Maximum Amount of Grants. The aggregate amount of the Economic Development Grants that may be paid to Developer under this Agreement shall be equal to the sum of the total amount of the applicable percentage of Tax Increments collected in respect of the assessments imposed on the Minimum Improvements over the specified time period, but in no event shall exceed Eight Hundred Fifty Thousand Dollars ($850,000) over ten (10) years. It is recognized by all parties that the total aggregate amount set forth above is a maximum amount only and was calculated based on the construction of the Minimum Improvements and that the actual payment amounts will be determined as set forth in Section 8.1 and this Article. The Developer understands that the actual payments could be significantly less than the total aggregate amount set forth above.
Maximum Amount of Grants. The aggregate amount of the Economic Development Grants that may be paid to Developer under this Agreement shall be equal to the total amount of the applicable percentages of Tax Increments collected in respect of the assessments imposed on the assessed value of the Qualifying Improvements and Development Property above the Base Value over the specified fourteen (14) year period, but in no event shall exceed Six Million Five Hundred Thousand Dollars ($6,500,000) over the fourteen (14) year period. In no event shall Developer be entitled to receive more than calculated under the formula set forth in this Agreement, even if the combined aggregate maximum of $6,500,000 is not met.
Maximum Amount of Grants. The aggregate amount of the Blight Remediation Grants that may be paid to Developer under this Agreement shall be equal to the total amount of the applicable percentages of Tax Increments collected in respect of the assessments imposed on the Minimum Improvements and Development Property over the specified fourteen (14) year period, but in no event shall exceed Two Million Dollars ($2,000,000) over the fourteen (14) year period. In no event shall Developer be entitled to receive more than calculated under the formula set forth in this Agreement, even if the combined aggregate maximum of $2,000,000 is not met.
Maximum Amount of Grants. The aggregate amount of the Stabilization and Transition Grants that may be paid to Developer under this Agreement shall not exceed Three Hundred Sixty-eight Thousand Four Hundred Sixty Dollars ($368,460) over ten (10) years. It is recognized by all parties that the total aggregate amount set forth above is a maximum amount only. The Developer understands that the actual payments could be significantly less than the total aggregate amount set forth above.
Maximum Amount of Grants. The total of all Economic Development Grants paid by the City over five years under this Agreement shall not exceed the allowable incremental property taxes actually received by the City that are generated by the construction of the Minimum Improvements (improvement value), but in no event shall the aggregate amount of Economic Development Grants exceed $69,822. The Economic Development Grants shall be the only monetary consideration given by the City to Developer in connection with this Agreement.
