Property Development Cap definition

Property Development Cap means 10% of the Gross Asset Value of the Deposited Property, being the threshold limit on the Aggregate Development Costs;
Sample 1
Property Development Cap means the threshold limit applicable to the Aggregate Development Costs, which may be up to 25% of the Gross Asset Value of the Deposited Property;” 6. A new definition of “Property Development Costs” be inserted in alphabetical order under clause 1.1 of the Trust Deed as follows:
Sample 1
Property Development Cap. ’ means the applicable maximum limit on the Aggregate Development Costs, being 25% of the Gross Asset Value of the Deposited Property;
Sample 1

Examples of Property Development Cap in a sentence

  • Employees will be reimbursed for any business calls, postal or fax charges incurred during the course of their work.

  • Accordingly, the Trustee urges all Unitholders, including those who are in any doubt as to the impact or merits of the Property Development Cap Amendment, to seek their own financial or other professional advice.

  • The Aggregate Development Costs shall not exceed the Property Development Cap at any time.

  • Having taken into account the duties of the Manager under the Trust Deed and the REIT Code, the Board considers that the Property Development Cap Amendment is being made in compliance with the modification provisions of the Trust Deed and the REIT Code, and that the proposed increase in the Property Development Cap and the Property Development Cap Amendment in line with the relaxations under the REIT Code Amendments and are in the interests of Fortune REIT and the Unitholders as a whole.

  • The REIT Code Amendments introduced greater flexibility to REITs by permitting the Property Development Cap to be increased from 10% to 25% of the GAV of the REIT, if (1) unitholders of the REIT have given their consent to such increase by way of resolution at a general meeting;(2) it is permissible under the constitutive documents of the REIT; and (3) no objection from the trustee has been obtained.

  • The Manager is of the view that, following the REIT Code Amendments, allowing Fortune REIT to engage in Property Development and Related Activities in excess of the existing limit of 10% of the Gross Asset Value of the Deposited Property to not more than 25% of the Gross Asset Value of the Deposited Property, being the proposed increase in the Property Development Cap, is beneficial to Fortune REIT and the Unitholders as a whole.

  • On 4 December 2020, the REIT Code was amended to, inter alia, relax the Property Development Cap from 10% to up to 25% of the REIT’s gross asset value, provided that: (a) its unitholders have given their consent to such increase by way of resolution at a general meeting; (b) the increase is permitted and effected pursuant to its trust deed; and (c) no objection from the trustee of the REIT has been obtained.

  • The Manager proposes to relax the investment limit applicable to Sunlight REIT (including the amendment of the relevant provisions in the Trust Deed) so that the Property Development Cap will be increased to 25% (or such other higher percentage as may be permitted under the REIT Code) of the GAV of Sunlight REIT, and accordingly amend Clauses1.1 and 19.2(b) of the Trust Deed.

  • The Trustee’s view and confirmation above are not to be taken as a recommendation or representation by the Trustee of the merits of the Property Development Cap Amendment or any statements or information made or disclosed in the Circular.

  • Having taken into account the duties of the Trustee under the Trust Deed and the REIT Code, and based on the information contained in the Circular, the Trustee is of the view that the Property Development Cap Amendment is being made in compliance with the modification provisions of the Trust Deed and the REIT Code.


More Definitions of Property Development Cap

Property Development Cap means the applicable maximum limit on the Aggregate Development Costs for the time being, being 1025 per cent. (or such other percentage as may be permitted under the REIT Code) of the Gross Asset Value of the Deposited Property at any time;”
Sample 1Sample 2Sample 3
Property Development Cap means 25% (or such higher percentage as may be permitted by the Code or by the relevant authorities) of the gross asset value of the Deposited Property, which for this purpose the gross asset value of the Deposited Property shall be calculated in accordance with Clause 10.2.3A;” 3. Clause 10.2.3 of the Trust Deed be amended as follows:
Sample 1

Related to Property Development Cap

  • Development Site means any parcel or lot on which exists or which is intended for building development other than the following:

  • Cluster development means a contiguous cluster or

  • municipal spatial development framework means a municipal spatial development framework adopted by the Municipality in terms of Chapter 5 of the Municipal Systems Act;

  • Total Development Cost means the total of all costs incurred in the completion of a Development, all of which shall be subject to the review and approval by the Credit Underwriter and the Corporation pursuant to this rule chapter, and as further described in Rule 67-48.0075, F.A.C.

