Common use of Additional Development Clause in Contracts

Additional Development. If the Additional Development is housing, then the subsidy granted to the Developer pursuant to this Agreement for the Additional Development will be assistance for housing and therefore the provisions of the Business Subsidy Act will not apply to the Additional Development. If the Additional Development is not housing or otherwise qualify for an exemption from the Business Subsidy Act, the Developer shall enter into a Business Subsidy Agreement, in accordance with the Business Subsidy Act, for the creation of at least 104 jobs, in addition to the 46 Jobs required under clause (1) above, as a condition to the payment of any Additional Development Pledged Abatements.

Appears in 2 contracts

Sources: Tax Abatement Agreement, Tax Abatement Agreement