Payments to the Developer for Infrastructure Improvements. Upon acceptance of the Infrastructure by the City of ▇▇▇▇▇▇, the Developer may submit a reimbursement request to FEDC for the financial assistance along with a statement of Developer’s Qualified Expenditures including the Infrastructure Improvements design and construction. Within five (5) business days following FEDC’s receipt of Developer’s reimbursement request, FEDC shall verify the statement of Developer’s costs. Upon successful review and verification by FEDC, FEDC shall pay Developer an amount up to one million dollars ($1,000,000.00) for the design and construction and paving of onsite roadway facilities and related storm water drainage improvements. Payment shall be made within thirty (30) days following the receipt of such reimbursement request and shall be payable to Developer. Notwithstanding the payments described above, FEDC shall not be obligated for any amounts in excess of the stated lump sum financial assistance as it relates to the development of the Property.
Appears in 2 contracts
Sources: Economic Development Agreement, Economic Development Agreement