  • Infrastructure improvement means permanent infrastructure that is essential for the public health and safety or that:

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

  • Development Area means that area to which a development plan is applicable.

  • Economic development project means land and existing or planned improvements suitable for use by an industrial or commercial enterprise, or housing development, or the protection of the environment, including, but not limited to, groundwater or surface water. Economic development project includes necessary buildings, improvements, or structures suitable for and intended for or incidental to use as an industrial or commercial enterprise or housing development; and includes industrial park or industrial site improvements and port improvements or housing development incidental to an industrial or commercial enterprise; and includes the machinery, furnishings, and equipment necessary, suitable, intended for, or incidental to a commercial, industrial, or residential use in connection with the buildings or structures.

  • Home improvement contract means an oral or written

  • Solar PV Project means the solar Photo Voltaic Power project that uses sunlight for direct conversion into electricity through Photo Voltaic technology.

  • Infrastructure Improvements means a street, road, sidewalk, parking facility, pedestrian mall, alley, bridge, sewer, sewage treatment plant, property designed to reduce, eliminate, or prevent the spread of identified soil or groundwater contamination, drainage system, waterway, waterline, water storage facility, rail line, utility line or pipeline, transit-oriented development, transit-oriented property, or other similar or related structure or improvement, together with necessary easements for the structure or improvement, owned or used by a public agency or functionally connected to similar or supporting property owned or used by a public agency, or designed and dedicated to use by, for the benefit of, or for the protection of the health, welfare, or safety of the public generally, whether or not used by a single business entity, provided that any road, street, or bridge shall be continuously open to public access and that other property shall be located in public easements or rights-of-way and sized to accommodate reasonably foreseeable development of eligible property in adjoining areas. Infrastructure improvements also include 1 or more of the following whether publicly or privately owned or operated or located on public or private property:

  • Total resource cost test or "TRC test" means a standard that is met if, for an investment in energy efficiency or demand-response measures, the benefit-cost ratio is greater than one. The benefit-cost ratio is the ratio of the net present value of the total benefits of the program to the net present value of the total costs as calculated over the lifetime of the measures. A total resource cost test compares the sum of avoided electric utility costs, representing the benefits that accrue to the system and the participant in the delivery of those efficiency measures, as well as other quantifiable societal benefits, including avoided natural gas utility costs, to the sum of all incremental costs of end-use measures that are implemented due to the program (including both utility and participant contributions), plus costs to administer, deliver, and evaluate each demand-side program, to quantify the net savings obtained by substituting the demand-side program for supply resources. In calculating avoided costs of power and energy that an electric utility would otherwise have had to acquire, reasonable estimates shall be included of financial costs likely to be imposed by future regulations and legislation on emissions of greenhouse gases.

  • Project means the goods or Services described in the Signature Document or a Work Order of this Contract.

  • Development Charges or “DC” shall mean the amount charged by the Company from the Applicant(s) towards carrying out the developmental works inside or around the Project, including but not limited to the payment of the following:

  • development charge means a charge imposed pursuant to this By-law;

  • Phase I means the first part of the tuition incentive assistance program defined as the academic period of 80 semester or 120 term credits, or less, leading to an associate degree or certificate.

  • Development Consent means the consent granted to the Development Application for the Development and includes all modifications made under section 4.55 of the Act.

  • Redevelopment Project Area means an area designated by the municipality, which is not less in the aggregate than 1 1/2 acres and in respect to which the municipality has made a finding that there exist conditions which cause the area to be classified as an industrial park conservation area or a blighted area or a conservation area, or a combination of both blighted areas and conservation areas.

  • Redevelopment Contract means this redevelopment contract between the Authority and Redeveloper with respect to the Project.

  • Improvement completion assurance means a surety bond, letter of credit,

  • Development Cost means the total of all costs incurred in the completion of a Development excluding Developer Fee, operating deficit reserves, and total land cost as typically shown in the Development Cost line item on the development cost pro forma.

  • Economic Development Property means those items of real and tangible personal property of the Project which are eligible for inclusion as economic development property under the FILOT Act and this Fee Agreement, and selected and identified by the Company or any Sponsor Affiliate in its annual filing of a SCDOR PT-300S or comparable form with the Department (as such filing may be amended from time to time) for each year within the Investment Period.

  • Development Project means a project for the development of land within a

  • The Works/Project means the works to be executed or done under this contract.

  • Redevelopment Agreement means an agreement between the

  • Redevelopment Area means the community redevelopment area described, defined or otherwise identified or referred to in the Redevelopment Plan.