Examples of Public benefit in a sentence
The Public Benefit Payment shall be deposited on or prior to the Effective Date of this Agreement, except that the deposit of the Public Benefit Payment shall be expressly conditioned upon PPH successfully closing escrow on the remainder of the land constituting the Property.
If any of the Parties’ respective Public Benefits described in this Article 5 are not initiated or likely to be initiated within the timeframes indicated in Article 5, or are not completed or likely to be completed within the timeframes set forth in Article 5, the Parties shall meet and confer in good faith pursuant to Article 6 of this Agreement to mutually consult and explore alternative funding, procedures or other means of expediting the implementation of the Public Benefit obligations.
Subject to any force majuere event and City’s compliance with CEQA, City shall complete the Citracado Parkway Improvements within ten (10) years from the date upon which the combined sum of the public benefit sums identified in Section 5.2 (Public Benefit Payment and interest), Section 5.3 (Local Sales and Use Election Public Benefit), Section 5.4 (Transfer of Warehouse Facility), and Section 5.6.1 (Third-Source Funding) exceeds Total Citracado Parkway Costs.
If for any reason PPH should abandon and decide not to construct Palomar West after which time City has used any portion of the Public Benefit Payment as described in Section 5.2.2, then PPH is to retain full control of the remaining Public Benefit Payment sums and any accrued interest in the trust account at the time PPH decides to abandon the project.
If PPH has not closed escrow on the remainder of the Property prior to the Effective Date, then the date of the Public Benefit Payment shall be delayed until such time that escrow has closed.