Development Incentive Program Clause Samples
The Development Incentive Program clause establishes a framework for providing rewards or benefits to parties involved in the development of a project, typically to encourage timely completion or achievement of specific milestones. This clause may outline the types of incentives available, such as financial bonuses, additional resources, or recognition, and specify the criteria or performance targets that must be met to qualify for these incentives. Its core practical function is to motivate participants to meet or exceed project goals, thereby improving project outcomes and aligning the interests of all parties involved.
Development Incentive Program. The DDA will administer a Development Incentive Program (DIP) as detailed in this agreement and program documents to facilitate desired small to moderate scale building exterior facade improvements for eligible projects, building code, safety code, and fire code required improvements for priority projects and eligible public improvements related directly to and benefitting a private development project contemplated below and in compliance with the following procedures and funding limitations:
A. Program requirements include the following:
1. Eligibility for participation in the DIP is limited to the following: Owners of real property within the territorial limits of the DDA, their lessees with the consent of the owners, or their authorized representatives.
2. Applications will be in writing upon forms provided and in a format required by the DDA and will be submitted to the DDA for review.
3. Applications that satisfy all the Board criteria may be approved by DDA staff or be forwarded to the DDA Board for approval. Any approval will be subject to a development agreement, if required by the DDA Board, which will require the funding recipient to fully reimburse the DDA should the recipient fail to comply with the terms of the agreement.
4. Public improvements, as identified in subsection E, below, may also be funded as part of the DIP upon a finding by the DDA Board that the public improvements will have a positive impact on and help facilitate a private development and that the appropriation of program funds would not unduly reduce the availability of funds for private improvements.
B. Applications will include the information outlined in the DIP program documents. Applications must provide evidence that all General Improvement District, DDA, City, and other applicable taxes are paid to date for the property owner(s) and business(es) associated with the property requesting funding.
Development Incentive Program