Res 2010-109 - Laserfiche WebLink

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four consecutive years in a total amount not to exceed $610,000.00. Section 3.03. Payment Amount a Function of Annual Revenues. Developer has submitted a pro forma of projected annual gross revenues related to the Project over a five -year period (see Exhibit "D "). If the actual gross revenues of Developer during any year exceed the projected gross revenues for the same year, then the maximum Grant Payment amount which Developer is eligible to receive as provided in Section 3.02 shall be reduced by the same percentage that actual gross revenues exceed the projected gross revenues. For example, projected gross revenues for an eligible tax year are $5,157,125.00, but actual gross revenues for the same year are $5,672,837.50. Thus, actual gross revenues for such year exceeded projected gross revenues by 10 percent. Therefore, the maximum Grant Payment of $122,000.00 Developer is eligible to receive for such year shall be reduced by 10 percent or $12,200.00 for a Grant Payment amount of $109,800.00. Section 3.04. Application for Grant Payment. On or before April 30 of the calendar year following the applicable tax year for which Real Property Taxes were paid Developer shall apply for a Grant Payment by submitting a written application for a Grant Payment that includes the Compliance Certificate in the form provided in Exhibit "D ", attached hereto and made a part hereof (the "Application "). Upon submission of the Application the Developer shall include with the Application or make available for inspection by the City, at a minimum, the following: a. evidence of the tax assessed value of the Land and all improvements; b. the amount of Real Property Taxes assessed on the Land and proof of payment of the Real Property Taxes, i.e., tax receipt from the Assessor; C. a statement as to the number and types of jobs filled as of December 31 of the tax year for which application is being made; and Page 8 of 15 E//41