No Business Subsidy Sample Clauses

No Business Subsidy. The parties agree that the Grant is not a business subsidy as defined in Minnesota Statutes, Sections 116J.993 to 116J.995, as amended (the “Business Subsidy Act”), because the assistance is in an amount less than $150,000.
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No Business Subsidy. The parties agree that the Loan is not a business subsidy as defined in Minnesota Statutes, Sections 116J.993 to 116J.995, as amended (the “Business Subsidy Act”), because the assistance is a loan in the amount of less than $75,000.
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No Business Subsidy. The Developer proposes to utilize the financial assistance pursuant to the Agreement to construct housing and therefore such assistance is not a “business subsidy” within the meaning of Minnesota Statutes, sections 116J.993 to 116J.995.
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No Business Subsidy. The assistance provided by the City and the EDA to the Developer comprises loans and guarantees totaling an amount less than $75,000. Therefore, the assistance for the Project does not constitute a “business subsidy” and the provisions of Minnesota Statutes, Section 116J.993 through 116J.995 do not apply.
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No Business Subsidy. Minnesota Statutes, Section 116J.993, subdivision 3(17) provides an exception from the Business Subsidy Act for redevelopment when the recipient’s investment in the purchase of the site and in site preparation is seventy percent (70%) or more of the assessor’s current year’s estimated market value. In order to use this exception, the Developer warrants and represents that its investment in the purchase of the Development Property and the site preparation on such Development Property (net of any portion of such costs to be reimbursed with tax increment or any other subsidies provided by the City or Authority) will equal at least seventy percent (70%) of the County assessor’s estimated market value for the Development Property for the 2022 assessment year, calculated as follows: Cost of acquisition of Development Property $400,000 Plus Estimated cost of site preparation $1,474,800 Equals site cost and site preparation $1,874,800 2022 Assessor’s Estimated Fair Market Value of Development Property $365,900 The cost of acquisition of the site and site preparation of $1,874,800, less the amount of financial assistance provided by HRA for acquisition and site preparation of $1,474,800, equals $400,000, which is approximately 109.32% of the County assessor’s current estimated fair market value of $365,900. Therefore, the Developer is not required to comply with the requirements of the Business Subsidy Act.
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No Business Subsidy. Minnesota Statutes, Section 116J.993, subdivision 3(17) provides an exception from the Business Subsidy Act for redevelopment when the recipient’s investment in the purchase of the site and in site preparation is seventy percent (70%) or more of the assessor’s current year’s estimated market value.  In order to use this exception, the Master Developer warrants and represents that its investment in the purchase of the Redevelopment Property and the site preparation on such Redevelopment Property (net of any portion of such costs to be reimbursed with tax increment or any other subsidies provided by the City or Authority) will equal at least seventy percent (70%) of the County assessor’s estimated market value for the Redevelopment Property for the 2018 assessment year, calculated as follows:  Development property cost$0.00  Plus Estimated cost of site preparation$35,072,262.00  Equals land cost and site preparation$35,072,262.00  2018 Assessor’s Estimated Fair Market Value of Redevelopment Property$15,194,590.00  $35,072,262.00 (acquisition and site preparation cost) less $23,336,500 (amount of financial assistance provided by City for acquisition and site preparation), equals $11,735,762 which is 77% of $15,194,590 (assessor’s current estimated fair market value)  Therefore, the Master Developer is not required to comply with the requirements of the Business Subsidy Act. 
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No Business Subsidy. The EDA and Developer are entering into this Agreement in connection with the redevelopment of the Development Property, including the demolition of structurally substandard buildings on the Development Property. The Developer represents that its investment in the purchase price of the Development Property and demolition and other site preparation costs on the Development Property is at least $13,736,222 (net of the amount provided under this Agreement to reimburse such costs). Since the total of these costs is more than 70% of $4,623,174 (the assessor’s current year’s estimated market value), the assistance provided pursuant hereto is not a “business subsidy” because of the exception set forth in Minnesota Statutes, Section 116J.993, Subdivision 3(17) for the redevelopment of property.
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No Business Subsidy. The parties agree and understand that the purpose of the City’s financial assistance to the Developer is to facilitate development of affordable rental housing for persons of low and moderate income, and is not a “business subsidy” within the meaning of Minnesota Statutes, Sections 116J.993 to 116J.995, as amended.
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No Business Subsidy. This Agreement does not constitute a business subsidy within the meaning of Minnesota Statutes, Sections 116J.993 to 116J.995 by reason of the exception for assistance for housing.
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Related to No Business Subsidy

  • Business Auto Liability The following Automobile Liability will be required and coverage shall apply to all owned, hired, and non-owned vehicles used with minimum limits of: $100,000 bodily injury per person (B.I.) $300,000 bodily injury per occurrence (B.I.) $100,000 property damage (PD) or $300,000 combined single limit (C.S.L.) of B.I. and P.D.

  • Business Arrangements Except as disclosed in the Registration Statement, the Time of Sale Disclosure Package and the Prospectus, neither the Company nor any of its subsidiaries has granted rights to develop, manufacture, produce, assemble, distribute, license, market or sell its products to any other person and is not bound by any agreement that affects the exclusive right of the Company or such subsidiary to develop, manufacture, produce, assemble, distribute, license, market or sell its products.

  • Time Off for Union Business ‌ (a) Leave of absence without pay shall be granted upon request for the reasons set out below unless it would unduly interrupt the Employer's operations: (1) to an elected or appointed representative of the Union to attend conventions of the Union and bodies to which the Union is affiliated, to a maximum of 21 days per occurrence; (2) for elected or appointed representatives of the Union to attend to union business which requires them to leave their general work area; (3) for employees who are representatives of the Union on a bargaining committee. (b) Long-term leave of absence without pay shall be granted to employees designated by the Union to transact union business for specific periods of not less than 21 days unless this would unduly interrupt the operation of the department. Such requests shall be made in writing sufficiently in advance to minimize disruption of the department. Employees granted such leave of absence shall retain all rights and privileges accumulated prior to obtaining such leave. Seniority shall continue to accumulate during such leave and shall apply to such provisions as annual vacations, increments and promotions. (c) When leave of absence without pay is granted pursuant to Part (a) or (b), the leave shall be given with pay and the Union shall reimburse the Employer for salary and benefit costs, including travel time incurred, within 60 days of receipt of the invoice. It is understood that employees granted leave of absence pursuant to this clause shall receive their current rates of pay while on leave of absence. Leave of absence granted under this clause shall include sufficient travel time. The pay and benefits received by the employee and reimbursed by the Union under this article shall be based on the number of hours to which the Union indicates, in writing, the employee is entitled. This provision does not apply to employees on extended leaves of absence who are employed by the Union on a full-time basis. (d) Leave of absence with pay and without loss of seniority will be granted to an employee called to appear as a witness before an arbitration board, provided the dispute involved the Employer. On application, the Arbitration Board may determine summarily the amount of time required for the attendance of any witness. (e) The Union shall provide the Employer with reasonable notice to minimize disruption of the operation and shall make every reasonable effort to give a minimum of 14 days’ notice prior to the commencement of leave under (a) or (b) above. The Employer agrees that any of the above leaves of absence shall not be unreasonably withheld.

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