Common use of PROGRAM GRANT Clause in Contracts

PROGRAM GRANT. 5.01 Subject to Alley Cats complying with his duties and obligations under this Agreement, the City agrees that, subject to the terms and conditions contained herein, Alley Cats shall be entitled to receive Grant Payments and benefits according to the schedule set forth in this Article. 5.02 The maximum Grant Payments cumulatively available to Alley Cats over the term of this Agreement shall not exceed Seven Hundred Fifty Thousand Dollars ($750,000.00). 5.03 The City shall make Grant Payments to Alley Cats in annual installments equal to one hundred percent (100%) of Available Sales Taxes received by the City for the prior calendar year of the Family Entertainment Center’s operation. 5.04 The Grants Payments shall cease upon the earlier of: (A) The date upon which the Grant Payment is paid for the final twelve (12) month period ending five years following the date Alley Cats receives a Certificate of Occupancy on the Property; or (B) The date upon which the Grant Payment Cap has been reached. 5.05 For each calendar year in which a grant payment is requested, Alley Cats agrees to provide a release to the City that will allow the Texas Comptroller of Public Accounts (the “Comptroller”) to release information to the City that documents the amount of Available Sales Taxes collected by the Comptroller for the City from the Restaurant (the “Sales Tax Disclosure”). The City and Alley Cats shall rely on the Sales Tax Disclosure as accurate and definitive for purposes of this Agreement. City shall not be required to pay Alley Cats the Grant Payments under this Article until such time that Alley Cats provides the required release and the Comptroller provides the Sales Tax Disclosure. 5.06 Following receipt of the Sales Tax Disclosure and the receipt of Available Sales Taxes by City, City shall pay Alley Cats the annual installment of Grant Payments due hereunder, subject to the terms and provisions of this Agreement, within 60 days. Both parties acknowledge that as of the Effective Date of this Agreement, the Sales Tax Disclosure and disbursement of Available Sales Taxes for the prior calendar year to City by Comptroller is expected to occur no sooner than March 1 of each calendar year.

PROGRAM GRANT. 5.01 Subject to Alley Cats Xxxx complying with his duties and obligations under this Agreement, the City agrees that, subject to the terms and conditions contained herein, Alley Cats Xxxx shall be entitled to receive Grant Payments and benefits according to the schedule set forth in this Article. 5.02 The maximum Grant Payments cumulatively available to Alley Cats Xxxx over the term of this Agreement shall not exceed Seven Three Hundred and Fifty Thousand Dollars ($750,000.00350,000). 5.03 The City shall make Grant Payments to Alley Cats Xxxx in annual installments equal to one hundred percent (100%) of Available Sales Taxes received by the City for the prior calendar year of the Family Entertainment Centerrestaurant’s operation. 5.04 The Grants Payments shall cease upon the earlier of: (A) The date upon which the Grant Payment is paid for the final twelve (12) month period ending five ten years following the date Alley Cats Xxxx receives a Certificate of Occupancy on the Property; or (B) The date upon which the Grant Payment Cap has been reached. 5.05 For each calendar year in which a grant payment is requested, Alley Cats Xxxx agrees to provide a release to the City that will allow the Texas Comptroller of Public Accounts (the “Comptroller”) to release information to the City that documents the amount of Available Sales Taxes collected by the Comptroller for the City from the Restaurant (the “Sales Tax Disclosure”). The City and Alley Cats Xxxx shall rely on the Sales Tax Disclosure as accurate and definitive for purposes of this Agreement. City shall not be required to pay Alley Cats Xxxx the Grant Xxxxx Payments under this Article until such time that Alley Cats Xxxx provides the required release and the Comptroller provides the Sales Tax Disclosure. 5.06 Following receipt of the Sales Tax Disclosure and the receipt of Available Sales Taxes by City, City shall pay Alley Cats Xxxx the annual installment of Grant Payments due hereunder, subject to the terms and provisions of this Agreement, within 60 days. Both parties acknowledge that as of the Effective Date of this Agreement, the Sales Tax Disclosure and disbursement of Available Sales Taxes for the prior calendar year to City by Comptroller is expected to occur no sooner than March 1 of each calendar year.

