Common use of Economic Development Incentive Clause in Contracts

Economic Development Incentive. (a) Employer will receive a 5-year rebate of City of ▇▇▇▇ Property Taxes that will extinguish proportionally, subject to compliance with the terms and conditions of this Agreement, including but not limited Article IV. Incentive Payments will begin the year following the year in which the Employer completes and receives a Certificate of Occupancy for the Project. The annual City of ▇▇▇▇ Incentive Payment shall be calculated as follows: Year 1: 75% of Property Taxes Year 2: 65% of Property Taxes Year 3: 55% of Property Taxes Year 4: 45% of Property Taxes Year 5: 35% of Property Taxes (b) The Incentive Payment shall be reduced by 10% each year for a total of 5 years. (c) Freeport Tax Exemption. City, Hays County and ▇▇▇▇ CISD participate in Freeport Exemption from ad valorem tax on business inventories destine for out-of-state shipment within 175 days. (d) State Programs. City staff will aid and provide guidance to facilitate applications and help Employer access various state and/or federal programs including, but not limited to, the Texas Enterprise Program, Sales and Use Tax Benefits, Employee Training Resources, the Skills Development Fund and the Self-Sufficiency Fund.