Reduction Based on Failure to Meet Central City Resident Employment Commitment Sample Clauses

Reduction Based on Failure to Meet Central City Resident Employment Commitment. If during the Compliance Auditing Year (as defined in Section 2.5) fewer than (i) twenty-five percent (25%) of all Jobs on the Land or (ii) twenty-five (25) Jobs on the Land, whichever number is less, were held by individuals whose principal places of residence were located within the Central City, as defined in Exhibit “A”, then the amount of Abatement granted hereunder on the Land and Tangible Personal Property will be reduced by subtracting from the Base Abatement $1,000 for each Job by which such commitment was not met. Determination of compliance with the employment requirements of this Section 2.1.3 shall be based on Owner’s employment data for December 1 (or another date requested by Owner and reasonably acceptable to the City) of the Compliance Auditing Year.
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