Common use of Maximum Award Clause in Contracts

Maximum Award. The potential maximum Tax Increment Rebate award shall be up to 90% of the increment associated with the eligible costs of the project. If the basic eligibility guidelines are achieved the potential TIF rebate award considered could be lowest value in the range (70% award of a potential maximum award of 90% of project associated TIF revenue). If bonus guidelines are accommodated, such as a mix of uses in the development program, the inclusion of an affordable housing component in the development program, or the inclusion of a specific amenity, infrastructure improvements or feature(s) desired by the Community Redevelopment Agency (public artwork, mobility improvements, open space improvements), then the Community Redevelopment Agency Governing Board may consider the approval up to the maximum proposed TIF rebate award (90% TIF rebate award). The TIF rebate award amount will be based on the estimated amount of TIF rebate that could be received, based on the project’s taxable value (project taxable value = land value + estimated eligible improvements’ value, at the time of the award), over a fifteen (15) year TIF rebate period.