Source of Funds for Payment of City’s Contribution to Project Costs Sample Clauses

Source of Funds for Payment of City’s Contribution to Project Costs. On December 4, 1989, the City adopted City of Batavia Ordinance 89-82, entitled "Ordinance Adopting Tax Increment Financing for Downtown Redevelopment Project (the "Real Estate Tax Increment Ordinance"). The Real Estate Tax Increment ordinance provides, in part, that ad valorem taxes, if any, arising from the levies upon taxable real property in the Redevelopment Project Area by taxing districts and tax rates determined in the manner provided in Sections 11-74.4-9 (c) of the Act, for each year after the effective date of the Real Estate Tax Increment Ordinance until the obligations issued in respect to the Redevelopment Project Area have been paid, or the termination of the TIF district by operation of law, whichever occurs earliest, which are attributable to the increase in the current equalized assessed valuation of each lot, block, tract or parcel of real property in the Redevelopment Project Area as certified by the Xxxx County Clerk, all as provided in Sections 11-74.4-8 and 11-74.4-9 of the Act (hereinafter the "Real Estate Tax Increment") shall be allocated to and when collected shall be paid to the County Collector who shall deposit the Real Estate Tax Increment in a special fund entitled “Batavia TIF District No. 1" (the "Special Fund") for the purpose of paying redevelopment project costs and obligations incurred by the City. As of the date of this Agreement, the City has available for deposit in the Special Fund, the full amount of $100,000.00. The parties agree that tax increment allocation financing implemented in accordance with the terms and provisions of the Act shall be a source of City funding for all of the costs of Project Improvements, provided, however, Developer shall pay the amount by which the actual Project Development Project Costs exceeds the total ceiling of $100,000.00.
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Related to Source of Funds for Payment of City’s Contribution to Project Costs

  • Payment of Project Costs The Grantee agrees that it will provide for payment of its full share of Project costs and that all costs connected with the Project will be paid by the Grantee on a timely basis.

  • Project Costs Simultaneously with the execution of this Agreement, the Company shall disclose to the Department all of the Project Costs which the Company seeks to include for purposes of determining the limitation of the amount of the Credit pursuant to Section 5-30 of the Act and provide to the Department a Schedule of Project Costs in the form as attached hereto as Exhibit C.

  • Disbursements to Contractors to Pay Costs of the Project The Recipient shall require that as work on the Project and as specified in its contract is performed a Contractor shall promptly submit a detailed project specific invoice to the Project Manager. Within three (3) Business Days following receipt of such invoice from a Contractor, the Project Manager shall review the invoice and, if found to be accurate, shall so certify in writing, forwarding such certification together with a copy of the invoice to the Chief Fiscal Officer. Within five (5) Business Days following receipt of such invoice and certification from the Project Manager, the Chief Fiscal Officer shall conduct such reviews as he considers appropriate and, if he approves such invoice, shall submit to the Director a Disbursement Request together with the information and certifications required by this Section 6(b). The dollar amount set forth in the Disbursement Request shall be calculated based on the Participation Percentage as set forth originally in Appendix D of this Agreement or as may be adjusted from time to time to account for changed conditions in the project financing scheme. Within five (5) Business Days following receipt of the Disbursement Request and all required information and certifications, the Director shall, if such items are deemed by the Director to be accurate and completed, initiate a voucher in accordance with applicable State requirements for the payment of the amount set forth in the Disbursement Request. Upon receipt of a warrant from the Auditor of State drawn in connection with a voucher initiated in accordance with the terms of the preceding sentence, the Director shall forward it by regular first class United States mail or electronic funds transfer, to the contractor or other authorized recipient designated in the Disbursement Request. Prior to any disbursement from the Fund, the following documents shall be submitted to the Director by the Recipient:

  • Project Cost Overruns In the event that the Recipient determines that the moneys granted pursuant to Section II hereof, together with the Local Subdivision Contribution, are insufficient to pay in full the costs of the Project, the Recipient may make a request for supplemental assistance to its District Committee. The Recipient must demonstrate that such funding is necessary for the completion of the Project and the cost overrun was the result of circumstances beyond the Recipient's control, that it could not have been avoided with the exercise of due care, and that such circumstances could not have been anticipated at the time of the Recipient's initial application. Should the District Committee approve such request the action shall be recorded in the District Committee's official meeting minutes and provided to the OPWC Director for the execution of an amendment to this Agreement.

  • COMPENSATION FOR CONSTRUCTION PHASE SERVICES 5.1 For the Construction Manager’s performance of the Work as described in Section 2.3, the Owner shall pay the Construction Manager the Contract Sum in current funds. The Contract Sum is the Cost of the Work as defined in Section 6.1.1 plus the Construction Manager’s Fee.

  • 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.

  • Construction Phase Payments 10.3.1 Payments for Construction Phase Services shall be made as provided for in the UGSC and Owner’s Specifications. All payment requests shall be submitted through e- Builder® with a Schedule of Values and include all required attachments. Payment for approved Change Orders shall be made as part of Contractor’s Application for Payment. Failure to submit a Prime Contractor Progress Assessment Report form with each Application for Payment will cause rejection of the application by Owner and its return to Contractor.

  • Subcontract Costs Payments made by the Construction Manager to Subcontractors in accordance with the requirements of the subcontracts.

  • Construction Manager’s Fee The following shall be deemed included in the Construction Manager’s fee for services during the Construction Phase.

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