PROGRAM GRANT. 5.01 Subject to Alley Cats OTS complying with his its duties and obligations under this Agreement, the City agrees that, subject to the terms and conditions contained herein, Alley Cats OTS shall be entitled to receive Grant Payments and benefits according to the schedule set forth in this Article. 5.02 The maximum City shall make Grant Payments cumulatively available to Alley Cats over OTS from the term TIF for the Term of this Agreement based on the following conditions: a) Annual installments shall be equal to 50% of TIF increment Property Tax revenue received by the City for the prior calendar year of the operation of the Development. Reimbursements shall begin on or before March 1st of the year following the year the City accepts the Public Improvements and receives acceptable documentation of the expenses incurred during the construction of the Public Improvements. Throughout the life of this Agreement, the annual reimbursement paid to OTS shall not exceed Seven Hundred Fifty Thousand Dollars the available tax increment generated by the OTS project within TIF #2. The City covenants it shall first pay its reimbursement obligations to OTS prior to utilizing TIF district funds for other purposes. b) Partial reimbursement of Public Improvements of $300,000 shall be payable from TIF upon issuance of the first Certificate of Occupancy in the Development, such reimbursement to be paid within sixty ($750,000.00)60) days of receipt invoice and notice from OTS to City. 5.03 The City shall make the following Grant Payments Payment to Alley Cats in annual OTS from the Available Sales Taxes for the Term of this Agreement based on the following conditions: a) Annual installments shall be equal to one hundred percent (100%) 50% of Available Sales Taxes received by the City for the prior calendar year of the Family Entertainment Center’s operationoperation of the Development. 5.04 The Grants Payments shall cease upon the earlier of: (Ab) The date upon which the Grant Payment is paid for the final twelve (12) month period ending five years following the date Alley Cats receives a Certificate of Occupancy on the Property; or (B) The date upon which the Grant Payment Cap has been reached. 5.05 For each calendar year in which a grant payment is requested, Alley Cats OTS agrees to provide a release to the City that will allow the Texas Comptroller of Public Accounts (the “Comptroller”) to release information to the City that documents the amount of Available Sales Taxes collected by the Comptroller for the City from the Restaurant Development (the “Sales Tax Disclosure”). The City and Alley Cats shall rely on the Sales Tax Disclosure as accurate and definitive for purposes of this Agreement. City shall not be required to pay Alley Cats the Grant Payments under this Article until such time that Alley Cats provides the required release and the Comptroller provides the Sales Tax Disclosure.Tax 5.06 c) Following receipt of the Sales Tax Disclosure and the receipt of Available Sales Taxes by City, City shall pay Alley Cats OTS the annual installment of Grant Payments due hereunder, subject to the terms and provisions of this Agreement, within 60 days. Both parties acknowledge that as of the Effective Date of this Agreement, the Sales Tax Disclosure and disbursement of Available Sales Taxes for the prior calendar year to City by Comptroller is expected to occur no sooner than March 1 of each calendar year.

PROGRAM GRANT. 5.01 Subject to Alley Cats RAZZOO’S complying with his duties and obligations under this Agreement, the City agrees that, subject to the terms and conditions contained herein, Alley Cats RAZZOO’S shall be entitled to receive Grant Payments and benefits according to the schedule set forth in this Article. 5.02 The maximum Grant Payments cumulatively available to Alley Cats RAZZOO’S over the term of this Agreement shall not exceed Seven Five Hundred Fifty Thousand Dollars ($750,000.00500,000). 5.03 The City shall make Grant Payments to Alley Cats RAZZOO’S in annual installments equal to one hundred percent (100%) of Available Sales Taxes received by the City for the prior calendar year of the Family Entertainment Centerrestaurant’s operation. 5.04 The Grants Payments shall cease upon the earlier of: (A) The date upon which the Grant Payment is paid for the final twelve (12) month period ending five ten years following the date Alley Cats RAZZOO’S receives a Certificate of Occupancy on the Property; or (B) The date upon which the Grant Payment Cap has been reached. 5.05 For each calendar year in which a grant payment is requested, Alley Cats RAZZOO’S agrees to provide a release to the City that will allow the Texas Comptroller of Public Accounts (the “Comptroller”) to release information to the City that documents the amount of Available Sales Taxes collected by the Comptroller for the City from the Restaurant (the “Sales Tax Disclosure”). The City and Alley Cats RAZZOO’S shall rely on the Sales Tax Disclosure as accurate and definitive for purposes of this Agreement. City shall not be required to pay Alley Cats RAZZOO’S the Grant Payments under this Article until such time that Alley Cats RAZZOO’S provides the required release and the Comptroller provides the Sales Tax Disclosure. 5.06 Following receipt of the Sales Tax Disclosure and the receipt of Available Sales Taxes by City, City shall pay Alley Cats RAZZOO’S the annual installment of Grant Payments due hereunder, subject to the terms and provisions of this Agreement, within 60 days. Both parties acknowledge that as of the Effective Date of this Agreement, the Sales Tax Disclosure and disbursement of Available Sales Taxes for the prior calendar year to City by Comptroller is expected to occur no sooner than March 1 of each calendar year.