CONTINGENT PROGRAM GRANT Sample Clauses

CONTINGENT PROGRAM GRANT. It is the expectation of the parties that while owned by Georgetown 4B the Power Campus, as improved, will be exempt from ad valorem tax. If the Power Campus is subject to ad valorem tax while owned by Georgetown 4B, resulting in Power paying either ad valorem tax on the Power Campus, or Supplemental Rent related to payment of ad valorem taxes by Georgetown 4B, then the City will pay a Contingent Program Grant to Power each month during the term of this Agreement. The amount in any month will be the sum of (a) the amount, which when added to the Basic Program Grant specified in Paragraph D above, equals 40% of the City Sales Tax Collections for the month of calculation, plus (b) the amount of City Property Tax Revenues collected during the prior month, multiplied by 100% for collections in 1997 through 2005, 75% for collections in 2006, and 50% thereafter. It is specifically provided, however, that the aggregate amount of Contingent Program Grant payments made under this provision will not exceed the amount of the additional ad valorem tax and Supplemental Rent paid by Power resulting from the ownership of the Power Campus by Georgetown 4B failing to provide ad valorem tax exemption for the Power Campus.