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a. the Real Property Taxes for the prior year are received by the City from the <br />Tax Office; <br />b. funds equivalent in value to the applicable Grant Payment amount are <br />appropriated for the specific purpose of making a Grant Payment as part of the City's <br />ordinary budget and appropriations approval process; and <br />C. the Developer has submitted all information required under this Agreement <br />necessary to verify its compliance. <br />Section 4.03. Grant Payments Reduced as Buildings Leased. If any of the three spec <br />buildings comprising the Building Improvements becomes fully leased, then any Grant Payment <br />otherwise owed by the City for the year during which such full leasing occurred will be reduced <br />by an amount equal to the percentage of Real Property Taxes attributable to each such fully leased <br />building (See table below). For instance, if no building is fully leased in 2022, Developer is eligible <br />to receive a full Grant Payment from the City by March 31, 2023. If one spec building <br />subsequently becomes fully leased in 2023, Developer would retain the previously paid Grant <br />Payment, but the Grant Payment for the year 2023 (to be paid by the City by March 31, 2024) <br />would be reduced by a percentage equal to the percentage of Real Property Taxes attributable to <br />the fully leased building. If all three buildings comprising the Building Improvements become <br />fully leased during the Term, then the City would not owe, and Developer waives the right to <br />collect, any further Grant Payments, except for unpaid amounts owed by the City for years prior <br />to the year full leasing occurred. <br />[TABLE ON NEXT PAGE] <br />