Minimum Capital Investment Sample Clauses
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Minimum Capital Investment. For and in consideration of the execution of this Lease by City, and subject to this Lease, Lessee, at its sole cost and expense, and at no cost to City, undertakes and agrees to construct at the Premises the Recreational Improvements. The Recreational Improvements shall be completed consistent with Section 6.2 below. The Recreational Improvements shall be completed at a cost (including both hard and soft costs) of not less than $65 million (the “Minimum Capital Investment”) in accordance with the Chief Executive Officer’s prior written approval for the Recreational Improvements. For the purposes of this provision Minimum Capital Investment shall include any and all funds, services, material, labor or equipment contributed to Lessee for the design and construction of the Recreational Improvements. The Minimum Capital Investment shall not include the costs of maintenance, operation, management, security personnel, or repair of the Recreational Improvements, nor shall Minimum Capital Investment include Lessee’s costs with respect to the Compliance Approval Process pursuant to Section 8 below. If the cost to complete the Recreational Improvements in accordance with working drawings and specifications approved by the Chief Executive Office pursuant to Section 6.3 is greater than the Minimum Capital Investment, Lessee shall remain responsible for the costs of the Recreational Improvements at no expense to City. Notwithstanding anything to the contrary contained in this Lease, if Lessee constructs the Recreational Improvements substantially in accordance with working drawings and specifications approved by the Chief Executive Officer pursuant to Section 6.3 and the cost of the Recreational Improvements (including any contributed costs) is less than the Minimum Capital Investment, Lessee shall be deemed to have complied with the requirements of this section, provided that Lessee shall reserve any difference between the Minimum Capital Investment and actual cost of the Recreational Improvements to fund the Capital Improvement Reserve Fund (defined in Section 10.1 below) or for implementation of the Programs.
Minimum Capital Investment. The Developer will invest at least $45,000,000.00 in Total Development Costs for the Project on the Property. All portions of the Project that are intended to be occupied must secure certificates of inspection, compliance, or occupancy, as applicable, by the City or authorities having jurisdiction over the Project by the deadline in Section 7.03.
Minimum Capital Investment. Tenant shall expend not less than ($ ) construction and installation of the Initial Leasehold Improvements (the “Minimum Capital Investment”). Capital expenditure costs that may be counted toward the Minimum Capital Investment shall include all costs paid for work performed, services rendered and materials furnished for the construction of the Initial Leasehold Improvements, subject to the following terms, conditions and limitations:
(1) The cost of design (subject to the limitations set forth herein), construction and acquisition of the Initial Leasehold Improvements; bonds; construction insurance; and building, impact and concurrency fees shall be included in the Minimum Capital Investment.
(2) No more than twelve percent (12%) of the Minimum Capital Investment for payments made by Tenant to independent contractors for engineering and architectural design work may be included in the Minimum Capital Investment.
(3) Only true third party costs and payments made by Tenant shall be included in the Minimum Capital Investment. Costs incurred by any sublessee, licensee or other occupant of the Premises, or any portion thereof, other than Tenant shall not be included in the Minimum Capital Investment.
(4) Costs for consultants (other than engineering and design consultants, as provided above) shall not be included in the Minimum Capital Investment. Legal fees and accountant fees shall not be included in the Minimum Capital Investment.
(5) Finance and interest expenses shall not be included in the Minimum Capital Investment.
(6) Administrative, supervisory and overhead or internal costs of Tenant shall not be included in the Minimum Capital Investment.
(7) Costs associated with acquisition or installation of personalty, such as furnishings, trade fixtures and equipment, not permanently affixed to the Premises, or any other personalty whatsoever, shall not be included in the Minimum Capital Investment.
(8) Any costs associated with any improvements other than the Initial Leasehold Improvements shall not be included in the Minimum Capital Investment unless Tenant has obtained written approval from the Department prior to incurring such costs.
