Common use of PROGRAM GRANT Clause in Contracts

PROGRAM GRANT. 5.01 Subject to ▇▇▇▇ complying with his duties and obligations under this Agreement, the City agrees that, subject to the terms and conditions contained herein, ▇▇▇▇ shall be entitled to receive Grant Payments and benefits according to the schedule set forth in this Article. 5.02 The maximum Grant Payments cumulatively available to ▇▇▇▇ over the term of this Agreement shall not exceed Three Hundred and Fifty Thousand Dollars ($350,000). 5.03 The City shall make Grant Payments to ▇▇▇▇ in annual installments equal to one hundred percent (100%) of Available Sales Taxes received by the City for the prior calendar year of the restaurant’s operation. 5.04 The Grants Payments shall cease upon the earlier of: (A) The date upon which the Grant Payment is paid for the final twelve (12) month period ending ten years following the date ▇▇▇▇ receives a Certificate of Occupancy on the Property; or (B) The date upon which the Grant Payment Cap has been reached. 5.05 For each calendar year in which a grant payment is requested, ▇▇▇▇ agrees to provide a release to the City that will allow the Texas Comptroller of Public Accounts (the “Comptroller”) to release information to the City that documents the amount of Available Sales Taxes collected by the Comptroller for the City from the Restaurant (the “Sales Tax Disclosure”). The City and ▇▇▇▇ shall rely on the Sales Tax Disclosure as accurate and definitive for purposes of this Agreement. City shall not be required to pay ▇▇▇▇ the ▇▇▇▇▇ Payments under this Article until such time that ▇▇▇▇ provides the required release and the Comptroller provides the Sales Tax Disclosure. 5.06 Following receipt of the Sales Tax Disclosure and the receipt of Available Sales Taxes by City, City shall pay ▇▇▇▇ the annual installment of Grant Payments due hereunder, subject to the terms and provisions of this Agreement, within 60 days. Both parties acknowledge that as of the Effective Date of this Agreement, the Sales Tax Disclosure and disbursement of Available Sales Taxes for the prior calendar year to City by Comptroller is expected to occur no sooner than March 1 of each calendar year.