Economic Development Grants Clause Samples

Economic Development Grants. 1. Subject to the terms and of this Agreement, and OWNER’s full and timely performance of, and compliance with, each of the applicable Grant Criteria set forth in Article IV, the CITY agrees to pay to OWNER the following Chapter 380 Grant commencing in Year 1 and continuing for each subsequent year up to 9 additional years, provided that the Chapter 380 Grant will cease when the Maximum Grant Amount has been reached: ● Year 1: o An amount equal to 100% of the Real Property Taxes received by the City on an annual basis. o An amount equal to 50% of the City’s 1% local sales tax collected on the sales of the tenants of the Property. ● Year 2: o An amount equal to 90% of the Real Property Taxes received by the City on an annual basis. o An amount equal to 50% of the City’s 1% local sales tax collected on the sales of the tenants of the Property. ● Year 3: o An amount equal to 80% of the Real Property Taxes received by the City on an annual basis. o An amount equal to 50% of the City’s 1% local sales tax collected on the sales of the tenants of the Property. ● Year 4: o An amount equal to 70% of the Real Property Taxes received by the City on an annual basis. o An amount equal to 50% of the City’s 1% local sales tax collected on the sales of the tenants of the Property. ● Year 5: o An amount equal to 60% of the Real Property Taxes received by the City on an annual basis. o An amount equal to 50% of the City’s 1% local sales tax collected on the sales of the tenants of the Property. ● Year 6: o An amount equal to 50% of the Real Property Taxes received by the City on an annual basis. o An amount equal to 50% of the City’s 1% local sales tax collected on the sales of the tenants of the Property. ● Year 7: o An amount equal to 40% of the Real Property Taxes received by the City on an annual basis. o An amount equal to 50% of the City’s 1% local sales tax collected on the sales of the tenants of the Property. ● Year 8: o An amount equal to 30% of the Real Property Taxes received by the City on an annual basis. o An amount equal to 50% of the City’s 1% local sales tax collected on the sales of the tenants of the Property. ● Year 9: o An amount equal to 20% of the Real Property Taxes received by the City on an annual basis. o An amount equal to 50% of the City’s 1% local sales tax collected on the sales of the tenants of the Property. ● Year 10: o An amount equal to 10% of the Real Property Taxes received by the City on an annual basis. o An amount equal to 50% of th...

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. 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. 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: a. At the time of each payment of an Economic Development Grant, the Chamber must be in compliance with all terms of this Agreement, including timely filing of complete Annual Reports under Section 4 and proper use of any previously received Economic Development Grant funds. b. The amount of each annual Grant shall be determined in the City’s sole discretion, to be considered for approval by the City Council annually during the City’s budgeting processes. The parties agree it is within the City Council’s discretion to determine not to appropriate a Grant payment for any given year. c. The City intends to advance each Grant payment from an available funding source and then certify the advanced Grant payment to the County for reimbursement through Tax Increment Financing (TIF) under the authority of Iowa Code Section 403.19 and the City’s TIF ordinance(s) for the Urban Renewal Area. However, if the City does not have available funds to provide a Grant in a particular year, the City shall have no obligation to make a Grant in that year.

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. (1) For and in consideration of Developer'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. (2) To fund the Economic Development Grants, City shall certify to the County prior to December 1, 2020, and each year thereafter, its request for the available Developer Tax Increments resulting from the assessments imposed by the County as of January 1 of that year, to be collected by City as taxes are paid during the following f...

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 ▇▇▇▇▇▇▇▇ (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.

Economic Development Grants. (1) If the Expansion Property Purchaser exercises its Expansion Election, for and in consideration of Developer's, Expansion Property Purchaser’s, and Employer'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 and Employer 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 Employer, as follows: First semi-annual payment to be made on the first November 1 following the first certification to the County required by Sec. 3.2(2). For example, if the first certification is made prior to December 1, 2020, then the semi-annual payments shall be 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 Employer) during the preceding six-month period in respect of the Property and 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 Developer’s Property above the assessment of January 1, 2019 ($3,906,310.00). Employer recognizes and agrees that the Economic Development Grants shall be paid solely and only from the incremental taxes collected by City in respect to the Developer’s Property and 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 ...

Economic Development Grants. (a) For and in consideration of the obligations being assumed by the Developer hereunder, and in furtherance of the goals and objectives of the Urban Renewal Plan for the Project Area and the Urban Renewal Act, the City agrees, subject to the Developer being and remaining in compliance with the terms of this Agreement and to the terms of this Article VIII, to assume an obligation to make up to twenty (20) consecutive semi-annual payments to the Developer commencing in October 2006, pursuant to Section 403.9 of the Urban Renewal Act, equal in amount to one hundred percent (100%) the Tax Increments collected by the City under the terms of the Ordinance (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 the Developer) during the preceding six-month period in respect of the Development Property and the Minimum Improvements, but subject to adjustment as provided in this Article (such payments being referred to collectively as the “Economic Development Grants”). (b) The obligation of the City to make an Economic Development Grant to the Developer in any year shall be subject to and conditioned upon the timely filing by the Developer of the annual certificate required under Section 6.7 hereof and the City Council’s approval thereof. If the Developer’s annual certificate is timely filed and contains the information required under Section 6.7 and the City Council approves of the same, the City shall certify to the County prior to December 1 of that year its request for the available Tax Increments resulting from the assessments imposed by the County as of January 1 of that year, to be collected by the City as taxes are paid during the following fiscal year and which shall thereafter be disbursed to the Developer in October and April of that fiscal year. (Example: if the Developer and the City each so certify in November and December, 2005, respectively, the first Economic Development Grant would be paid to the Developer in October, 2006). (c) In the event that the annual certificate required to be delivered by the Developer under Section 6.7 is not delivered to the City by November 1 of any year, the Developer recognizes and agrees that the City may have insufficient time to review and approve the same and certify its request for Tax Increments to the County and that, as a result, no Economic Development Grant may be made to the Developer in respect thereof. The...