Existing Property means all property against which ad valorem property taxes were levied by a local unit for its concluding fiscal year, minus all property that is considered losses for purposes of ad valorem property tax levies of the local unit for the ensuing fiscal year.
Existing Property means property which will not qualify as Economic Development Property pursuant to Section 00-00-000 of the Fee Act, including, without limitation, (a) the real property comprising the Site; and (b) property which has been subject to ad valorem taxes in the State prior to commencement of the Investment Period and property included in the Project as part of the repair, alteration, or modification of such previously taxed property; provided, however, that Existing Property shall not include: (a) property acquired or constructed by or on behalf of the Company during the Investment Period which has not been placed in service in this State prior to the commencement of the Investment Period notwithstanding that ad valorem taxes have heretofore been paid with respect to such property, or property which has been placed in service in the State pursuant to an inducement agreement or other preliminary approval by the County, including the Inducement Resolution, prior to execution of this Agreement pursuant to Section 12-44-40(E) of the Fee Act, which property shall qualify as Economic Development Property; or (b) property purchased by or on behalf of the Company during the Investment Period in a transaction other than between any of the entities specified in Section 267(b) of the Internal Revenue Code, as defined under Chapter 6 of Title 12 of the Code as of the time of the transfer, to the extent that the Company invests at least an additional $45,000,000 in the Project, exclusive of the property identified in this subsection (b).
Existing Property means property which will not qualify for the Negotiated FILOT pursuant to Section 00-00-000 of the Negotiated FILOT Act, including, without limitation, property which has been subject to ad valorem taxes in the State prior to commencement of the Investment Period and property included in the Project as part of the repair, alteration, or modification of such previously taxed property; provided, however, that Existing Property shall not include: (a) the Land; (b) property acquired or constructed by or on behalf of the Company or any other Sponsor or Sponsor Affiliate during the Investment Period which has not been placed in service in this State prior to the commencement of the Investment Period notwithstanding that ad valorem taxes have heretofore been paid with respect to such property, or property which has been placed in service in the State pursuant to an inducement agreement or other preliminary approval by the County, including, but not limited to, the Inducement Resolution, prior to execution of this Agreement pursuant to Section 12-44-40(E) of the Negotiated FILOT Act, which property shall qualify as Negotiated FILOT Property; (c) property purchased by or on behalf of the Company or any other Sponsor or Sponsor Affiliate during the Investment Period in a transaction other than between any of the entities specified in Section 267(b) of the Internal Revenue Code, as defined under Chapter 6 of Title 12 of the Code as of the time of the transfer, to the extent that the Company or such other Sponsor or Sponsor Affiliate invests at least an additional $45,000,000 in the Project, exclusive of the property identified in this subsection (c); or (d) modifications which constitute an expansion of the real property portion of Existing Property.
Examples of Existing Property in a sentence
The Consideration shall be paid by or on behalf of the Purchaser at Completion for the purchase of the Sale Share and the assignment of the Debt by payment of the Consideration, equivalent to the redemption amount for the Existing Property Mortgage and the Existing Share Mortgage, to be paid to the Security Trustee.
On the date of the signing the Sale and Purchase Agreement, the Sale Share, the Debt and the Property are charged and encumbered under the Existing Property Mortgage and the Existing Share Mortgage, and the redemption amount required to be paid for obtaining a release and/or discharge of the Existing Property Mortgage and the Existing Share Mortgage with effect from the Completion Date shall be an amount equivalent to the Consideration.
More Definitions of Existing Property
Existing Property means existing buildings or structures, as well as, all personal property contained therein. “Existing Property” does not include personal property owned or operated by CMR or any Subcontractors.
Existing Property means the property that will be sold to repay the bridging loan or the short-term loan.
Existing Property means property proscribed from becoming Economic Development Property pursuant to Section 00-00-000 of the Code, including, without limitation, property which has been subject to ad valorem taxes in the State prior to the execution and delivery of this Agreement and property included in the Project as part of the repair, alteration, or modification of such previously taxed property; provided, however, that Existing Property shall not include: (a) property acquired or constructed by the Company or members of the Controlled Group during the Investment Period which has not been placed in service in this State prior to the Investment Period notwithstanding that ad valorem taxes have heretofore been paid with respect to such property; or (b) modifications which constitute an expansion of Existing Property.
Existing Property means the property being owned by the Purchaser on the Signature Date as more fully described in Clauses 2.4 and 2.5 of the Covering Schedule;
Existing Property means property proscribed from becoming Economic Development Property pursuant to Section 12-44-110 of the Code, including, without limitation, property which has been subject to ad valorem taxes in the State prior to the execution and delivery of this Agreement and property included in the Project as part of the repair, alteration, or modification of such previously taxed property; provided, however, that Existing Property shall not include: (i) property acquired or constructed by the Company during the Investment Period which has not been placed in service in this State prior to the Investment Period notwithstanding that ad valorem taxes have heretofore been paid with respect to such property; (ii) modifications which constitute an expansion of Existing Property; or (iii) property described in Section 12-44- 110 of the Code to the extent that the Company and any Co-Investors invest at least an additional Forty-Five Million Dollars ($45,000,000.00) in the Project.
Existing Property means and refer to the real property which is, and shall be held, transferred, sold, conveyed and occupied subject to this Declaration pursuant to Section 2.1 of Article II.
Existing Property means property that does not qualify to become Economic Development Property pursuant to Section 00-00-000 of the Code.