The District and Original Development Program Sample Clauses

The District and Original Development Program. In December 2004, the Town of Wiscasset (the “Town”) designated the Ferry Crossing-Rynel Municipal Development and Tax Increment Financing District (the “District”) and adopted the Development Program for said District (the “Original Development Program”). The District and Original Development Program, approved by the State of Maine Department of Economic and Community Development on March 29, 2005, were created to support the redevelopment of a large tract of land formerly owned by Maine Yankee Atomic Power Company for a new commercial use by property owner Point East and its tenant, Rynel, Inc. (the “Company” or “Rynel”). The Town of Wiscasset approved an authorization for a bond for phase 1 infrastructure improvements to include road, water and sewer line extensions, and 3-phase power in the District. TIF revenues from the District were allocated to the Town for infrastructure debt service costs and for an economic development fund, and to Rynel to fund a portion of the company relocation and expansion costs. The District encompasses a 13.96-acre lot (Lot 2) in the Ferry Crossing Business and Technology Park. Under the Original Development Program, the Town captures 100% of the increased assessed value over the original assessed value and retains within the District the new tax revenues generated by that portion of the new assessed value. Thirty-five Percent (35%) of TIF revenues are allocated to Rynel to defray the cost of its relocation and expansion. The Town retains the remaining portion (65%) of TIF revenues to be divided between bond debt service (40%) and an economic development fund (25%). In the event that the 40% of TIF revenues allocated to cover the Town’s bond debt service is insufficient in any given year, the Original Development Program stated that Rynel would pay the difference. Attached as Schedule 1 is a copy of the March 29, 2005 letter from the Commissioner of the Maine Department of Economic and Community Development approving the Town’s designation of the District and approval of the Original Development Program.
Sample 1
AutoNDA by SimpleDocs

Related to The District and Original Development Program

  • Professional Development Program (a) The parties agree to continue a Professional Development Program for the maintenance and development of the faculty members' professional competence and effectiveness. It is agreed that maintenance of currency of subject knowledge, the improvement of performance of faculty duties, and the maintenance and improvement of professional competence, including instructional skills, are the primary professional development activities of faculty members.

  • SECTION 109 OF THE HOUSING AND COMMUNITY DEVELOPMENT ACT OF 1974 The Contractor shall comply with the provisions of Section 109 of the Housing and Community Development Act of 1974. No person in the United States shall on the grounds of race, color, national origin, or sex be excluded from participation in, be denied the benefits of, or be subjected to discrimination under any program or activity funded in whole or in part with funds made available under this title. Section 109 further provides that discrimination on the basis of age under the Age Discrimination Act of 1975 or with respect to an otherwise qualified handicapped individual as provided in Section 504 of the Rehabilitation Act of 1973, as amended, is prohibited.

  • PROFESSIONAL DEVELOPMENT AND EDUCATIONAL IMPROVEMENT A. The Board agrees to implement the following:

  • Development Program A. Development activities to be undertaken (Please break activities into subunits with the date of completion of major milestones)

  • Professional Development Plan Professional Development Plan (PDP) refers to plans developed by faculty members addressing the criteria contained in Article 22 and Appendix G.

  • Extended Health Plan (a) The Employer will pay 100% of the monthly premiums for the extended health care plan that will cover the employee, their spouse and dependent children, provided they are not enrolled in another plan.

  • Information Systems Acquisition Development and Maintenance Security of System Files. To protect City Information Processing Systems and system files containing information, Service Provider will ensure that access to source code is restricted to authorized users whose specific job function necessitates such access.

  • HEALTH PROGRAM 3701 Health examinations required by the Employer shall be provided by the Employer and shall be at the expense of the Employer. 3702 Time off without loss of regular pay shall be allowed at a time determined by the Employer for such medical examinations and laboratory tests, provided that these are performed on the Employer’s premises, or at a facility designated by the Employer. 3703 With the approval of the Employer, a nurse may choose to be examined by a physician of her/his own choice, at her/his own expense, as long as the Employer receives a statement as to the fitness of the nurse from the physician. 3704 Time off for medical and dental examinations and/or treatments may be granted and such time off, including necessary travel time, shall be chargeable against accumulated income protection benefits.

  • Research and Development (i) Advice and assistance in relation to research and development of Party B;

  • Professional Development and Training 4.1 The purpose of professional development and training requirements for interpreters is to maintain the skill levels interpreters possess at the time they pass their interpreter certification examination, and to further enhance their skills and knowledge. Both the State and the Union encourage interpreters to complete training and continuing education activities.

Time is Money Join Law Insider Premium to draft better contracts faster.