Requirement of Revenue Neutrality and Fiscal Impact Study Sample Clauses

Requirement of Revenue Neutrality and Fiscal Impact Study. 1. The Parties agree that the net fiscal effect to the City as a result of the completion of the Development must be at least revenue neutral; that is, the additional costs to the City from providing City services to the Development must not be greater than the revenue received by the City as a result of the Development. The Parties agree that the Fiscal Impact Study approved and adopted by the City Council on August 11, 2009 (“FIS”) establishes the mechanism for determining whether the Development will be "revenue neutral" to the City. The Parties agree that the FIS is an acceptable basis upon which to determine revenue neutrality and to project the same in future years, and shall not be revised following annexation of the Property.
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