Res 2013-172/Approving a 380 Economic Development Incentive Agreement w/Clovis Barker Business Park L.P

Home Browse Search

Grant Payment already earned that has not yet been paid by the City. If Grant Payments are waived as to a building under this section, Developer shall remain eligible to collect Grant Payments based on the Real Property Taxes for the other building that has not yet been fully leased. For instance, if neither "Building A" nor "Building B" is fully leased in 2015, Developer is eligible to receive a full Grant Payment from the City by March 31, 2016. If Building A becomes fully leased in 2016, Developer would still have earned and would receive the full Grant Payment due for 2015, but no further Grant Payments for the years 2016 and 2017 would be owed by the City as to Building A. Developer, however, would still be entitled to receive partial Grant Payments based on the Real Property Taxes attributable to Building B as long as it remains less than fully leased during those years. ARTICLE V REPRESENTATIONS AND WARRANTIES OF DEVELOPER As of the Effective Date, the Developer represents and warrants to the City, as follows: Section 5.01. Organization. The Developer is a limited partnership, duly organized, validly existing and in good standing under the laws of the State of Texas and authorized to conduct business in the State of Texas. The obligations of Developer under this Agreement may lawfully be conducted by the Developer. Section 5.02. Authority. The execution, delivery and performance by the Developer of this Agreement are within the Developer's powers and have been duly authorized by all necessary action of the Developer. Section 5.03. No Conflicts. Neither the execution and delivery of this Agreement, nor the consummation of any of the transactions herein contemplated, nor compliance with the terms and provisions hereof will contravene the organizational documents of the Developer or, to Developer's actual knowledge, any provision of law, statute, rule or regulation to which the