Economic Development Grants. For and in consideration of the obligations being assumed by Developer hereunder, and in furtherance of the goals and objectives of the Urban Renewal Plan for the Urban Renewal Area and the Urban Renewal Act, the City agrees, subject to Developer being and remaining in compliance with the terms of this Agreement, to make up to ten
Economic Development Grants. (1) For and in consideration of Xxxxxxxxx's obligations hereunder, and in furtherance of the goals and objectives of the Urban Renewal Plan for the Project Area and the Urban Renewal Law, City agrees, subject to Developer being and remaining in compliance with the terms of this Agreement, to make twenty (20) consecutive semi-annual payments (such payments being referred to collectively as the Economic Development Grants) to Developer, as follows: November 1, 2021 May 1, 2022 November 1, 2022 May 1, 2023 November 1, 2023 May 1, 2024 November 1, 2024 May 1, 2025 November 1, 2025 May 1, 2026 November 1, 2026 May 1, 2027 November 1, 2027 May 1, 2028 November 1, 2028 May 1, 2029 November 1, 2029 May 1, 2030 November 1, 2030 May 1, 2031 pursuant to Iowa Code Section 403.9 of the Urban Renewal Law, in amounts equal to the actual amount of tax increment revenues collected by City under Iowa Code Section 403.19 (without regard to any averaging that may otherwise be utilized under Iowa Code Section 403.19 and excluding any interest that may accrue thereon prior to payment to Developer) during the preceding six-month period in respect of the Property and Building including Minimum Improvements constructed by Developer (the Developer Tax Increments). For purposes of calculating the amount of the Economic Development Grants provided in this Section, the Developer Tax Increments shall be only those tax increment revenues collected by City in respect of the increase in the assessed value of the Property above the assessment of January 1, 2018 ($83,888.00). Developer recognizes and agree that the Economic Development Grants shall be paid solely and only from the incremental taxes collected by City in respect to the Property and Building including Minimum Improvements, which does not include property taxes collected for the payment of bonds and interest of each taxing district, and taxes for the regular and voter-approved physical plant and equipment levy, instructional support levy, and any other portion required to be excluded by Iowa law, and thus such incremental taxes will not include all amounts paid by Developer as regular property taxes.
Economic Development Grants. For and in consideration of the Chamber’s commitments and obligations under this Agreement, the City agrees to make up to ten (10) consecutive annual payments to the Chamber on or before July 31 of each fiscal year, beginning in Fiscal Year 2021-2022, each in the amount of up to One Hundred Thousand Dollars ($100,000) (collectively referred to as the “Economic Development Grants” or “Grants”), pursuant to the following terms and subject to the following conditions:
Economic Development Grants. HUD intends to use the Section 108 loan guarantee program to the maximum extent feasible to fund economic devel- opment projects in the nonentitlement areas of New York. In the event that there are not enough Section 108 loan guarantee funds available to fund via- ble economic development projects, if a project needs a grant in addition to a loan guarantee to make it viable, or if the project does not meet the require- ments of the Section 108 program but is eligible for a grant under this subpart, HUD may fund Economic Development applications as they are determined to be fundable in a specific amount by HUD up to the sum set aside for eco- nomic development projects in a notice of funding availability, notwith- standing paragraph (g) of this section. HUD also has the option in a NOFA of funding economic development activi- ties on a competitive basis, as a com- petitive application as described in paragraph (a)(1) of this section. In order for an applicant to receive Small Cities grant funds on a noncompetitive basis, the field office must determine that the economic development project will have a substantial impact on the needs identified by the applicant.
Economic Development Grants. Currently, all of the colleges have economic development grant activity. A review of the colleges’ existing economic development grant programs reveals that the colleges have used these funds primarily for new for-credit program development. RTI will pursue economic development grant activity. In contrast to the colleges, RTI will target its efforts exclusively on providing not-for-credit pre- and post-employment training, as well as small business development programs and services to Contra Costa County employers. RTI will collaborate with the colleges to bring a “value-added” approach to college-generated economic development grant activity.
