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 “XX Xxxxx 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 XX Xxxxx Reductions under the Agreement.
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.
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.
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 Xxxxxx 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.
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.
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.
Economic Development Grant
