Common use of Economic Development Grants Clause in Contracts

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.