City Incentives definition
Examples of City Incentives in a sentence
In the event the City Charge has been registered prior to the date the City Incentives would otherwise be required to be paid to the City and there is a subsequent increase or decrease to any one or more of the amounts making up the City Incentives, the Proponent shall advise the City, and, upon the City’s request, shall increase or decrease the amount of the City Charge to reflect the correct Principal Amount, forthwith.
For purposes of this paragraph 7.2.3, Developer’s Development Cost shall consist solely of the Development Costs paid by Developer for the Project and should not consider the value or amount of any City Incentives.
City and Developer are parties to a City Redevelopment Agreement for Brick City Residences & Shops, LLC (the “Original Agreement”) pursuant to which Developer intends to develop and construct the Project on the Property and desires for City to provide the City Incentives, as set forth in this Agreement, set forth therein.
Landlord and Tenant anticipate that the City Incentives will be provided through either a reduction in Taxes payable with respect to the Project or as a rebate paid to Landlord.
By execution of this Agreement, the Owner expressly acknowledges and agrees that the City Incentives and the CRA Loan provided by the City and the CRA, respectively, pursuant to this Agreement, are provided solely to serve the public purpose set forth in Chapter 420, Florida Statutes, to provide Affordable and/or Workforce Housing to the community, and that the City and the CRA assume no responsibility to assure the financial feasibility or success of the Owner’s Project.
Landlord's reasonable, good faith cooperation shall extend to the execution of applications and related documents that have been prepared by Tenant and that are necessary in Tenant's reasonable judgment in order for Tenant to obtain and secure implementation of the City Incentives.
Landlord agrees to provide to Tenant the full benefit of the City Incentives actually received by Landlord by either reducing the amount of Taxes payable by Tenant under this Lease by the amount of the City Incentives received (if Landlord receives the City Incentives through a reduction in Taxes) or by paying to Tenant any City Incentives actually received by Landlord in the form of a rebate (after deducting any amounts then due and payable by Tenant under this Lease).
Collectively, the “City Incentives,” the City Incentives with respect to sales tax, property tax, and transient occupancy taxes are subject to the terms and conditions of the specific separate agreements between the City Parties and the Developer Parties.
On or about April 20, 2021, City and Developer entered into a City Redevelopment Agreement for Brewery In Midtown (the “Original Agreement”) pursuant to which City agreed to convey the Property1 to Developer for the construction of the Project, and to provide the City Incentives.
The Charge/Mortgage of Land shall be in the amount of XXXXXXXXXXX Dollars ($XXXXX) [total of City Funds and value of City Incentives], and shall be in the form set out in Schedule "H" and a legal opinion substantially in the form of the opinion set out in Schedule "I" will be provided to the City.