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<br />occurrence of the last Qualifying Event, provided that no more than twelve (12) months have <br /> <br />transpired between the first Qualifying Event and the last Qualifying Event, unless such period is <br /> <br />extended by an Incentive Agreement which is signed prior to the occurrence of the first Qualifying <br /> <br />Event; except that for a Mixed-Use Development Incentive a Business Firm must apply for the <br /> <br />incentive prior to the occurrence of the first Qualifying Event and an executed development <br /> <br />agreement shall constitute the application for the Mixed-Use Development Incentive. <br /> <br />III. Amount and Delivery Of Grants <br /> <br /> <br />The City will provide funds to the EDA for the purpose of its making Enterprise Zone Local <br /> <br /> <br />Incentive Grants in amounts and in manners as are described more fully herein. <br /> <br />A. Business Personal Property Investment Grants. The amount of any Business Personal <br /> <br />Property Investment Grant shall be equal to 50% of the Net Increase in the business personal <br /> <br />property tax paid by a Qualified Business Personal Property Investment Grant Recipient to the City <br /> <br />during a Grant Period equal to five years, provided that such funds shall be provided only upon <br /> <br />actual receipt of such taxes by the City and that the Qualified Business Personal Property Investment <br /> <br />Grant Recipient shall not be delinquent in the payment of any other taxes or fees to the City. If, <br /> <br />however, the EDA has elected to reduce the minimum investment required to receive the Business <br /> <br />Personal Property Investment Grant, the EDA may reduce the amount of this Grant and/or may <br /> <br />reduce the duration of the Grant Period. The EDA shall pay such grants to a Qualified Business <br /> <br />Personal Property Investment Grant Recipient who has applied for the Business Personal Property <br /> <br />Investment Grant, and whose application has been approved by the city manager or his designee, <br /> <br />semi-annually upon receipt of such funds as are herein provided to be paid by the City to the EDA <br /> <br />for the purposes of making such funds available for payment by the EDA of the Business Personal <br /> <br />Property Investment Grant. <br />