Riverfront Region Economic Development Fund Sample Clauses

Riverfront Region Economic Development Fund. Developer shall pay monthly three-tenths of one percent (0.3%) of Developer’s gross gaming revenue from the Project to the City to be held in a special fund (the “Riverfront Region Economic Development Fund”) (the “Riverfront Fund”) for improvements, economic development and other public purposes benefiting the downtown commercial and riverfront areas of the City, including but not limited to the area between the Downtown Business District and the Project Site. The City may draw on and expend the funds from the Riverfront Fund directly or may contract with Old Town Cape, Inc., a Missouri non-profit corporation or other non-profit organizations agreeing to expend the funds for such specified public purposes. At least 70% of the expenditures from the Riverfront Fund shall go towards capital improvements (including planning, design, implementation, and construction). Developer’s monthly payment to the Riverfront Fund required under this paragraph shall be required only for such months that the City funds, or makes a binding commitment to fund, an equal payment to be deposited in the Riverfront Fund. Notwithstanding any requirement herein to the contrary, in lieu of Developer’s first Two Hundred Fifty Thousand Dollars ($250,000) in payments to the Riverfront Fund, Developer shall pay to the City on or before Construction Commencement the amount of Two Hundred Fifty Thousand Dollars ($250,000) which shall be used by the City for wayfinding signage costs as provided for in Paragraph 5.3.4, with any remainder, if any, being deposited in the Riverfront Fund. That prefunded amount of $250,000 represents 0.3% of Developer’s gross gaming revenue from the Project of $83,333,333. After Developer’s gross gaming revenue from the Project exceeds $83,333,333, Developer will begin to make the monthly payments to the Riverfront Fund. City may, but shall not be obligated to, match into the Riverfront Fund for the first $250,000 payment. If the Project Site becomes part of a Community Improvement District then Developer can elect to terminate Developer’s payment obligation pursuant to this paragraph upon written notice to the City for the period of time that the Project Site is part of the Community Improvement District.
Sample 1
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