ECONOMIC DEVELOPMENT PROGRAM Sample Clauses
The Economic Development Program clause outlines the obligations and initiatives a party must undertake to promote economic growth within a specified area or community. Typically, this clause details requirements such as investment commitments, job creation targets, or support for local businesses, and may include reporting or compliance measures to track progress. Its core function is to ensure that the contracting party actively contributes to the economic advancement of the region, addressing the need for measurable and enforceable development outcomes.
ECONOMIC DEVELOPMENT PROGRAM. 3.01 The City will pay the Developer an annual payment of a portion of the Sales Tax generated in the Project Area (the “Annual Payment”) as an economic development incentive for the Developer‟s construction of the Public Improvements and the construction of all other Vertical Improvements in accordance with the criteria established in the Development Standards and those other Developer Obligations identified in Article IV. of this Agreement. Said payment shall be calculated in accordance with section 3.03 of this Agreement. Such Annual Payment shall be made for the Term of the Agreement, as amended, or until such time as the total payments made under this Agreement equals Three Million Three Hundred Twenty Eight Thousand Dollars and No Cents ($3,328,102.00), whichever comes first.
3.02 The period of time used to determine the total amount of Sales Tax generated in the Project Area shall be the first full twelve (12) months after the Opening Date of the first Company (other than a Company selling gasoline or diesel fuel) in the Project Area (the “Anniversary”), and thereafter the twelve (12) month periods beginning on the anniversary of that date throughout the Term of this Agreement, as amended.
3.03 The calculation of the Annual Payment shall be made as follows: Annual Payment = Sales Tax X 0.50 For example, the Project Area generates a total of $100,000 in Sales Tax (as defined in this Agreement). The Annual Payment under this scenario would be $50,000 (Annual Payment = $100,000 X 0.50)
3.04 Within ninety (90) days of each Anniversary, the Developer shall submit to the City, or cause to be submitted the following documentation (“Data”):
a. A written schedule, certified by the Company as to its accuracy and completeness, detailing Company Sales Tax Revenues for the year prior to the Anniversary.
b. A copy of all Texas sales tax returns and self-addressed use tax amounts, including amended reports, filed by the Company for that year showing sales tax collected.
c. Information concerning any refund received by the Company of sales and use tax paid by the Company which had been previously reported by the Company as sales and use tax paid.
d. Proof that the Developer has satisfied the requirements of Article IV. of this Agreement.
e. Copies of the 941 Quarterly Payroll Tax Report, or equivalent, with names redacted for a Company.
f. Sufficient information that the minimum number of full time employees were employed as set forth in Section 6.02.
g. Current ad...
ECONOMIC DEVELOPMENT PROGRAM. The City of Weatherford, Texas does hereby establish the following Economic Development Pro- gram for development of the Project, as economic development incentives for the Company’s re- spective sales and improvements in the Project;
ECONOMIC DEVELOPMENT PROGRAM. DIAND will contribute funding only for eligible activities and X % of actual eligible expenditures made by the First Nation within the maximum funding for eligible expenditures set out in the table below for the Project from the Project start date (YYYY/MM/DD) to the end date (YYYY/MM/DD).
ECONOMIC DEVELOPMENT PROGRAM. 4.01 Pursuant to Chapters 378 and 380 of the Texas Local Government Code and Resolution No 203-2021, the City shall contribute the sum of ten times the amount of increased city related ad valorem tax liability created by (1) new residential construction, or (2) renovation or rehabilitation of existing residential improvement, up to a maximum one- time incentive of $5,000 per improvement.
4.02 It being necessary to establish the increased value created by the improvement, this program shall allow for payment of the incentive to an improvement completed on or after December 2, 2021, which is the date of the adoption of Resolution No. 203-2021 wherein the residential infill program was established.
4.03 Any incentive paid under this Agreement shall be paid on or after October 1, 2023.
ECONOMIC DEVELOPMENT PROGRAM. 4.01 Pursuant to Chapter 380 of the Texas Local Government Code, the City shall reimburse the Developer up to the sum of Seventy-Five Thousand and No/100 Dollars ($75,000) towards the Developer’s actual costs associated with a flood study and letter of map revision for the purposes of reclaiming land within the Project Area from the flood plain (“Economic Incentives”).
4.02 Pursuant to Chapter 380 of the Texas Local Government Code, the City shall waive all permit fees for the development and construction of the Project.
ECONOMIC DEVELOPMENT PROGRAM. 4.01 The City shall pay to the Developer payments (the “Design Payment”) in an amount equal to the invoiced amount of design professionals working to complete the engineering and design for the new pet and animal resource center, such design payments shall not exceed $1,138,581.
4.02 Payment by the City of the Design Payment shall reduce the City’s commitment pursuant to the MOA to provide $4,000,000 in original construction funds. The City shall provide to Developer $2,100,000 in additional construction funds, for $6,100,000 in total construction funds (the “Construction Funds”) for the new pet and animal resource center by the design payment amount.
ECONOMIC DEVELOPMENT PROGRAM. 4.01 Pursuant to the City’s Infill Development Program, the City of Abilene grants an Economic Incentive in the amount not to exceed $10,006.00 (the “Economic Incentive”) for the purposes of a utility tap and repairing the street associated with the utility tap.
ECONOMIC DEVELOPMENT PROGRAM. The City of Weatherford, Texas does hereby establish the following Economic Development Program for de- velopment of the Project, as economic development incentives for the Company’s respective sales, employ- ment commitment and improvements in the Project;
ECONOMIC DEVELOPMENT PROGRAM. The CITY represents that it is entering into this Agreement as an economic development program to promote and ▇▇▇▇▇▇ economic development in the CITY pursuant to Resolution Nos. 030612-15 and 050113-52, and Resolution No. 20 - adopted on , 20 authorizing the City Manager to negotiate and execute this Agreement.