VEDA definition
Examples of VEDA in a sentence
The investor and community partner will be required, at a minimum, to submit an annual report containing information requested by the City necessary to determine whether the project is being completed in accordance with the terms of the VEDA.
In the event that the default is not or cannot be remedied, the City shall terminate the VEDA and related incentives.
Such plan must also be implemented in good faith during the duration of the VEDA.
The project was not started prior to the City Commission’s approval of the VEDA and filing of an application.
Firms certified for VEDA purposes must submit a Form EEO 201 annually on or before the Commission approval anniversary date for the duration of the tax abatement period.
The applicant must have a legal interest in the property for which a VEDA is being sought, or must provide documentation evidencing its ability to acquire the property (i.e. binding purchase agreement).
An application to initiate a VEDA requires the project to meet any and all statutory criteria of the economic development incentives being sought and City Commission policy.
If a party to the VEDA is found to be in default of the terms of the VEDA, in violation of any City code or ordinance related to the property, or with any eligibility requirement contained in any program’s legislation or this Policy, the VEDA and any awarded financial incentives may be terminated at the City Commission’s discretion.
The term of the VEDA will be up to the number of years committed in City financial incentives or as long as required by City Commission approval.
A VEDA may also be terminated if the project has not been completed within the time frame agreed upon by the parties, or the operation of the project is not consistent with the original intent of the VEDA, or the owner/operator is in violation of the Fair Housing Practices as described in Chapter 160 of the City Code.