DEVELOPMENT AUTHORITY COMMITMENT Clause Samples

DEVELOPMENT AUTHORITY COMMITMENT. The Development Authority, as part of the Project described above (Section III), commits to filing a formal application for a ▇▇▇▇ ▇▇▇▇▇ in the amount of $11,320,000with DCA for the Project Development Grant described above (Section IV), being as the Project is expected to provide public economic development benefits in the form of increased local employment opportunities, the potential for increased local sales and property taxes collected, and an infusion of a new capital investment(s) and ancillary related expenses made to the Community, as described in the Project description and Company commitments detailed above. The Development Authority additionally commits to submitting a fully completed application to DCA within 30 days from the date DCA issues the application, including but not limited to the following information: 1. Evidence that the Project property to be financed or improved with State financial assistance funds is currently publicly owned and controlled, or in the process of being acquired; 2. Details of the Development Authority or Community’s investment in, or contribution to, the Project as a key component to attracting the Project investment; and 3. Site maps and/or building illustrations and/or equipment descriptions depicting the property to be acquired or improved.