If Statutory Minimum Eligibility Requirements are Met. The provisions of this subsection b) shall become applicable only if Xxxxx Xxxxxxxx has met the statutory minimum eligibility requirements set forth in subsection a). For purposes of repayment, the COF Grant is to be allocated as Five Hundred Thousand and 00/100 Dollars ($500,000.00) or fifty percent (50%) for the Capital Investment Target and Five Hundred Thousand and 00/100 Dollars ($500,000.00) or fifty percent (50%) for the New Jobs Target. If Xxxxx Xxxxxxxx has met at least 90% of both of the Targets as of the Performance Date, then and thereafter Xxxxx Xxxxxxxx is no longer obligated to repay any portion the COF Grant. If Xxxxx Xxxxxxxx has not met at least 90% of either or both of these Targets as of the Performance Date, Xxxxx Xxxxxxxx shall repay to the XXX that part of the COF Grant that is proportional to the shortfall from the Target or Targets for which it received COF proceeds. For example, if as of the Performance Date, Xxxxx Xxxxxxxx had received all One Million and 00/100 Dollars ($1,000,000) of the COF proceeds, but Capital Investment is only Eleven Million Eight Hundred Twelve Thousand Five Hundred and 00/100 Dollars ($8,812,000) or seventy-five percent (75%) of the Capital Investment Target, and only two hundred sixty-one (261) New Jobs have been Maintained or seventy-five percent (75%) of the New Jobs Target, Xxxxx Xxxxxxxx shall repay to the XXX twenty-five percent (25%) of the moneys that it received allocated to the Capital Investment Target or One Hundred Twenty-Five Thousand and 00/100 Dollars ($125,000) and twenty-five percent (25%) of the moneys that it received allocated to the New Jobs Target or One Hundred Twenty-Five Thousand and 00/100 Dollars ($125,000)
If Statutory Minimum Eligibility Requirements are Met. The provisions of this subsection (b) shall become applicable only if the Company has met the Statutory Minimum Requirements, and has received the First Disbursement of $_______ of the proceeds of the COF Grant prior to the Performance Date, in accordance with Section 3(a). If the Company has not met either or both of its Targets as of the Performance Date, the Company shall repay to VEDP that part of the COF Grant previously disbursed to the Company that is proportional to the Target or Targets for which there is a shortfall. For example, if as of the Performance Date, the Company has received $_______ of the COF Grant proceeds, but only $__________ of the Capital Investment has been made and retained (reflecting achievement of [60]% of the Capital Investment Target), and only ___ New Jobs have been created and Maintained (reflecting achievement of [50]% of the New Jobs Target), the Company shall repay to VEDP $_______, reflecting [40]% of the $_______ of the COF Grant proceeds that it received allocated to the Capital Investment Target, plus $_______, reflecting [50]% of the $_______ of the COF Grant proceeds that it received allocated to the New Jobs Target, for a total repayment amount of $______. These amounts represent the percentages of the shortfall at the Performance Date from the expected amount of Capital Investment and expected number of New Jobs, each multiplied by the portion of the COF Grant proceeds that the Company received allocated to that Target.
If Statutory Minimum Eligibility Requirements are Met. The provisions of this subsection c) are applicable only if AIR has met the statutory minimum eligibility requirements set forth in subsection a). If AIR has met at least ninety percent (90%) of 6 | P a g e County Board of Arlington County, Virginia Industrial Development Authority of Arlington County, Virginia American Institutes for Research in the Behavioral Sciences COMMONWEALTH’S DEVELOPMENT OPPORTUNITY FUND GRANT PERFORMANCE AGREEMENT both of the Targets as of the Performance Date, then and thereafter AIR is no longer obligated to repay any part of this portion of the COF Grant. If AIR has not met at least ninety percent (90%) of either or both of its Targets as of the Performance Date, AIR shall repay to the XXX that part of this portion of the COF Grant that is proportional to the shortfall. For example, if as of the Performance Date, AIR has received all Five Hundred Thousand and 00/100 Dollars ($500,000.00) of the COF Grant proceeds, but the Capital Investment is only Ten Million and 00/100 Dollars ($10,000,000.00) or eighty percent (80%) of the Capital Investment Target, and only two hundred forty (240) New Jobs have been Maintained or seventy-five percent (75%) of the New Jobs Target, AIR shall repay to the XXX twenty percent (20%) of the moneys that it received from the portion of the COF Grant allocated to the Capital Investment Target or Fifty Thousand and 00/100 Dollars ($50,000.00) and twenty-five percent (25%) of the moneys that it received from the portion of the COF Grant allocated to the New Jobs Target or Sixty-Two Thousand Five Hundred and 00/100 Dollars ($62,500.00). In such event, the County will repay to VEDP all of the COF Grant proceeds not previously disbursed through the XXX to AIR.