Minimum Capital Investment. A Customer without meaningful Base Year data for its Plant must make a Total Capital Investment of at least [***] including minimums of:
(a) $[***] by the end of the first Evaluation Period year,
(b) $[***] by the end of the second Evaluation Period year,
(c) $[***] by the end of the third Evaluation Period year,
(d) $[***] by the end of the fourth Evaluation Period year, and
(e) $[***] by the end of the fifth Evaluation Period year. Whether Base Year data for a Plant is meaningful is solely determined by TVA. If at any time during the term of this agreement the cumulative capital investment reported for the most recent Evaluation Period year is less than the corresponding annual minimum requirement, ▇▇▇▇ Credits provided under A.3.4 will be discontinued. ▇▇▇▇ Credits may resume in accordance with A.3.7.2 if the Customer provides certification that the most recent annual capital investment threshold has been met. The Customer will be eligible to receive the full annual award for the corresponding Evaluation Period years for which the annual minimum capital investment requirements are met.
Minimum Capital Investment. (a) The Parties agree that the Minimum Capital Investment for the Project is Twenty Million Dollars ($20,000,000) (the “Minimum Capital Investment”). The Minimum Capital Investment shall include all Capital Investment attributable to the Project on or after August 31, 2017.
(b) The Minimum Capital Investment must be made on or before the Activation Date of the Project. The failure to meet the Minimum Capital Investment requirement on or before the Activation Date is an Event of Default that results in the immediate termination of this Agreement and the revocation of the Commonwealth’s participation in the Project through the TIF Program, as provided in Section 7 of this Agreement.
(c) The Agency shall certify it has met the Minimum Capital Investment requirement on or before the Activation Date by submitting Exhibit D within 30 days of the Activation Date or as soon as the Minimum Capital Investment has been made, whichever occurs first.
Minimum Capital Investment. The Improvements shall have a minimum, private Capital Investment in the amount of $55,300,000.
Minimum Capital Investment. It is expressly agreed and understood that ▇▇▇▇▇▇ is leasing the Premises with the intention of developing and constructing the Leasehold Improvements on the Premises in accordance with Plans and Specifications as specified in this Section 7. It is expressly agreed and understood that the Leasehold Improvements to be constructed by Tenant shall, at a minimum, include those structures and improvements as described as Tenant’s initial Leasehold Improvements on EXHIBIT G attached hereto, and that Tenant shall expend no less than an amount equal to Eight Million One Hundred Sixteen Thousand Three Hundred Ninety Two Dollars ($8,116,392) (the “Minimum Capital Investment”) to develop such Leasehold Improvements at Tenant’s and/or its subtenant(s) sole cost and expense. As used herein, “Minimum Capital Investment” shall mean and include the following Leasehold Improvements costs and expenditures made by Tenant and/or its subtenant(s): (a) predevelopment costs (survey, title insurance, real estate broker fees, environmental assessment and remediation), planning and design fees, legal and accounting costs, permits, and soft construction costs, which combined shall not exceed 15% of the Minimum Capital Investment; and (b) hard construction costs (including demolition, excavation, grading and construction on the Premises and general contractor overhead and profit), which combined shall not be less than 85% of the Minimum Capital Investment. The Minimum Capital Improvement expenditure shall be expended on the approved Improvements constructed by Tenant. If the stated minimum is not expended, Tenant shall pay to City an amount equal to 150% of the difference, if any, between the Minimum Capital Improvement Expenditure and its actual investment upon the first day of the sixteen (16th) year of the Lease. Tenant shall only be responsible for Minimum Capital Improvements and the Minimum Capital Improvement Expenditure if Tenant receives all necessary approvals from all authorities having jurisdiction to construct the Leasehold Improvements and actually constructs the Leasehold Improvements.
Minimum Capital Investment. On or before May 1, 2022, subject to any extensions approved by the City Manager of the City, or his designee, due to events of force majeure, Company or Tenant shall make an estimated minimum capital investment in improvements to the Facility and associated site improvements of at least $5,500,000.00 and shall invest at least $1,000,000.00 on furniture, fixtures and equipment at the Facility as of the date of occupancy of the Facility by Tenant.
Minimum Capital Investment. Notwithstanding anything in this Agreement to the contrary, the Agency shall not receive any disbursement of the Increment until the Minimum Capital Investment is confirmed. The Minimum Capital Investment shall be reported to the Authority on the form prescribed in Exhibit D of this Agreement. If the Minimum Capital Investment is not certified by the Activation Date (pursuant to Section 3.2 of this Agreement), the Incremental Revenues shall be forfeited to the Commonwealth.