Economic Development Grants definition

Economic Development Grants means the Tax Increment payments to be made by the City to the Developer under Article VIII of this Agreement.
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Economic Development Grants means annual economic development grants for reimbursement of Eligible Costs for Private Infrastructure to be paid as set forth herein.
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Economic Development Grants means the payments to be made by the City to Developer under Article VIII of this Agreement. Employee means an individual employed by Developer or by a tenant of Developer in the Minimum Improvements on the Development Property on a part-time or full-time basis.
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Examples of Economic Development Grants in a sentence

  • If payment of Developer’s Contribution is not timely made, the amount of any unpaid invoice, plus interest at the maximum amount allowed by law, shall be deducted from any Economic Development Grants to be paid under Section 8.1 of this Agreement and the Maximum Aggregate Amount described in Section 8.3 shall be reduced by that amount.

  • The City shall have no obligation to make payment of Economic Development Grants to Developer subsequent to an Event of Default and shall be entitled to recover from the Developer, and the Developer shall repay to the City, an amount equal to the full amount of the Economic Development Grants previously made to Developer under Article VIII hereof, with interest thereon at the highest rate permitted by State law.

  • The City hereby covenants and agrees to maintain the Ordinance in force during the term hereof and to apply the appropriate amount of Tax Increments to pay the Economic Development Grants, as and to the extent set forth in this Article.

  • In the event that an Event of Default occurs or any certification filed by Developer under Section 6.7 (or other information) discloses the existence or prior occurrence of an Event of Default that was not cured or cannot reasonably be cured, the City shall have no obligation thereafter to make any payments to Developer in respect of the Economic Development Grants and the provisions of this Article shall terminate and be of no further force or effect.

  • The aggregate amount of the Economic Development Grants that may be paid to Developer under this Agreement shall be equal to the total amount of the applicable percentages of Tax Increments collected in respect of the assessments imposed on the assessed value of the Qualifying Improvements and Development Property above the Base Value over the specified fourteen (14) year period, but in no event shall exceed Six Million Five Hundred Thousand Dollars ($6,500,000) over the fourteen (14) year period.

  • The right of non-appropriation reserved to the City in this Section is intended by the parties, and shall be construed at all times, so as to ensure that the City’s obligation to make future Economic Development Grants shall not constitute a legal indebtedness of the City within the meaning of any applicable constitutional or statutory debt limitation prior to the adoption of a budget which appropriates funds for the payment of that installment or amount.

  • 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.

  • The Economic Development Grants shall be payable from and secured solely and only by Tax Increments deposited and held in the TSL Company Holdings, Ltd.

  • 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.

  • 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 the Developer being and remaining in compliance with this Agreement, to make up to fourteen (14) consecutive annual payments of Economic Development Grants to the Developer, under the following terms and conditions.

Related to Economic Development Grants

  • Major development means an individual “development,” as well as multiple developments that individually or collectively result in:

  • Mixed use development means a building, combination of buildings, or building complex, designed to functionally and physically integrate non-residential uses such as retail, commercial, institutional, recreational, or community uses with residential uses, in a complementary manner.

  • sustainable development means development that meets the needs of the present generation without compromising the ability of future generations to meet their own needs;

  • Planned unit development means a subdivision characterized by a unified site design, clustered residential units and/or commercial units, and areas of common open space.

  • New development means development resulting from the conversion of previously undeveloped land or agricultural land uses.