Res 2009-104 - Laserfiche WebLink

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ARTICLE IV GRANT PAYMENTS FROM THE CITY Section 4.01. Grant Payments. Subject to the requirements and limitations of this Article, other terms and conditions of this Agreement and Developer's compliance with this Agreement, the City will make Grant Payments to the Developer in the manner set forth in this Article. Section 4.02. Five Year Payment Period. At such time after the Effective date that the Developer has added Personal Property with a cumulative assessed value of $2,000,000.00 it shall be eligible to receive Grant Payments from the City. Beginning in the year after the first year in which the cumulative assessed value of Personal Property added after the Effective Date reaches $2,000,000.00, the City shall commence making Grant Payments once per year for a period of five years. As new Personal Property is added in subsequent years, Grant Payments shall be adjusted accordingly to reflect the value of such newly added Personal Property. Thus, if any new Personal Property is added after the initial $2,000,000.00 addition of Personal Property, Grant Payments shall be made for a Period of five years beginning in the year after such new addition resulting in overlapping Grant Payment periods connected to various additions of Personal Property. As the five year payment periods for earlier additions of Personal Property expire, the Grant Payments connected to such additions shall terminate. If the five year period applicable to any addition of Personal Property would extend beyond the Term, then the City's obligation to make Grant Payments for such Personal Property shall end with the expiration of the Term. Section 4.03. Time for Payment. The City shall not be required to make a Grant Payment during any applicable fiscal year of the City unless and until: (a) the Personal Property Taxes for the prior year are received by the City from