Development Incentive Clause Examples

Development Incentive. Pursuant to and consistent with Ind. Code § 36-7-14- 12.2(a)(25), the the Bldg. Corporation shall provide Corporation One Hundred Thousand and no/100 Dollars ($100,000.00) to construct, rehabilitate, or repair the Site. The Development Incentive shall be paid by Bldg. Corporation within thirty

Development Incentive. In consideration for Developer fulfilling the Developer Commitments and the Additional Developer Commitments described in Articles IV and V hereof, respectively, the Commission shall provide the following economic development incentive provided for in this Article III (the “Incentive”).

Development Incentive. In the event of any delay by Cerent in the --------------------- general availability of [*] (with the respective functionalities as specified in Section 1.0) as of the dates specified in this Section 4.0 (each, a "Delay"), Cerent shall give Xxxxxxxx an [*] of the purchase price of the Products set forth on Exhibit A for [*] of such Delay on all Products purchased during the --------- period of such Delay. The foregoing discount shall apply only to those Products shipped to Xxxxxxxx during such Delay. In the event of a Delay in excess of [*] months, Xxxxxxxx shall be entitled to reduce its minimum purchase obligations under Section 2.1 by the greater of (i) the aggregate dollar amount of all Purchase Orders canceled during such Delay pursuant to Section 8.4, or (ii) [*]. In the event of any Delay of more than [*] full months, Xxxxxxxx may, at its sole option, terminate this Agreement with no further purchase obligation under Section 2.1. Notwithstanding anything else in this Agreement, the provisions of this Section 4.5 shall constitute Xxxxxxxx' sole remedy, and Cerent's sole obligation, for any breach of Sections 4.1 and/or 4.2.

Development Incentive. The proposed development agreement provides a pay-go incentive of 20% of the proposed development guarantee value, you can see this in 5.1 Municipal Revenue Obligation (a) $8,000,000. This incentive will be paid over the life of the TID after the developer makes the site buildable and creates the development as proposed. We have worked with the developer to adjust the initial repayment schedule to be more aggressive in the first five years and then reduced back to normal levels until the incentive levels. The repayment schedule can be found in 5.1 Municipal Revenue Obligation (a)(a) and (b) of the attached development agreement. As written, we will reimburse 95% for years 2027-2031 and 75% each year thereafter until the 20% reimbursement has been reached or until the TID has been closed, whichever comes first.

Development Incentive. “Development Incentive” means the Loan and Assistance in Development Financing required to bridge a gap in financing needed to make the Project possible, which incentive is provided through a tax increment allocation of an amount not- to-exceed $1,375,000 for this Project.

Development Incentive. 18.3.1 You will be eligible to participate in our Development Incentive program if (i) you have signed and delivered this Agreement by [●]; (ii) you and your guarantor, as co-maker, have signed and returned to us the Development Incentive Note (the “Note”) that accompanies this Agreement; (iii) you have accepted the PIP; and (iv) you open the Facility in compliance with the PIP and Schedule D. The anticipated amount of the Development Incentive will be $[●], based on a formula of $[●] per guest room multiplied by the number of guest rooms specified on Schedule B. The actual amount of the Development Incentive to be disbursed, if any, will be based on the number of guest rooms at the Facility on the Opening Date. If the number of guest rooms changes with our consent, we will adjust the amount of the Development Incentive accordingly. You authorize us to modify the principal amount of the Note based on this Section and the number of guest rooms at the Facility. 18.3.2 We may disburse the Development Incentive in multiple installments, the first of which will be in the amount of $[●] (the “First Installment”) and will be disbursed after (i) you have passed a credit/financial review with no material adverse changes in your or your guarantors’ business, finances, legal, litigation, or bankruptcy status or the finances or the financial viability of the Facility since preliminary approval; (ii) the Facility has officially opened with our consent; (iii) you have executed the MITA/ Schedule and scheduled the installation of an approved property management system at the Facility; and (iv) you have submitted documentation that your lease for the Facility continues for a term of at least ten years after the Effective Date. Notwithstanding the foregoing, the First Installment will not be disbursed unless you are in good standing under this Agreement; you are current on the payment of all fees and other amounts owed under this Agreement; and there are no outstanding defaults that remain uncured beyond their provided cure periods. 18.3.3 The second installment in the amount of $[●] (the “Second Installment”) will be disbursed after (i) you have passed a final credit/financial review with no material adverse changes in your or your guarantors’ business, finances, legal, litigation, or bankruptcy status, or the finances or the financial viability of the Facility since preliminary approval; (ii) we have acknowledged, in writing, that all items described as to be completed s...

Development Incentive. The CITY shall provide an economic incentive to XXXXXX not to exceed Forty-Seven Thousand One Hundred and Twenty-Seven Dollars ($47,127.00), payable within 90 days of XXXXXX’X payment to obtain and the issuance of a Certificate of Occupancy and documentation satisfying Paragraph 4.

Development Incentive. A. As an incentive for developing and constructing the Project as provided in this Agreement, the Developer will be entitled to reimbursement of eligible redevelopment project costs that are incurred by the Developer and meet the requirement of the TIF Act that are available by virtue of the location of the Project Site within the Camp Street TIF District, as defined in the TIF Act and set forth in attached Exhibit “B” (the “Development Incentive”). B. After the Date of Completion and subject to the limitations hereinafter set forth, the City shall pay to the Developer eighty percent (80%) of the Incremental Property Tax Revenue received by the City during a given Fiscal Year for the Project Site. The City shall make any such payment to the Developer by November 15th during the Fiscal Year in which the Incremental Property Tax Revenue received by the City. C. The Developer may not assign the Development Incentive to other than the Project’s first mortgage lender without the prior written consent of the City. No attempt by the Developer to assign the Development Incentive without the prior written consent of the City shall be effective, and the City shall have no obligation to honor any assignment of the Development Incentive made without the prior written consent of the City. The City shall consent to the assignment of the Development Incentive for the purposes of securing a loan made to construct or substantially improve the Project. It is the intention of the parties to this Agreement that the Development Incentive shall be used solely for the purpose of reimbursing eligible redevelopment project costs incurred to construct or improve the Project. Consistent with that intention, the Developer may not assign the Development Incentive to any person or entity which does not have an ownership interest in the Project of at least 50% as reasonably determined by the City. In considering a request for an assignment, the City may require the parties to the transaction to document the ownership structure of the Project and to provide affidavits verifying representations made in conjunction with such a request. Furthermore, the City may from time to time require verification of the ownership structure of the Project together with verifying affidavits in order to insure that the Development Incentive is being paid and utilized in accordance with the requirements of this Agreement. D. The Development Incentive paid to the Developer with respect to any given Fiscal Ye...

Development Incentive. Within ten (10) business days after Production, ICS shall pay to INET (i) the applicable aggregate amount payable to the employees set forth on Exhibit 5 and (ii) an amount equal to all Taxes payable by INET and Nasdaq with respect to the payments contemplated by this Section 6, such that INET and Nasdaq are not liable for any Taxes arising out of INET’s fulfillment of the obligations set forth in this Section 6. INET shall distribute such amounts in accordance with Exhibit 5, provided that, if any INET employee set forth on Exhibit 5 is no longer an INET employee at Production, ICS shall have no obligation to pay INET any amount with respect to such employee, and INET shall have no obligation to pay any amount to such employee pursuant to this Section 6.