Common use of ECONOMIC DEVELOPMENT PROGRAM INCENTIVES Clause in Contracts

ECONOMIC DEVELOPMENT PROGRAM INCENTIVES. The Incentives offered by the CITY to the DEVELOPER in this Agreement shall be in compliance with the Policy in effect as of the Effective Date of the Agreement, which Policy may be amended from time to time. Should the Incentives provided in this Article exceed the maximum amount authorized in the Policy, then that award shall be automatically amended to provide only the amount authorized by the Policy. No disbursement of Incentives shall be made until the following: (a) Execution of the Agreement by all Parties; and (b) Receipt of evidence of the issuance of a building permit from the CITY of San Antonio for the Project's location on or prior to the Commencement Date; and (c) Commencement of construction on the Project to be evidenced by the submission and receipt ofa letter confirming commencement by the general contractor to CITY on or prior to the Commencement Date; and (d) Receipt by the CITY of evidence in the form of a letter from a qualified financial institution confirming DEVELOPER has funds available on deposit or under an existing credit facility or construction loan sufficient to complete the Project on or prior to the Commencement Date.

ECONOMIC DEVELOPMENT PROGRAM INCENTIVES. The Incentives offered by the CITY to the DEVELOPER in this Agreement shall be in compliance with the Policy in effect as of the Effective Date of the Agreement, which Policy may be amended from time to time. Should the Incentives provided in this Article exceed the maximum amount authorized in the Policy, then that award shall be automatically amended to provide only the amount authorized by the Policy. Vl00815 3 CCIDP Agreement - Pine and ▇▇▇▇ Bungalows ($210,333.29), as summarized in the attached CCHIP Agreement Term Sheet, Exhibit D. No disbursement of Incentives Incentives, other than fee waivers, shall be made until the following: (a) Execution of the Agreement by all Parties; and (b) Receipt of evidence of the issuance of a building permit from the CITY of San Antonio for the Project's location on or prior to the Commencement Date; and (c) Commencement Receipt of suitable evidence to the CITY that construction on the Project to be evidenced by the submission and receipt ofa letter confirming commencement by the general contractor to CITY has commenced on or prior to the Commencement Date; and (d) Receipt by the CITY of evidence in the form of a letter from a qualified financial institution confirming DEVELOPER has funds available on deposit or under an existing credit facility or construction loan sufficient to complete the Project on or prior to the Commencement Date.

ECONOMIC DEVELOPMENT PROGRAM INCENTIVES. The Incentives offered by the CITY to the DEVELOPER in this Agreement shall be in compliance with the Policy in effect as of the Effective Date of the Agreement, which Policy may be amended from time to time. Should the Incentives provided in this Article exceed the maximum amount authorized in the Policy, then that award shall be automatically amended to provide only the amount authorized by the Policy. ($688,622.26), as summarized in the attached CCHIP Agreement Term Sheet, Exhibit D. No disbursement of Incentives Incentives, other than fee waivers, shall be made until receipt by CITY of the following: (a) Execution of the Fully executed Agreement by all Parties; and (b) Receipt of evidence Evidence of the issuance of a building permit from the CITY City of San Antonio for the Project's location residential component of the Project on or prior to the Commencement Date; and (c) Commencement of construction on the Project to be evidenced by the submission and receipt ofa A letter confirming commencement by the general contractor to CITY on or prior to confirming commencement of construction of the Commencement Dateproject; and (d) Receipt by the CITY of evidence in the form of a A letter from a qualified financial institution institution, Financial Controller, or Certified Public Accountant confirming DEVELOPER has funds available on deposit or under an existing credit facility or construction loan sufficient to complete the Project on or prior to the Commencement Date; and (e) Documentation of design approval for the Project by the Historic and Design Review Commission.

ECONOMIC DEVELOPMENT PROGRAM INCENTIVES. The Incentives offered by the CITY to the DEVELOPER in this Agreement shall be in compliance with the Policy in effect as of the ofthe Effective Date of the ofthe Agreement, which Policy may be amended from time to time. Should the Incentives provided in this Article exceed the maximum amount authorized in the Policy, then that award shall be automatically amended to provide only the amount authorized by the Policy. ANDO CENTS ($3,748,929.00), as summarized in the attached CCHIP Agreement Term Sheet, No disbursement of Incentives Incentives, other than fee waivers, shall be made until the following: (a) Execution of the Agreement by all Parties; and (b) Receipt of evidence of the issuance of a building permit from the CITY of San Antonio for the Project's location on or prior to the Commencement Date; and (c) Commencement of construction on the Project to be evidenced by the submission and receipt ofa letter confirming commencement by the general contractor to CITY on or prior to the Commencement Date; and (d) Receipt by the CITY of evidence ofevidence in the form of a letter from a qualified financial institution confirming DEVELOPER has funds available on deposit or under an existing credit facility or construction loan sufficient su cient to complete the Project on or prior to the Commencement Date.