Back up Special Service Area Sample Clauses

Back up Special Service Area. The Developer hereby agrees to allow the City to establish a backup Special Service Area (SSA) after the Developer takes title to the Property, which SSA will encompass the Redevelopment Site, provided that the sole purpose of the SSA is to pay the difference between the tax increment generated from the Project and the debt service payments when those payments are due and the City provides the Developer notice of the establishment of the SSA and opportunity to review the SSA Ordinance, which ordinance shall be in substantial conformance with the document attached hereto and incorporated herein by reference as Exhibit K before it is approved and notice of the City’s intent to levy the SSA tax before an ordinance approving a levy is approved. Subject to the conditions stated herein, the City may, at the City’s reasonable discretion, begin to levy and collect SSA taxes in sufficient amounts to pay the difference between the tax increment generated from the Project and the debt service payments, subject to the true up provisions in Section 5.04. In no event shall City be allowed to establish a special service area that gives City the authority to levy in excess of ten dollars ($10.00) per one hundred dollars ($100) of assessed valuation annually. For purposes of the backup Special Service Area, the difference between the tax increment generated from the Project and the debt service payments when those payments are due shall include the reduction in funds available to pay the debt service resulting from any payments the City is obligated to make to the School District for the school age children residing in the Redevelopment Area, and the increment generated from the Project shall be reduced by the amount of reimbursement due or paid to the School District accordingly in determining any shortfall between the tax increment generated and the debt service payment obligations.
Sample 1
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Back up Special Service Area. Promptly after the approval of the Final Plat by the Village, the Village shall give all notices required by, and shall hold a public hearing pursuant to, the Illinois Special Service Area Tax Law, 35 ILCS 200/27-5 et seq., for the purpose of considering and establishing a back-up special service area exclusively for the subject Single-Family Residential Subdivision (the "back-up Special Service Area"), for the purpose of generating revenues sufficient to allow the Village to assume the obligations of maintaining the stormwater and any natural resource protection areas within the subdivision, should the developer and its successors default on its obligations to do so. The developer agrees to cooperate with the village and shall not, and hereby agrees not to, object to the creation of the back-up Special Service Area, and the developer shall cause the owner of the subsequent individual residential lots and resultant Home Owners Association to consent to the creation of the back-up Special Service Area. The developer shall be responsible for the payment of all administrative fees, costs, and expenses reasonably estimated to be, or actually, incurred or accrued in connection with the review and processing of plans for, and the creation of, the back-up Special Service Area, including without limitation all reasonable costs incurred by the Village for publications and recordings required in connection with the foregoing. The developer and its successors acknowledge their responsibility to timely pay for all property owned by the developer and its successors, all tax levies in the event of the ultimate institution of the Special Service Area. The final plat of subdivision for the Subject Property must include easement language for the common maintenance of the stormwater and any natural resource protection areas within the subdivision that requires the homeowners to maintain the stormwater and any natural resource protection areas and creates the right, without obligation, for the Village to enter the stormwater and any natural resource protection areas for necessary or emergency maintenance and/or maintain and preserve the areas and impose the costs of such work on the homeowners, with lien rights in the event of nonpayment, or by recourse to the imposition of the revenues derived from the backup SSA. As a requirement of the approval of the final plat of subdivision, the Developer shall be responsible for the preparation (and submittal to the Village for review...
Sample 1

Related to Back up Special Service Area

  • Service Area (a) SORACOM shall provide the SORACOM Air Global Service within the area designated on the web site of SORACOM (the “Service Area”), provided, that, the Service Area may be different if stated otherwise as specified by SORACOM separately. However, within the Service Area, you may not use the SORACOM Air Global Service in places where transmissions are difficult to send or receive.

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