Progress Payments of Developer’s Housing Allocation Sample Clauses

Progress Payments of Developer’s Housing Allocation. Each year twenty percent (20%) of the property tax increment received by the Agency is designated for Developer’s Housing Allocation (after one-time payment of $500,000 to the Agency for housing purposes). Provided Developer has constructed at least 134 residential units on the Site, until 300 residential units have been constructed on the Site the Developer shall receive a portion of the Developer’s Housing Allocation for each Tax Increment Year calculated by multiplying the Developer’s Housing Allocation for such year by a fraction, the numerator of which is the number of residential units constructed on the Site and the denominator of which is 300 (“Housing Allocation Fraction”). The remainder of the Developer’s Housing Allocation that is not paid to the Developer in any Tax Increment Year shall be retained by the Agency in an interest bearing account (“Housing Allocation Account”). For example, if at the end of the seventh Tax Increment Year 175 residential units were constructed and the Developer’s Housing Allocation for such year was $800,000, the amount of Developer’s Housing Allocation paid to the Developer would be $466,667 [$800,000 x 175/300], and the amount paid into the Housing Allocation Account would be $333,333 [$800,000 - 466,667 = $333,333]. At the end of each Tax Increment Year there shall also be released to Developer certain funds from the Housing Allocation Account so that the aggregate amount of Developer’s Housing Allocation received by the Developer from the commencement of the Subsidy Period through the end of the Tax Increment Year in question is equal to the aggregate amount of Developer’s Housing Allocation for such period (both the amounts paid to Developer and the amounts paid into the Housing Allocation Account) multiplied by the Housing Allocation Fraction. In order for Developer to receive the full amount of Developer’s Housing Allocation, 300 residential units must be constructed on the Site by the end of the fifteenth Tax Increment Year. Upon the completion of the 300th residential unit constructed on the Site prior to the end of the fifteenth Tax Increment Year, any and all funds remaining in the Housing Allocation Account shall be paid to the Developer. If at least 300 residential units have not been constructed on the Site by the end of the fifteenth Tax Increment Year, the remaining balance in the Housing Allocation Account shall be released to the Agency, and Developer shall have no right or interest in or to such a...
Sample 1Sample 2
AutoNDA by SimpleDocs
Progress Payments of Developer’s Housing Allocation. To be eligible for the entire Developer’s Housing Allocation, Developer must construct fifty (50) units to be operated as Moderate Income Housing within the Open District. Developer may request progress payments from Agency upon the completion of each unit qualifying Moderate Income Housing. Such portions of Developer’s Housing Allocation that have not been distributed to Developer shall be retained by the Agency in an interest bearing account until disbursement in accordance with this Agreement. Developer shall supply cost information to Agency to assist Agency in confirming that Developer’s Housing Allocation is expended on the construction of units, and improvements supporting units, operated asless than developers cost for Moderate Income Housing., which costs shall include the proportionate share of land, site/infrastructure improvements, building common areas and amenities. The proportionate share will be the ratio of the gross leasable affordable housing unit area to the gross leasable residential area.
Sample 1
Progress Payments of Developer’s Housing Allocation. To be eligible for the entire Developer’s Housing Allocation, Developer must construct Moderate Income Housing within the Open District described in the SDMP equal to ten percent of all multifamily residential units constructed in the Open District. By way of example, and not limitation, if Developer builds eight hundred fifty (850) multifamily units within the Open District, then Developer must build eighty five (85) multifamily units qualifying as Moderate Income Housing within the Open District in order to receive the entire Developer’s Housing Allocation. By way of further example, if Developer builds six hundred (600) multifamily units within the Open District but elects only to locate thirty (30) multifamily units qualifying as Moderate Income Housing, then Developer shall only be entitled to fifty percent (50%) of the total available Developer’s Housing Allocation. Developer may request progress payments from Agency upon the completion of each multifamily unit qualifying Moderate Income Housing. Such portions of Developer’s Housing Allocation that have not been distributed to Developer shall be retained by the Agency in an interest bearing account until disbursement in accordance with this Agreement.
Sample 1

Related to Progress Payments of Developer’s Housing Allocation

  • Progress Payments 5.1.1 Based upon Applications for Payment submitted to the Architect by the Contractor and Certificates for Payment issued by the Architect, the Owner shall make progress payments on account of the Contract Sum to the Contractor as provided below and elsewhere in the Contract Documents.

  • Progress Payments; Retainage A. Owner shall make progress payments on account of the Contract Price on the basis of Contractor’s Applications for Payment on or about the first day of each month during performance of the Work as provided in Paragraph 6.02.A.1 below, provided that such Applications for Payment have been submitted in a timely manner and otherwise meet the requirements of the Contract. All such payments will be measured by the Schedule of Values established as provided in the General Conditions (and in the case of Unit Price Work based on the number of units completed) or, in the event there is no Schedule of Values, as provided elsewhere in the Contract.

  • Periodic Progress Payments The Owner shall make progress payments, less retainage, as set forth in Section 4 of the General Conditions.

  • Pension Contributions While on Short Term Disability Contributions for OMERS Plan Members When an employee/plan member is on short-term sick leave and receiving less than 100% of regular salary, the Board will continue to deduct and remit OMERS contributions based on 100% of the employee/plan member’s regular pay.

  • Treatment of Passthru Payments and Gross Proceeds The Parties are committed to work together, along with Partner Jurisdictions, to develop a practical and effective alternative approach to achieve the policy objectives of foreign passthru payment and gross proceeds withholding that minimizes burden.

  • Obligation to Provide State Access to Grant Records The Grantee must make all grant records of expenditures, copies of reports, books, and related documentation available to the Division or a duly authorized representative of the State of Florida for inspection at reasonable times for the purpose of making audits, examinations, excerpts and transcripts.

  • PROGRESS PAYMENT 5.4.1 After receipt by the Contract Administrator of a Proper Invoice submitted by the Contractor in accordance with 5.3 – PROPER INVOICES:

  • Longevity Payments All employees, who are hired on or after January 1, 1989, shall not be covered by this Article. Full-time employees on the County Payroll as of December 31, 1988, shall be entitled to longevity pay subject to the following provisions:

  • Housing Allowance During the Employment Period, Executive shall be entitled to receive a Cayman Islands housing allowance of US $6,000 per month. Executive will be responsible for any taxes due on such allowance.

  • Additional Contributions The Member is not required to make any additional capital contribution to the Company. However, the Member may at any time make additional capital contributions to the Company in cash or other property.

Time is Money Join Law Insider Premium to draft better contracts faster.