Post Development Grant Clause Samples
Post Development Grant. Following the issuance of an occupancy permit to Developer, Village shall make an annual payment to Developer equal to 30 percent (30%) of all room taxes related to the ▇▇▇▇▇▇ Suites Property that are paid by Developer to the Village, subject to the limitations in ▇▇▇▇▇▇▇ ▇,▇. Village shall pay amounts owed to Developer annually on January 31. Payments shall be calculated based on the amount of room tax collected from Developer in the previous calendar year.
Post Development Grant. Following the issuance of an occupancy permit to Developer, Village shall pay to Developer a grant equal to 30 percent (30%) of all room taxes paid by Developer to the Village for a period of ten years from the date of issuance of the occupancy permit, up to a maximum of Five Hundred Six Thousand Dollars ($506,000). Village shall pay Developer annually for each year that payment is required. Payments shall be due to Developer annually on January 31. Payments due shall be calculated based on the amount of room tax collected from Developer in the previous year, with the first and last payments pro-rated based on the date of issuance of the occupancy permit.