Released Amount definition
Examples of Released Amount in a sentence
The Office of Management and Budget in each year following the Activation Date, prior to the Time of Payment pursuant to Section 3.6 of this Agreement, shall calculate the Released Amount, which shall be a sum equal to one hundred percent (100%) of the Real Estate Tax Increment.
Prior to any Released Amount being paid by Louisville to the Authority for the Project, the Office shall certify to Louisville that the minimum capital investment, as set forth in the Tax Incentive Agreement and required by the Act, has been made.
Consistent with the Act, the Authority covenants and agrees that the Released Amount will be deposited in a special fund and it will use the Released Amount solely for the benefit of the Project, specifically the reimbursement of a portion of the Metro Contribution, pursuant to the requirements of the Act.
All accumulated amounts of the Released Amount shall be released to the Authority upon certification.
The Authority will also submit a certification regarding the use and expenditure of the Released Amount to reimburse itself for a portion of the Metro Contribution with the Request for the Released Amount.