Requirements for each Economic Incentive. 1. An Economic Incentive in the amount of $30,000.00 shall be provided to COMPANY in the form of forgiveness of a portion of the Loan in the amount of $30,000.00 upon completion of the following Performance Requirements for Incentive No. 1:
(a) Documentation of an executed Lease for at least 16,200 rentable square feet of office space in the City for a term of not less than sixty (60) months on or before March 6,2007 in Frisco, Texas; and
(b) Documentation of receipt of a corresponding City Certificate of Occupancy (CO) for of at least 16,200 rentable square feet of office space on or before August 1, 2007; and
(c) Documentation of installation of business and personal property in the City with a taxable value of at least $100,000.00; and
(d) Documentation of continuous occupancy of leased office space of at least 16,200 rentable square feet of office space and documentation that the COMPANY has created, staffed and maintained employment of at least twelve (12) full-time employees for at least nine (9) consecutive months before the expiration of the eligibility period set forth in Section 11(B)(1)(e) below.
(e) Eligibility Period for the COMPANY to qualify for Incentive No. 1 expires ten (10) months from the anniversary date of the CO.
2. An Economic Incentive in the amount of $40,000.00 shall be provided to COMPANY in the form of forgiveness of a portion of the Loan in the amount of $40,000.00 upon completion of the following Performance Requirements for Incentive No. 2:
(a) Documentation of continuous occupancy of leased office space of at least 16,200 rentable square feet of office space and documentation that the COMPANY has created, staffed and maintained an employment of at least thirty (30) full-time employees in the City for at least six (6) consecutive months before the expiration of the eligibility period set forth in Section II (B)(2)(d) below; and
(b) Documentation of installation of business and personal property with a taxable value of at least $500,000.00.
(c) Incentive No. 2 shall be provided no earlier than twelve (12) months after the receipt of Incentive No. 1.
(d) Eligibility period for the COMPANY to qualify for Incentive No. 2 expires the twenty two (22) month anniversary date of the CO.
3. An Economic Incentive in the amount of $50,000.00 shall be provided to COMPANY in the form of forgiveness of a portion of the Loan in the amount of $50,000.00 upon completion of the following Performance Requirements for Incentive No. 3:
(a) Docume...
Requirements for each Economic Incentive a. An Economic Incentive of $300,000.00 will be paid to Company upon completion of the following Performance Requirements for Incentive No. 1:
