Common use of Source of Grant Funds Limited Clause in Contracts

Source of Grant Funds Limited. a. The Economic Development Grants shall be payable from and secured solely and only by amounts deposited and held in the Oskaloosa Gateway Hotel, LLC TIF Account of the Oskaloosa Urban Renewal Area Tax Increment Revenue Fund of the City. The City hereby covenants and agrees to maintain the Ordinance in force during the term hereof on the Development Property and to apply the appropriate percentage of Tax Increments collected in respect of the Development Property and Minimum Improvements and allocated to the Oskaloosa Gateway Hotel, LLC TIF Account to pay the Economic Development Grants, as and to the extent set forth in this Article. The Economic Development Grants shall not be payable in any manner by other tax increment revenues or by general taxation or from any other City funds. Any commercial and industrial property tax replacement monies that may be received under chapter 441.21A shall not be included in the calculation to determine the amount of Economic Development Grants for which Developer is eligible, and any monies received back under chapter 426C relating to the Business Property Tax Credit shall not be included in the calculation to determine the amount of Economic Development Grants for which Developer is eligible.

Source of Grant Funds Limited. a. The Economic Development Grants shall be payable from and secured solely and only by amounts deposited and held in the Oskaloosa Gateway Hotel, LLC Xxxxxx Trust TIF Account of the Oskaloosa Bloomfield Urban Renewal Area #1 Urban Renewal Area Tax Increment Revenue Fund of the City. The City hereby covenants and agrees to maintain the Ordinance account with respect to the Development Property in force during the term hereof on the Development Property and to apply the appropriate percentage of Tax Increments collected in respect of the Development Property and the Minimum Improvements and allocated to the Oskaloosa Gateway Hotel, LLC Xxxxxx Trust TIF Account to pay the Economic Development Grants, as and to the extent set forth in this Article. The Economic Development Grants shall not be payable in any manner by other tax increment revenues or by general taxation or from any other City funds. Any commercial and industrial property tax replacement monies that may be received under chapter Chapter 441.21A of the Code shall not be included in the calculation to determine the amount of Economic Development Grants for which Developer is eligible, and any monies received back under chapter Chapter 426C of the Code relating to the Business Property Tax Credit shall not be included in the calculation to determine the amount of Economic Development Grants for which Developer is eligible.

Source of Grant Funds Limited. a. The Economic Development Grants shall be payable from and secured solely and only by amounts deposited and held in the Oskaloosa Gateway HotelXxxxxxxx Center, LLC TIF Account of the Oskaloosa Xxxxxxxx Urban Renewal Area Tax Increment Revenue Fund of the City. The City hereby covenants and agrees to maintain the Ordinance in force during the term hereof on the Development Property and to apply the appropriate percentage of Tax Increments collected in respect of the Development Property and Minimum Improvements and allocated to the Oskaloosa Gateway HotelXxxxxxxx Center, LLC TIF Account to pay the Economic Development Grants, as and to the extent set forth in this Article. The Economic Development Grants shall not be payable in any manner by other tax increment revenues or by general taxation or from any other City funds. Any commercial and industrial property tax replacement monies that may be received under chapter 441.21A shall not be included in the calculation to determine the amount of Economic Development Grants for which Developer is eligible, and any monies received back under chapter 426C relating to the Business Property Tax Credit shall not be included in the calculation to determine the amount of Economic Development Grants for which Developer is eligible.

Source of Grant Funds Limited. a. The Economic Development Grants shall be payable from and secured solely and only by amounts deposited and held in the Oskaloosa Gateway HotelXxxxxxxx Foods of Iowa, LLC TIF Account of the Oskaloosa Xxxxx City Southside Gateway Urban Renewal Area Tax Increment Revenue Fund of the City. The City hereby covenants and agrees to maintain the Ordinance in force during the term hereof on the Development Property and to apply the appropriate percentage of Tax Increments collected in respect of the Development Property and Minimum Improvements and allocated to the Oskaloosa Gateway HotelXxxxxxxx Foods of Iowa, LLC TIF Account to pay the Economic Development Grants, as and to the extent set forth in this Article. The Economic Development Grants shall not be payable in any manner by other tax increment revenues or by general taxation or from any other City funds. Any commercial and industrial property tax replacement monies that may be received under chapter 441.21A shall not be included in the calculation to determine the amount of Economic Development Grants for which Developer is eligible, and any monies received back under chapter 426C relating to the Business Property Tax Credit shall not be included in the calculation to determine the amount of Economic Development Grants for which Developer is eligible.