Tennessee Recoverable Grant Agreement

• Category: Corporations - Startup - Venture Financing Process
• State: Multi-State
• Control #: US-ENTREP-0052-1
• Format: Word; Rich Text

Description

The purpose of the Grant is to support Company's development, dissemination and commercialization of the Company Technology to support a compnay, all in furtherance of said company's mission and charitable purpose. Tennessee Recoverable Grant Agreement (TOGA) is a financial assistance program offered by the state of Tennessee to support economic development projects. A TOGA is a contractual arrangement between the Tennessee Department of Economic and Community Development (TNE CD) and a qualifying business entity. Through this agreement, businesses receive financial aid in the form of a grant, which is later repaid to the state with certain conditions. The TOGA is designed to attract and retain businesses that demonstrate the potential for job creation, capital investment, and overall economic growth in Tennessee. It encourages businesses to establish or expand their operations within the state, thereby stimulating the local economy and fostering a favorable business environment. Under the TOGA, there are multiple types of grant agreements available, each catering to specific needs and requirements. These include: 1. Job Tax Credit (JTC) Agreement: This type of TOGA provides eligible businesses with tax credits based on the number of full-time jobs created or retained within a specified timeframe. The tax credits offset a portion of a business's franchise and excise tax liabilities. 2. Fastback Infrastructure Development (FID) Grant Agreement: FID grants are aimed at assisting businesses in financing infrastructure improvements necessary for their expansion or relocation. These grants help cover the costs associated with constructing, improving, or renovating public infrastructure required for the business project. 3. Industrial Machinery Tax Credit (ITC) Agreement: Businesses engaged in manufacturing, processing, warehousing, or distribution can enter into an ITC agreement. It enables them to receive tax credits based on their investment in qualified industrial machinery and equipment. 4. Headquartered Jobs Tax Credit (HTC) Agreement: This agreement targets businesses that establish or expand their corporate headquarters within Tennessee. It offers tax credits based on the number of net new jobs created at the headquarters facility. 5. Research and Development (R&D) Grant Agreement: R&D grants are specifically designed to encourage businesses to invest in research and development activities within Tennessee. These grants contribute to the costs associated with R&D projects, fostering innovation and technological advancements. These various types of Tennessee Recoverable Grant Agreements provide financial incentives and support to eligible businesses, promoting economic growth, job creation, and investment in the state. By offering different options tailored to specific industries and activities, the TOGA effectively contributes to Tennessee's overall economic success.

Tennessee Recoverable Grant Agreement (TOGA) is a financial assistance program offered by the state of Tennessee to support economic development projects. A TOGA is a contractual arrangement between the Tennessee Department of Economic and Community Development (TNE CD) and a qualifying business entity. Through this agreement, businesses receive financial aid in the form of a grant, which is later repaid to the state with certain conditions. The TOGA is designed to attract and retain businesses that demonstrate the potential for job creation, capital investment, and overall economic growth in Tennessee. It encourages businesses to establish or expand their operations within the state, thereby stimulating the local economy and fostering a favorable business environment. Under the TOGA, there are multiple types of grant agreements available, each catering to specific needs and requirements. These include: 1. Job Tax Credit (JTC) Agreement: This type of TOGA provides eligible businesses with tax credits based on the number of full-time jobs created or retained within a specified timeframe. The tax credits offset a portion of a business's franchise and excise tax liabilities. 2. Fastback Infrastructure Development (FID) Grant Agreement: FID grants are aimed at assisting businesses in financing infrastructure improvements necessary for their expansion or relocation. These grants help cover the costs associated with constructing, improving, or renovating public infrastructure required for the business project. 3. Industrial Machinery Tax Credit (ITC) Agreement: Businesses engaged in manufacturing, processing, warehousing, or distribution can enter into an ITC agreement. It enables them to receive tax credits based on their investment in qualified industrial machinery and equipment. 4. Headquartered Jobs Tax Credit (HTC) Agreement: This agreement targets businesses that establish or expand their corporate headquarters within Tennessee. It offers tax credits based on the number of net new jobs created at the headquarters facility. 5. Research and Development (R&D) Grant Agreement: R&D grants are specifically designed to encourage businesses to invest in research and development activities within Tennessee. These grants contribute to the costs associated with R&D projects, fostering innovation and technological advancements. These various types of Tennessee Recoverable Grant Agreements provide financial incentives and support to eligible businesses, promoting economic growth, job creation, and investment in the state. By offering different options tailored to specific industries and activities, the TOGA effectively contributes to Tennessee's overall economic success.