TIF Incentive. Subsequent to receipt of Developer’s documentation evidencing it has acquired ownership or control of the entirety of the Property and subsequent to the approval of the Approved Plans (which will include the specific type, name, corporate flag, and specific identification of the hotel end-user, the RDC agrees to grant Five Hundred Sixty Thousand Dollars ($560,000.00) (the “TIF Incentive”) to the FDC, acting in its capacity as a neighborhood development corporation, for it to deposit into the Escrow Account discussed below and expend on Eligible Expenditures in order to construct, rehabilitate, or repair the Property. The FDC agrees to expend the TIF Incentive for the Project expenses consistent with this Agreement. The disbursement procedures described below in Paragraph 5.2 will govern disbursements
TIF Incentive. Subsequent to receipt of JART’s recorded deed for its purchase of the Property and subsequent to the approval of the Approved Plans (which will include the specific type, name, corporate flag, and specific identification of the hotel end-user) , the RDC agrees to grant Five Hundred Sixty Thousand Dollars ($560,000.00) (the “TIF Incentive”) to the FDC, acting in its capacity as a neighborhood development corporation, for it to deposit into the Escrow Account discussed below and expend on Eligible Expenditures in order to construct, rehabilitate, or repair the Project’s commercial buildingshotel. The FDC agrees to expend the TIF Incentive for the Project expenses consistent with this Agreement. The FDC’s expenditure of the grant will follow the disbursement procedure described below in Paragraph 5.2.
TIF Incentive. Subsequent to receipt of JART’s recorded deed for its purchase of the Property, the RDC agrees to grant Five Hundred Sixty Thousand Dollars ($560,000.00) (the “TIF Incentive”) to the FDC, acting in its capacity as a neighborhood development corporation, for it to deposit into the Escrow Account discussed below and expend on Eligible Expenditures in order to construct, rehabilitate, or repair the Project’s commercial buildings. The FDC agrees to expend the TIF Incentive for the Project expenses consistent with this Agreement. The FDC’s expenditure of the grant will follow the disbursement procedure described below in Paragraph 5.2.
TIF Incentive. Based upon the Developer’s representation of the need for assistance, and provided the Developer fulfills its obligations in this Agreement and under the Act, the Village will provide the following tax increment financing assistance to facilitate the Development: $59,990.00 (the “TIF Incentive”), provided by the Village reducing the Subject Property’s sale price from $60,000.00 to $10.00.
TIF Incentive. Provided the Developer submits written documentation to the Village to support the Eligible Improvement Costs incurred by the Developer in the construction of the Development Project, in accordance with the Property Tax Incentive Agreement Certificate of Expenditure Guidelines attached hereto as Exhibit 6, the Village shall reimburse the Developer for Eligible Improvement Costs (the “TIF Incentive”) up to a maximum amount of Two Million Two Hundred Twenty-Five Thousand Dollars and 00/100 ($2,225,000.00) (the “Maximum TIF Incentive Amount), paid without interest as follows:
TIF Incentive. In exchange for the Developer agreeing to expeditiously pursue and complete the Project, and in consideration of the benefits to the Area and the City of Franklin, and the terms and conditions of this Agreement, the RDC agrees to grant Three Hundred Thousand Dollars ($300,000.00) (the “TIF Incentive”) to the FDC for it to deposit into the Escrow Account discussed above and expend on Eligible Expenditures. The FDC agrees to expend the TIF Incentive for the Project expenses consistent with this Agreement. The FDC’s expenditure of the grant will follow the disbursement procedure described above in Paragraph 4.2.
