Progress Payments of Developer’s Housing Allocation Sample Clauses

The 'Progress Payments of Developer’s Housing Allocation' clause defines the process by which a developer receives payments in installments as specific milestones or stages of a housing project are completed. Typically, this clause outlines the schedule of payments, the criteria for determining when a milestone is achieved, and the documentation required to trigger each payment. By structuring payments in this way, the clause ensures that the developer is compensated for work as it is completed, thereby managing cash flow and incentivizing timely progress while protecting the payer from advancing funds before work is performed.
Progress Payments of Developer’s Housing Allocation. Each year twenty percent (20%) of the property tax increment received by the Agency is designated for Developer’s Housing Allocation (after one-time payment of $500,000 to the Agency for housing purposes). Provided Developer has constructed at least 134 residential units on the Site, until 300 residential units have been constructed on the Site the Developer shall receive a portion of the Developer’s Housing Allocation for each Tax Increment Year calculated by multiplying the Developer’s Housing Allocation for such year by a fraction, the numerator of which is the number of residential units constructed on the Site and the denominator of which is 300 (“Housing Allocation Fraction”). The remainder of the Developer’s Housing Allocation that is not paid to the Developer in any Tax Increment Year shall be retained by the Agency in an interest bearing account (“Housing Allocation Account”). For example, if at the end of the seventh Tax Increment Year 175 residential units were constructed and the Developer’s Housing Allocation for such year was $800,000, the amount of Developer’s Housing Allocation paid to the Developer would be $466,667 [$800,000 x 175/300], and the amount paid into the Housing Allocation Account would be $333,333 [$800,000 - 466,667 = $333,333]. At the end of each Tax Increment Year there shall also be released to Developer certain funds from the Housing Allocation Account so that the aggregate amount of Developer’s Housing Allocation received by the Developer from the commencement of the Subsidy Period through the end of the Tax Increment Year in question is equal to the aggregate amount of Developer’s Housing Allocation for such period (both the amounts paid to Developer and the amounts paid into the Housing Allocation Account) multiplied by the Housing Allocation Fraction. In order for Developer to receive the full amount of Developer’s Housing Allocation, 300 residential units must be constructed on the Site by the end of the fifteenth Tax Increment Year. Upon the completion of the 300th residential unit constructed on the Site prior to the end of the fifteenth Tax Increment Year, any and all funds remaining in the Housing Allocation Account shall be paid to the Developer. If at least 300 residential units have not been constructed on the Site by the end of the fifteenth Tax Increment Year, the remaining balance in the Housing Allocation Account shall be released to the Agency, and Developer shall have no right or interest in or to such a...
View SourceView Similar (2)
Progress Payments of Developer’s Housing Allocation. To be eligible for the entire Developer’s Housing Allocation, Developer must construct fifty (50) units to be operated as Moderate Income Housing within the Open District. Developer may request progress payments from Agency upon the completion of each unit qualifying Moderate Income Housing. Such portions of Developer’s Housing Allocation that have not been distributed to Developer shall be retained by the Agency in an interest bearing account until disbursement in accordance with this Agreement. Developer shall supply cost information to Agency to assist Agency in confirming that Developer’s Housing Allocation is less than developers cost for Moderate Income Housing, which costs shall include the proportionate share of land, site/infrastructure improvements, building common areas and amenities. The proportionate share will be the ratio of the gross leasable affordable housing unit area to the gross leasable residential area.
View SourceView Similar (2)
Progress Payments of Developer’s Housing Allocation. To be eligible for the entire Developer’s Housing Allocation, Developer must construct Moderate Income Housing within the Open District described in the SDMP equal to ten percent of all multifamily residential units constructed in the Open District. By way of example, and not limitation, if Developer builds eight hundred fifty (850) multifamily units within the Open District, then Developer must build eighty five (85) multifamily units qualifying as Moderate Income Housing within the Open District in order to receive the entire Developer’s Housing Allocation. By way of further example, if Developer builds six hundred (600) multifamily units within the Open District but elects only to locate thirty (30) multifamily units qualifying as Moderate Income Housing, then Developer shall only be entitled to fifty percent (50%) of the total available Developer’s Housing Allocation. Developer may request progress payments from Agency upon the completion of each multifamily unit qualifying Moderate Income Housing. Such portions of Developer’s Housing Allocation that have not been distributed to Developer shall be retained by the Agency in an interest bearing account until disbursement in accordance with this Agreement.
View Source

Related to Progress Payments of Developer’s Housing Allocation

  • Progress Payments 9.5.1 After the Architect has issued a Certificate for Payment, the State shall make payment in the manner and within the time provided in the Contract Documents. 9.5.2 The Contractor shall promptly pay each Subcontractor, upon receipt of payment from the State, out of the amount paid to the Contractor on account of such Subcontractor's Work, the amount to which said Subcontractor is entitled, reflecting the percentage actually retained, if any, from payments to the Contractor on account of such Subcontractor's Work. The Contractor shall, by an appropriate agreement with each Subcontractor, require each Subcontractor to make payments to his or her Sub-subcontractors in similar manner. 9.5.3 The Architect may, on request and at his discretion, furnish to any Subcontractor, if practicable, information regarding the percentages of completion or the amounts applied for by the Contractor and the action taken thereon by the Architect on account of Work done by such Subcontractor. 9.5.4 Neither the State nor the Architect shall have any obligation to pay or to see to the payment of any moneys to any Subcontractor. 9.5.5 No Certificate for a progress payment, nor any progress payment, nor any partial or entire use or occupancy of the Project by the State, shall constitute an acceptance of any Work not in accordance with the Contract Documents.

