Common use of Payments to the Applicant for Infrastructure Improvements Clause in Contracts

Payments to the Applicant for Infrastructure Improvements. The Applicant may submit a reimbursement request to FEDC for the financial assistance along with a statement of Applicant’s Qualified Expenditures including the Infrastructure Improvements design, engineering and construction no more than once per month. Within five (5) business days following FEDC’s receipt of Applicant’s reimbursement request, FEDC shall verify the statement of Applicant’s costs and the City’s inspection and approval of any Infrastructure Improvements on the Property, which inspection and approval shall not be unreasonably withheld, conditioned, or delayed. Upon successful review and verification by FEDC, FEDC shall pay Applicant an amount constituting the Applicant’s Qualified Expenditures up to a maximum reimbursement of One Hundred and Fifty Thousand Dollars ($150,000.00) for the fiscal year of the FEDC (October 1, 2022 through September 30, 2023), up to a total maximum of the Program Grant as set forth in Paragraph 5(a)(1). Payments by the City shall be made within thirty (30) days following the date of verification of Qualified Expenditures by the FEDC and shall be payable to Applicant. Notwithstanding the payments described above, FEDC shall not be obligated for any amounts in excess of the stated lump sum financial assistance as it relates to the development of the Property.

Payments to the Applicant for Infrastructure Improvements. The Applicant may submit a reimbursement request to FEDC for the financial assistance along with a statement of Applicant’s Qualified Expenditures including the Infrastructure Improvements design, engineering and construction no more than once per month. Within five (5) business days following FEDC’s receipt of Applicant’s reimbursement request, FEDC shall verify the statement of Applicant’s costs and the City’s inspection and approval of any Infrastructure Improvements on the Property, which inspection and approval shall not be unreasonably withheld, conditioned, or delayed. Upon successful review and verification by FEDC, FEDC shall pay Applicant an amount constituting the Applicant’s Qualified Expenditures up to a maximum reimbursement of One Hundred and Fifty Thousand Dollars ($150,000.00) for the first fiscal year of the FEDC (October 1, 2021 through September 30, 2022), Two Hundred Thousand ($200,000) for the second fiscal year of the FEDC (October 1, 2022 through September 30, 2023), and One Hundred and Fifty Thousand ($150,000) for the third and final fiscal year of the FEDC (October 1, 2023 through September 30, 2024) up to a total maximum of the Program Grant as set forth in Paragraph 5(a)(1). Any Qualified Expenditures not reimbursed in one fiscal year because of the annual cap may be carried over for reimbursement in the next fiscal year. Payments by the City shall be made within thirty (30) days following the date of verification of Qualified Expenditures by the FEDC and shall be payable to Applicant. Notwithstanding the payments described above, FEDC shall not be obligated for any amounts in excess of the stated lump sum financial assistance as it relates to the development of the Property.

Payments to the Applicant for Infrastructure Improvements. The Applicant may submit a reimbursement request to FEDC for the financial assistance along with a statement of Applicant’s Qualified Expenditures including the Infrastructure Improvements design, engineering and construction no more than once per month. Within five (5) business days following FEDC’s receipt of Applicant’s reimbursement request, FEDC shall verify the statement of Applicant’s costs and the City’s inspection and approval of any Infrastructure Improvements on the Property, which inspection and approval shall not be unreasonably withheld, conditioned, or delayed. Upon successful review and verification by FEDC, FEDC shall pay Applicant an amount constituting the Applicant’s Qualified Expenditures up to a maximum reimbursement of One Hundred and Fifty Twenty-five Thousand Dollars ($150,000.00125,000.00) for the first fiscal year of the FEDC (October 1, 2022 through September 30, 2023), One Hundred Thousand ($100,000.00) for the second fiscal year of the FEDC (October 1, 2023 through September 30, 2024) up to a total maximum of the Program Grant as set forth in Paragraph 5(a)(1). Payments by the City shall be made within thirty (30) days following the date of verification of Qualified Expenditures by the FEDC and shall be payable to Applicant. Notwithstanding the payments described above, FEDC shall not be obligated for any amounts in excess of the stated lump sum financial assistance as it relates to the development of the Property.

Payments to the Applicant for Infrastructure Improvements. The Applicant may submit a reimbursement request to FEDC for the financial assistance along with a statement of Applicant’s Qualified Expenditures including the Infrastructure Improvements design, engineering and construction no more than once per month. Within five (5) business days following FEDC’s receipt of Applicant’s reimbursement request, FEDC shall verify the statement of Applicant’s costs and the City’s inspection and approval of any Infrastructure Improvements on the Property, which inspection and approval shall not be unreasonably withheld, conditioned, or delayed. Upon successful review and verification by FEDC, FEDC shall pay Applicant an amount constituting the Applicant’s Qualified Expenditures up to a maximum reimbursement of One Hundred and Fifty Seventy-Five Thousand Dollars ($150,000.00175,000.00) for infrastructure and municipal fees. Upon receiving a Certificate of Occupancy the fiscal year Applicant may request payment of a one-time grant of $25,000 to complete the FEDC (October 1, 2022 through September 30, 2023), up to a total maximum of the Program Grant as set forth in Paragraph 5(a)(1). Any Qualified Expenditures not reimbursed in one fiscal year because of the annual cap may be carried over for reimbursement in the next fiscal year. Payments by the City shall be made within thirty (30) days following the date of verification of Qualified Expenditures by the FEDC and shall be payable to Applicant. Notwithstanding the payments described above, FEDC shall not be obligated for any amounts in excess of the stated lump sum financial assistance as it relates to the development of the Property.