Economic Development Grant Sample Clauses

An Economic Development Grant clause outlines the terms under which a grant is provided to support economic growth or development initiatives. Typically, this clause specifies the amount of funding, the eligible uses of the grant (such as infrastructure improvements, job creation, or business expansion), and any performance milestones or reporting requirements the recipient must meet. Its core practical function is to formalize the provision of financial support for economic development while ensuring accountability and proper use of funds.
Economic Development Grant. Consistent with the provisions of Section 380.001 of the Texas Local Government Code and the City’s Public/Private Partnership Program, and in consideration for the expansion and operation of a Global Headquarters creating a minimum of 250 additional permanent Full-Time Jobs (as such term is defined in Section 2.2), the City hereby grants to Grantee a conditional economic development grant in an amount not to exceed TWO HUNDRED FIFTY THOUSAND AND NO/100 DOLLARS ($250,000.00) (the “ Grant”, subject to compliance with the terms and conditions of this Agreement.
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Economic Development Grant. The City shall pay to the Developer an economic development grant in the form of periodic payments made solely from Annual Sales Taxes Collected at the Project pursuant to Chapter 380 of the Texas Local Government Code (the “Economic Development Grant”). The Economic Development Grant is in the amount of THREE MILLION FIVE HUNDRED SEVENTY-FIVE THOUSAND AND NO/100 DOLLARS ($3,575,000.00), of which there are two components: (1) an amount not to exceed two million five hundred seventy-five thousand and no/100 dollars ($2,575,000.00) based on completion of the portion of the Project consisting of the Wal-Mart Super Store as described in this Agreement; and (2) an amount not to exceed one million and no/100 dollars ($1,000,000.00) based on the completion of the portion of the Project consisting of the multi-screen theater as described in this Agreement. The Economic Development Grant is comprised exclusively of a City Payment as defined below, which grant expires within ten (10) years from the earlier of (1) June 1, 2014 or (2) the date that the Wal-Mart Super Store issues its notice to proceed to its contractor to begin construction of the store, unless the Agreement is earlier terminated. The Developer shall provide the City a copy of the notice to proceed issued for the construction of the Wal-Mart Super Store within ten (10) calendar days of its issuance. The Developer understands and agrees that the City is not certifying or otherwise encumbering any funds for the Economic Development Grant and does not have any monies for the same. The Developer agrees not to make any claims against the City for any monies other than those from the Annual Sales Taxes Collected at the Project.
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Economic Development Grant. Until such time as the Santavy Road Condition is satisfied, the annual Economic Development Grant shall be reduced by SIXTY-FIVE THOUSAND AND NO/100 DOLLARS ($65,000.00) (such reduction referred to herein as an “▇▇ ▇▇▇▇▇ Reduction”) so that the Economic Development Grant shall be EIGHTY-FIVE THOUSAND AND NO/100 DOLLARS ($85,000.00) per year. At such time as the Santavy Road Condition is satisfied, the Economic Development Grant shall increase to ONE HUNDRED FIFTY THOUSAND AND NO/100 DOLLARS ($150,000.00) per year; and within thirty (30) days after the Santavy Road Condition is satisfied, the CITY shall pay to DEVELOPER an additional one-time payment equal to the amount of all ▇▇ ▇▇▇▇▇ Reductions under the Agreement.
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Economic Development Grant. 3.1 Subject to the continued satisfaction of all the terms and conditions of this Agreement and the obligation of the Recipient to repay the Grant pursuant to Article V hereof, HEDC agrees to provide the Recipient with the Grant to be Recipient to be paid in one (1) installment for the sponsorship of the Project. The Grant shall be paid by HEDC to Recipient within thirty (30) days after receipt of a payment request. Failure to submit the Payment Request for the Grant within thirty (30) days of the Completion Date shall operate as forfeiture of the Grant. 3.2 The Grant made hereunder shall be provided solely from lawful available funds. HEDC shall have no obligation or liability to pay any portion of the Grant unless HEDC appropriates funds to make such payment during the budget year in which the installment of the Grant is payable. HEDC shall not be obligated to pay any commercial bank, lender or similar institution for any loan or credit agreement made by the Recipient. None of the obligations of HEDC under this Agreement shall be pledged or otherwise encumbered in favor of any commercial lender and/or similar financial institution without the prior written consent of HEDC. 3.3 Notwithstanding any other provision of this Agreement, HEDC shall have no obligation or liability to pay any Grants except as allowed by law. HEDC shall not be required to pay any Grants if prohibited under federal or state legislation or a decision of a court of competent jurisdiction. The Grant shall be paid solely from lawfully available funds that have been appropriated by HEDC.
