Common use of PROJECT GRANT Clause in Contracts

PROJECT GRANT. The City shall provide one million dollars ($1,000,000.00) of TIF Incentive as a Project Grant upon Developer fulfilling all obligations identified in Sections IV. A., IV. B., IV. C., IV. E., IV. F., and IV. G. of this Agreement regarding the proposed Project. a) Such Project Grant shall be for purposes of paying certain Qualified Expenditures as referenced below. Developer shall provide the RDA with written evidence that Developer has incurred any such Qualified Expenditures and within thirty (30) days of receipt of such aforementioned evidence, the City or the RDA shall disburse to Developer such portion of the Project Grant necessary to pay such Qualified Expenditures. b) The City shall provide Developer a schedule of the annual costs of debt service associated with such Project Grant, which is herein attached as EXHIBIT C. c) In order for the City to cover one hundred and ten percent (110%) of the costs of debt service associated with such Project Grant, Public Improvements, and Property Improvements, the Developer guarantees that the Property shall have a minimum aggregate assessed value of six million dollars ($6,000,000.00) by January 1, 2020.