Examples of Development lease in a sentence
The Authority shall retain a portion of the rental income it receives pursuant to the Development Lease for purposes of administration of the Authority and the Development Lease.
The parties agree that the County shall be the lead agency for purposes of environmental review under the California Environmental Quality Act of the private development proposed under the Development Lease, the Disposition Agreement, the Other Public Improvements, and other project related documents entered into to effectuate the terms of this Agreement.
If, in any year, the Authority retains more rental income from the Development Lease than it needs to cover administration of the Authority Lease and Development Lease, the Authority shall, at or promptly following the end of the year, distribute the excess pursuant to Section 4.7 above, provided, however, that the Authority may retain such excess so long as the total amount retained does not exceed the average of the previous five years’ lease administration costs.
This Agreement may be rescinded and the Authority terminated by unanimous written consent of the Board; provided that no such termination or rescission shall occur so long as the Authority has any outstanding obligations including, but not limited to, outstanding revenue bonds, or so long as the Development Lease is in effect.
Under the Original Joint Powers Agreement the parties agreed that, notwithstanding anything to the contrary, the Authority is required to pay to the County the Bonus Rent that the Authority receives under the Development Lease, if any.