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Economic Development Grant. The City shall pay to the Developer an economic development grant in the form of a one-time payment to be used by the Developer to purchase the Property and the FEDC Property from the ▇▇▇▇▇▇ Economic Development Corporation as an independent entity. The amount of the grant shall be for $510,000.00, which is considered the fair market value of the Property based on a recent independent appraisal of the Property.
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Economic Development Grant. As long as no event described in Section 11 hereof shall have occurred and be continuing, and Developer has completed the Project as described in Section 3(b) hereof, City shall pay Developer an economic development grant of $50,000.00 in two (2) installments, as follows: (a) $25,000.00 on or before December 31, 2021, and (b) $25,000.00 on or before December 31, 2022.
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Economic Development Grant. (a) The CITY shall pay to the DEVELOPER an economic development grant in the form of periodic payments made solely from Incremental Annual Sales Taxes Collected pursuant to Chapter 380 of the Texas Local Government Code, an amount not to exceed TWO MILLION FIVE HUNDRED THOUSAND AND NO/100 DOLLARS ($2,500,000.00) (the “Economic Development Grant”). The Economic Development Grant is comprised exclusively of the Incremental Annual Sales Taxes Collected, which grant expires ten (10) years from the date of the certificate of occupancy for the Project unless the agreement is earlier terminated. The payments upon termination shall be in accordance with the reimbursement terms set forth in section 3.04. The DEVELOPER understands and agrees that the CITY is not certifying or otherwise encumbering any funds for the Economic Development Grant and does not have any monies for the same. The DEVELOPER agrees not to make any claims against the CITY for any monies other than those from the Incremental Annual Sales Taxes Collected. (b) The Incremental Annual Sales Tax Collected shall be paid in annual installments beginning fourteen months after the date the Kroger Marketplace store opens to the public. The CITY shall have the right to pay the Incremental Annual Sales Tax collected more frequently than annually. If this Agreement is not terminated prior to the expiration of the term of this Agreement, the final payment to the DEVELOPER, subject to the maximum amount, shall be that portion of the Incremental Annual Sales Tax Collected paid as of the date of the expiration of this Agreement. (c) The DEVELOPER shall use commercially reasonable efforts to provide the CITY with an updated list of the tenants at the Project in order to calculate the Incremental Annual Sales Tax. The tenant list shall be provided to the CITY in writing within 15 days of any change in tenancy. Such list shall contain the full name of the tenant, the term of the lease, the taxpayer number and outlet number if applicable and any other information deemed necessary or advisable by the CITY in order to calculate the Incremental Annual Sales Tax. If requested by the tenant, the CITY will keep such sales tax data of an individual tenant or landowner confidential to the extent permitted by law.
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Economic Development Grant 
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Related to Economic Development Grant

  • Staff Development As part of their induction, new staff will be made aware of this policy and will be asked to ensure compliance with its procedures at all times.

  • Program Development NWESD agrees that priority in the development of new applications services by WSIPC shall be in accordance with the expressed direction of the WSIPC Board of Directors operating under their bylaws.

  • Employee Development The Employer may provide employees the opportunity to participate in appropriate seminars, workshops or short courses. When possible and appropriate the Employer will provide to all staff information on seminars, workshops or short courses by posting a notice on the Employer’s internal web site.

  • Career Development The City and the Union agree that employee career growth can be beneficial to both the City and the affected employee. As such, consistent with training needs identified by the City and the financial resources appropriated therefore by the City, the City shall provide educational and training opportunities for employee career growth. Each employee shall be responsible for utilizing those training and educational opportunities made available by the City or other institutions for the self- development effort needed to achieve personal career goals.

  • Project Development a. Collaborate with COUNTY and project clients to identify requirements and develop a project Scope Statement. a. Develop a Work Breakdown Structure (WBS) for each project. b. Evaluate Scope Statement to develop a preliminary cost estimate and determinate whether project be vendor bid or be executed under a Job Order Contract (JOC).