Performance Rebate Payments. Subject to the requirements and limitations of this Article, the other terms and conditions of this Agreement, and Developer’s compliance with its obligations under this Agreement, the City shall make Performance Rebate Payments to Developer in accordance with this Article during the Performance Rebate Period: a. The City shall make rebate payments to Developer in an amount not to exceed $370,000.00 of Performance Rebate Payments may be drawn by Developer on a monthly basis for completed work associated with hard costs. Notwithstanding any other provision in this Agreement, under no circumstance shall the City’s total obligation to Developer or any other entity as a result of this Agreement exceed b. The City shall hold, and not be obligated to make, the final Performance Rebate Payment of $370,000.00 to Developer until the Commencement of Operation (as described in above Section 3.03) and 30 consecutive business days of operating the Project as described herein.
Appears in 2 contracts
Sources: Contract of Sale, Economic Development Incentive Agreement