Stabilization and Transition Grants Sample Clauses

Stabilization and Transition Grants. For and in consideration of the obligations being assumed by Developer hereunder, and in furtherance of the goals and objectives of the Urban Renewal Plan for the Urban Renewal Area and the Urban Renewal Act, the City agrees, subject to Developer being and remaining in compliance with the terms of this Agreement, to make up to ten (10) years of consecutive annual payments of Thirty-six Thousand Eight Hundred Forty-six Dollars ($36,846) in Stabilization and Transition Grants to Developer up to a total amount not to exceed Three Hundred Sixty-eight Thousand Four Hundred Sixty Dollars ($368,460) in the aggregate. Assuming completion of the Minimum Improvements by August 30, 2017 and full assessment of the Minimum Improvements on January 1, 2018, and debt certification by the City to the Auditor prior to December 1, 2018, the Stabilization and Transition Grants shall commence on June 1, 2020 and end on June 1, 2029 pursuant to Section 403.19 of the Urban Renewal Act in the following amounts: Date Amount of Economic Development Grants June 1, 2020 $36,846 for Fiscal Year 2019-2020 June 1, 2021 $36,846 for Fiscal Year 2020-2021 June 1, 2022 $36,846 for Fiscal Year 2021-2022 June 1, 2023 $36,846 for Fiscal Year 2022-2023 June 1, 2024 $36,846 for Fiscal Year 2023-2024 June 1, 2025 $36,846 for Fiscal Year 2024-2025 June 1, 2026 $36,846 for Fiscal Year 2025-2026 June 1, 2027 $36,846 for Fiscal Year 2026-2027 June 1, 2028 $36,846 for Fiscal Year 2027-2028 June 1, 2029 $36,846 for Fiscal Year 2028-2029 Each annual payment shall be equal in amount to the above schedule, not to exceed $368,460 in the aggregate (such payments being referred to collectively as the "Stabilization and Transition Grants").
Sample 1
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