below) to the City of Hopkinsville equal to or exceeding the sum of $5,822,010.00 (the “Release Amount”) during the twenty-one (21) year period following the commencement of construction as defined in numerical paragraph 4(A) above as follows: $1,164,402.00 during the first six (6) years; $1,552,497.00 during the next five (5) years (years 7 through 11); $1,552,555.00 during the next five (5) years (years 12 through 16); and $1,552,556.00 during the final five (5) years (years 17 through 21). (ii) For the purpose of this Agreement, “Occupational Tax Revenue” for any period shall be defined as all revenue paid to the City of Hopkinsville during such period pursuant to Hopkinsville Code of Ordinances, Section 110.04, or any other occupational tax levied by the City, as a result of Project Apex, including all occupational tax paid on behalf of (1) employees of Grantee, (2) contractors, subcontractors or employees of said contractors or subcontractors, or (3) any combination thereof during the construction or operation of Project Apex. It is the specific agreement and understanding of the parties that tax paid on behalf of any existing business located within the City limits of the City of Hopkinsville that relocates to the Property will not be considered in calculating the occupational tax revenue pursuant to this Agreement.
Sample 1

Related to Guarantee of Occupational Tax Revenue

  • Certificate of Occupancy; Licenses All certifications, permits, franchises, licenses, consents, authorizations, and approvals, including, certificates of completion and occupancy permits, required for the legal use, occupancy and operation of the Property have been obtained and are in full force and effect. The use being made of the Property is in conformity with the certificate of occupancy issued for the Property.

  • Conditions of Occupancy The Resident may not occupy a Room, unless (i) the Resident is currently enrolled and maintaining status as a full- time student in good standing at the Institution; (ii) this Agreement is executed by all parties; (iii) all Residence Fees then due and payable are paid in full as stated in section 2.03; (iv) the Manager has designated a Room for the Resident and (v) the Resident meets any additional conditions to occupancy established by the Institution, including any vaccination conditions.

  • Physical/Occupational Therapy This plan covers physical and occupational therapy when: • ordered by a physician; • received from a licensed physical or occupational therapist; • a program is implemented to provide habilitative or rehabilitative services. See Autism Services when physical therapy and occupational therapy services are rendered as part of the treatment of autism spectrum disorder. The amount you pay and any benefit limit will be the same whether the services are provided for habilitative or rehabilitative purposes.

  • Certificate of Occupancy The Contractor’s obligation under the Contract is to install the Work in accordance with the Contract Documents, obtain the Certificate of Occupancy from the State Fire Marshal or his deputy, and forward it to the Design Professional as a part of the final close out procedures. The Design Professional’s obligation is to design the Work to comply with the applicable codes and to qualify for a Certificate of Occupancy.

  • Indigenous Peoples The Borrower shall, and shall cause MOT and ARS to, ensure that the Project does not cause any impact on indigenous people within the meaning of the SPS. In the event that the Project does have any such impact, the Borrower shall, and shall cause MOT and ARS to, take all steps required to ensure that the Project complies with the applicable laws and any other applicable regulations of the Borrower and the SPS.

  • Maximum Occupancy No more than two (2) guests per one (1) resident (who is present) are permitted in a student room/suite/apartment at any given time unless otherwise approved by the University (Residential Life).

  • NUMBER OF OCCUPANTS Tenant agrees that the House shall be occupied by no more than [Total Number of Occupants] persons, including no more than [Maximum Number of Children] under the age of eighteen (18) years, without the prior written consent of Landlord.

  • Agricultural Export Subsidies 1. The Parties share the objective of the multilateral elimination of export subsidies for agricultural goods and shall work together toward an agreement in the WTO to eliminate those subsidies and prevent their reintroduction in any form. 2. Neither Party shall introduce or maintain any export subsidy on any agricultural good destined for the territory of the other Party.

  • PARTIAL OCCUPANCY OR USE 9.9.1 The Owner may occupy or use any completed or partially completed portion of the Work at any stage when such portion is designated by separate agreement with the Contractor, provided such occupancy or use is consented to by the insurer as required under Paragraph 11.3.1.5, the surety, and authorized by public authorities having jurisdiction over the Project. Such partial occupancy or use may commence whether or not the portion is substantially complete, provided the Owner and Contractor have accepted in writing the responsibilities assigned to each of them for payments, retainage, if any, security, maintenance, heat, utilities, damage to the Work and insurance, and have agreed in writing concerning the period for correction of the Work and commencement of warranties required by the Contract Documents. When the Contractor considers a portion substantially complete, the Contractor shall prepare and submit a list to the Architect as provided under Paragraph 9.8.2. Consent of the Contractor to partial occupancy or use shall not be unreasonably withheld. 9.9.2 Immediately prior to partial occupancy or use, the Owner, Contractor and Architect shall jointly inspect the area to be occupied or portion of the Work to be used in order to determine and record the condition of the Work. 9.9.3 Partial occupancy or use of a portion or portions of the Work shall not constitute acceptance of Work not complying with the requirements of the Contract Documents.

  • Certificates of Occupancy To the extent the same are in Seller’s possession, original or photocopies of certificates of occupancy for all space within the Improvements located on the Property;

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