Res 2024-093 approving a Chapter 380 Economic Development Incentive Agreement with BRE Group 500 Wonder World 2022 LP, also known as project Snapdragon

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For example, if the Building Improvements are completed in 2025, the full assessed value for the completed Building Improvements will not be recognized until January 1,2026. Since 2026 would be considered the first full calendar year after the Building Improvements are completed, the first Grant Payment would, therefore, be calculated based upon Real Property Taxes assessed in 2026 and would be paid in 2027. Section 4.02. Time for Payment. Grant Payments will be made by the City on or before March 31 of the calendar year immediately following the year in which the Real Property Taxes upon which the Grant Payment amount is based are assessed. Following the example in Section 4.01,therefore,a Grant Payment that is based on the Real Property Taxes collected in 2026 for the year 2025 and would be paid by the City on or before March 31, 2027. Notwithstanding the foregoing, the City shall not be required to make a Grant Payment during any applicable year unless and until: a. the Real Property Taxes for the prior year are received by the City from the Tax Office; b. funds equivalent in value to the applicable Grant Payment amount are appropriated for the specific purpose of making a Grant Payment as part of the City's ordinary budget and appropriations approval process; and C. the Developer has submitted all information required under this Agreement necessary to verify its compliance. Section 4.03. Grant Payments Paid Unless Buildings Leased.If during the Term of this agreement a portion of the Building Improvements become leased, the Grant Payment owed by the City for that calendar year shall be reduced by a percentage equal to the proportion of the Building Improvements that are leased. For instance, if in year two (2) of the Agreement the Building Improvements became 50% leased, the Developer could request a Grant Payment equal 4