Common use of Payment of Incentive Clause in Contracts

Payment of Incentive. 4.1 The TJIF program is a performance based incentive program; therefore, verification of the new jobs created, capital investment made by the Company, and the additional general fund tax revenue generated to Miami-Dade County must be verified by the County prior to any disbursement of funds to the Company. This procedure must be repeated each year that the Company submits a claim for the TJIF payment. The year that is applicable for consideration of taxes paid-in resulting in the additional general fund tax revenue is April 1 through March 31. Company award claims must be submitted each year during the period of April 1 through May 15. Any award appropriation, if made by the Miami- Dade County Board of County Commissioners will be paid in the County’s fiscal year that begins on October 1 following the May 15 claims-submission deadline date. 4.2 The TJIF incentive award is paid beginning after the first year the new jobs are created. For example, if a Company committed to creating 100 new jobs by December 31, 2011, meets this benchmark (and all other conditions of the incentive award), and submits a claim for disbursement by May 15, 2013, then the first incentive payment will be disbursed in the County’s fiscal year that begins on October 1, 2013. Disbursements shall occur according to the disbursement schedule set forth in the Board resolution granting the TJIF award even if all the new jobs are created prior to the end of the disbursement schedule. Payment to the Company will only be made after it has achieved all economic benchmarks. The Company’s additional general fund tax revenue paid to Miami-Dade County must be equal to or greater than the Company’s TJIF award less the County’s portion of any Florida Qualified Target Industry incentive the Company may be receiving for the same project. 4.3 The Company must be current on its Miami-Dade County taxes in order to receive the disbursement of its approved TJIF incentive. Failure to meet this condition may cause that year’s incentive to be forfeited. 4.4 No incentive amounts shall be disbursed after the last fiscal year set forth in the TJIF application agreement and the Board-approved TJIF Resolution. 4.5 If in any year the applicant does not achieve the job creation schedule outlined in the applicant’s approved resolution, but achieves at least 80% of the required net new jobs created, the company will receive a pro-rated incentive award less a 5% penalty of the scheduled award amount for that year. If job creation falls below 80% of the required jobs, the company will not receive a refund and will be terminated from the program.

Payment of Incentive. 4.1 The TJIF program is a performance based incentive program; therefore, verification of the new jobs created, capital investment made by the Company, and the additional general fund tax revenue generated to Miami-Dade County must be verified by the County prior to any disbursement of funds to the Company. This procedure must be repeated each year that the Company submits a claim for the TJIF payment. The year that is applicable for consideration of taxes paid-in resulting in the additional general fund tax revenue is April 1 through March 31. Company award claims must be submitted each year during the period of April 1 through May 15. Any award appropriation, if made by the Miami- Miami-Dade County Board of County Commissioners will be paid in the County’s fiscal year that begins on October 1 following the May 15 claims-submission submiss ion deadline date. 4.2 The TJIF incentive award is paid beginning after the first year the new jobs are created. For example, if a Company committed to creating 100 new jobs by December 31, 20112018, meets this benchmark (and all other conditions of the incentive award), and submits a claim for disbursement disburseme nt by May 15, 20132020, then the first incentive payment will be disbursed in the County’s fiscal year that begins on October 1, 20132020. Disbursements shall occur according to the disbursement schedule set forth in the Board resolution granting the TJIF award even if all the new jobs are created prior to the end of the disbursement schedule. Payment to the Company will only be made after it has achieved all economic benchmarks. The Company’s additional general fund tax revenue paid to Miami-Dade County must be equal to or greater than the Company’s TJIF award less the County’s portion of any Florida Qualified Target Industry incentive the Company may be receiving for the same project. 4.3 The Company must be current on its Miami-Dade County taxes in order to receive the disbursement of its approved TJIF incentive. Failure to meet this condition may cause that year’s incentive to be forfeited. 4.4 No incentive amounts shall be disbursed after the last fiscal year set forth in the TJIF application agreement and the Board-approved TJIF Resolution. 4.5 . If in any year a company fails to submit an applica tion for reimbursement within three years of the applicant does not achieve the first job creation schedule outlined in the applicant’s approved resolution, but achieves at least 80% of the required net new jobs created, the company will receive a pro-rated incentive award less a 5% penalty of the scheduled award amount for that year. If job creation falls below 80% of the required jobs, the company will not receive a refund and will be terminated from the program.benchmarks pursuant to Section 9.5

Payment of Incentive. 4.1 The TJIF program is a performance based incentive program; therefore, verification of the new jobs created, capital investment made by the Company, and the additional general fund tax revenue generated to Miami-Dade County must be verified by the County prior to any disbursement of funds to the Company. This procedure must be repeated each year that the Company submits a claim for the TJIF payment. The year that is applicable for consideration of taxes paid-in resulting in the additional general fund tax revenue is April 1 through March 31. Company award claims must be submitted each year during the period of April 1 through May 15. Any award appropriation, if made by the Miami- Miami-Dade County Board of County Commissioners will be paid in the County’s fiscal year that begins on October 1 following the May 15 claims-submission deadline date. 4.2 The TJIF incentive award is paid beginning after the first year the new jobs are created. For example, if a Company committed to creating 100 new jobs by December 31, 20112018, meets this benchmark (and all other conditions of the incentive award), and submits a claim for disbursement by May 15, 20132020, then the first incentive payment will be disbursed in the County’s fiscal year that begins on October 1, 20132020. Disbursements shall occur according to the disbursement schedule set forth in the Board resolution granting the TJIF award even if all the new jobs are created prior to the end of the disbursement schedule. Payment to the Company will only be made after it has achieved all economic benchmarks. The Company’s additional general fund tax revenue paid to Miami-Dade County must be equal to or greater than the Company’s TJIF award less the County’s portion of any Florida Qualified Target Industry incentive the Company may be receiving for the same project. 4.3 The Company must be current on its Miami-Dade County taxes in order to receive the disbursement of its approved TJIF incentive. Failure to meet this condition may cause that year’s incentive to be forfeited. 4.4 No incentive amounts shall be disbursed after the last fiscal year set forth in the TJIF application agreement and the Board-approved TJIF Resolution. If a company fails to submit an application for reimbursement within three years of the first job creation benchmarks pursuant to Section 9.5 (c) in this application, the TJIF award will be cancelled without notice. 4.5 If in any year the applicant does not achieve the job creation schedule outlined in the applicant’s approved resolution, but achieves at least 80% of the required net new jobs created, the company will receive a pro-rated incentive award less a 5% penalty of the scheduled award amount for that year. If job creation falls below 80% of the required jobs, the company will not receive a refund and will be terminated from the program.