  • Progress Payments; Retainage A. Owner shall make progress payments on account of the Contract Price on the basis of Contractor’s Applications for Payment on the third Wednesday of the Month during performance of the Work as provided in Paragraph 6.02.A.1 below, provided that such Applications for Payment have been submitted in a timely manner and otherwise meet the requirements of the Contract. All such payments will be measured by the Schedule of Values established as provided in the General Conditions (and in the case of Unit Price Work based on the number of units completed) or, in the event there is no Schedule of Values, as provided elsewhere in the Contract. 1. Prior to Substantial Completion, progress payments will be made in an amount equal to the percentage indicated below but, in each case, less the aggregate of payments previously made and less such amounts as Owner may withhold, including but not limited to liquidated damages, in accordance with the Contract a. 95 percent of Work completed (with the balance being retainage). If the Work has been 50 percent completed as determined by Engineer, and if the character and progress of the Work have been satisfactory to Owner and Engineer, then as long as the character and progress of the Work remain satisfactory to Owner and Engineer, there will be no additional retainage; and

  • Obligation to Provide State Access to Grant Records The Grantee must make all grant records of expenditures, copies of reports, books, and related documentation available to the Division or a duly authorized representative of the State of Florida for inspection at reasonable times for the purpose of making audits, examinations, excerpts, and transcripts.

  • PROGRESS PAYMENT ‌ 9.2.1 City shall retain five percent (5%) of the undisputed amount due on each progress payment, or the percentage stated in the Notice Inviting Bids, whichever is greater, as retention to ensure full and complete performance of the Work. Subject to City’s right of withholding under Paragraph 9.4.2 of these General Conditions, City agrees to pay to Contractor within thirty (30) Days of receipt of a properly submitted Application for Payment an amount equal to ninety-five percent (95%), or a lesser amount if corresponding to a higher retention percentage, if applicable, of the sum of the following, excepting therefrom any amounts which are disputed by City: (i) Construction Manager’s determination of the value, expressed as a percentage of the Contract Sum, of the Work in permanent place that has been tested and accepted as of the end of the preceding month. (ii) Construction Manager’s determination of the value of materials suitably stored but not yet incorporated into the Work, subject to Paragraph 9.3.6 of these General Conditions. (iii) Less amounts previously paid. 9.2.2 At any Time after fifty percent (50%) of the Work has been determined by Construction Manager to be completed, City may in its sole discretion, make any of the remaining progress payments in accordance with the calculation in Paragraph 9.2.1 of these General Conditions based on one hundred percent (100%) of City’s determination of the value of the Work in place and of stored materials not yet incorporated into the Work. 9.2.3 Progress payments shall not be construed as City's Acceptance of any or all of the Work and shall not be a waiver of any or all rights City has under the Contract Documents.

  • Tax Returns and Payments; Pension Contributions Borrower and each of its Subsidiaries has timely filed all required tax returns and reports, and Borrower and each of its Subsidiaries, has timely paid all foreign, federal, state, and local taxes, assessments, deposits and contributions owed by Borrower and such Subsidiaries, in all jurisdictions in which Borrower or any such Subsidiary is subject to taxes, including the United States, unless such taxes are being contested in accordance with the following sentence. Borrower and each of its Subsidiaries, may defer payment of any contested taxes, provided that Borrower or such Subsidiary, (a) in good faith contests its obligation to pay the taxes by appropriate proceedings promptly and diligently instituted and conducted, (b) notifies Collateral Agent in writing of the commencement of, and any material development in, the proceedings, and (c) posts bonds or takes any other steps required to prevent the Governmental Authority levying such contested taxes from obtaining a Lien upon any of the Collateral that is other than a “Permitted Lien.” Neither Borrower nor any of its Subsidiaries is aware of any claims or adjustments proposed for any of Borrower’s or such Subsidiaries’, prior tax years which could result in additional taxes becoming due and payable by Borrower or its Subsidiaries. Borrower and each of its Subsidiaries have paid all amounts necessary to fund all present pension, profit sharing and deferred compensation plans in accordance with their terms, and neither Borrower nor any of its Subsidiaries have, withdrawn from participation in, and have not permitted partial or complete termination of, or permitted the occurrence of any other event with respect to, any such plan which could reasonably be expected to result in any liability of Borrower or its Subsidiaries, including any liability to the Pension Benefit Guaranty Corporation or its successors or any other Governmental Authority.