Economic Development Grants. For and in consideration of the obligations being assumed by Developer hereunder, and in furtherance of the goals and objectives of the Urban Renewal Plan for the Urban Renewal Area and the Urban Renewal Act, the City agrees, subject to Developer being and remaining in compliance with the terms of this Agreement and the EDA Contract, to make up to ten (10) years of consecutive annual payments of Economic Development Grants to Developer up to a total amount not to exceed Fifteen Million Five Hundred Thousand Dollars ($15,500,000) under the following formula: Assuming the completion of the Minimum Improvements by November 30, 2018 and full assessment of the Minimum Improvements on January 1, 2019, and debt certification by the City to the Auditor prior to December 1, 2019, the Economic Development Grants shall commence on June 1, 2021 and end on June 1, 2030 pursuant to Section 403.19 of the Urban Renewal Act in the following amounts: Date Amount of Economic Development Grants June 1, 2021 50% of Tax Increments for Fiscal Year 2020-2021 June 1, 2022 50% of Tax Increments for Fiscal Year 2021-2022 June 1, 2023 50% of Tax Increments for Fiscal Year 2022-2023 June 1, 2024 50% of Tax Increments for Fiscal Year 2023-2024 June 1, 2025 50% of Tax Increments for Fiscal Year 2024-2025 June 1, 2026 50% of Tax Increments for Fiscal Year 2025-2026 June 1, 2027 50% of Tax Increments for Fiscal Year 2026-2027 June 1, 2028 50% of Tax Increments for Fiscal Year 2027-2028 June 1, 2029 50% of Tax Increments for Fiscal Year 2028-2029 June 1, 2030 50% of Tax Increments for Fiscal Year 2029-2030 Each annual payment shall be equal in amount to the above percentages of the Tax Increments collected by the City with respect to the Minimum Improvements on the Development Property under the terms of the Ordinance and deposited into the Xxxxxxxx Foods of Iowa, LLC TIF Account (without regard to any averaging that may otherwise be utilized under Section 403.19 and excluding any interest that may accrue thereon prior to payment to Developer) during the preceding twelve-month period in respect of the Development Property and the Minimum Improvements, but subject to limitation and adjustment as provided in this Article (such payments being referred to collectively as the "Economic Development Grants").
Economic Development Grants. Section 8.1.
Economic Development Grants. Section One: The State will distribute information concerning the availability of Grant Funds to the members of this bargaining unit via the Union’s Website, the CARE4KIDS website and the Office of Early Childhood. The State may hold periodic training/information sessions on these funding programs. Section Two: The Parties will include information about this program in the Mandatory Orientation Program. The information shall include the following:
Economic Development Grants. A. Subject to compliance with the terms of this Agreement, and upon receipt ofthe invoices paid by DEVELOPER, relative to the Project Costs for any part, component, aspect, or the like of the Eligible Improvements which is substantially completed and evidenced by a written certification (or other similar documentation) by DEVELOPER's engineers and/or contractors, the CITY shall review and approve all invoices and the CITY shall be obligated to provide an economic development grant(s), from lawfully available revenue (not including sales tax revenue), to the DEVELOPER equal to the full amount of the Project Costs evidenced by such invoices (but, in no event, exceeding an amount equal to fifty percent (50%) of the increase of CITY ad valorem taxes above the Base Property Tax, as further described herein and limited by this Section 2.02 and Section 3 .01). In the event that the DEVELOPER is not paid the full amount of the Project Costs evidenced by such invoices due to the fifty percent (50%) limit described herein in any given year, the amount of Project Costs not paid to the DEVELOPER shall be payable in the following year(s) provided that such payments are in accordance with this Section 2.02 and Section 3.01.
Economic Development Grants. For and in consideration of the obligations of the Developer and Landowner as set forth herein, and as a necessary means of achieving the goals and objectives of the Urban Renewal Plan, the City agrees (subject to the conditions set forth in this Article and this Agreement) to make up to five (5) consecutive annual payments reimbursing certain incremental property taxes from the increased valuation due to the construction of the Minimum Improvements on the Development Property (the “Economic Development Grants”) to the Developer in the amount and calculated according to the formula set forth below in Section 2, subject to the other terms and conditions of this Article II. The Economic Development Grant payments shall be payable solely and only from incremental property taxes allowable to be collected under Iowa Code Section 403.19 based on the TIF tax rate for the City of Xxxxxxxx (the “Tax Increments”) received on the Minimum Improvements (building value only) from the County Auditor consistent with Section 403.19 and the Ordinance. The local debt services and physical plant and equipment levies (PPEL) and any other levies excluded from collection under Section 403.19 are not included in the Tax Increments. The City will rebate to Developer the amount of Tax Increments calculated under the terms of Article II, Section 2 and received resulting from the construction of the Minimum Improvements (building value increase), measured from the January 1, 2021 assessment for the Development Property (the “Existing Value”). Developer, Landowner, and City agree that the Existing Value of the Development Property (and any existing improvements thereon) as of January 1, 2021 (combined building and land value) is $366,000 and will not be considered part of the incremental value when determining the amount of Economic Development Grants to which Developer is entitled. Developer will not receive any rebate for taxes paid on this Existing Value.
