FILOT PAYMENTS. Section 4.01
FILOT PAYMENTS. (a) Pursuant to Section 12-44-50 of the FILOT Act, the Company and any Sponsor Affiliates, as applicable, are required to make payments in lieu of ad valorem taxes to the County with respect to the Economic Development Property. Inasmuch as the Company anticipates an initial investment of sums sufficient for the Project to qualify for a fee in lieu of tax arrangement under Section 12-44-50(A)(1) of the FILOT Act, the County and the Company have negotiated the amount of the FILOT Payments in accordance therewith. The Company and any Sponsor Affiliates, as applicable, shall make payments in lieu of ad valorem taxes on all Economic Development Property which comprises the Project and is placed in service, as follows: the Company and any Sponsor Affiliates, as applicable, shall make payments in lieu of ad valorem taxes during the Exemption Period with respect to the Economic Development Property or, if there are Phases of the Economic Development Property, with respect to each Phase of the Economic Development Property, said payments to be made annually and to be due and payable and subject to penalty assessments on the same dates and in the same manner as prescribed by the County for ad valorem taxes. The determination of the amount of such annual FILOT Payments shall be in accordance with the following procedure (subject, in any event, to the procedures required by the FILOT Act):
FILOT PAYMENTS. SECTION 4.01 FILOT PAYMENTS 10 SECTION 4.02 SPECIAL SOURCE REVENUE CREDITS 11 SECTION 4.03 FAILURE TO ACHIEVE MINIMUM INVESTMENT REQUIREMENTS 12 SECTION 4.04 REMOVAL OF EQUIPMENT 12 SECTION 4.05 FILOT PAYMENTS ON REPLACEMENT PROPERTY 12 SECTION 4.06 REDUCTIONS IN PAYMENT OF TAXES UPON DIMINUTION IN VALUE; INVESTMENT MAINTENANCE REQUIREMENT 13 ARTICLE V PARTICULAR COVENANTS AND AGREEMENTS SECTION 5.01 CESSATION OF OPERATIONS 14 SECTION 5.02 RIGHTS TO INSPECT 14 SECTION 5.03 CONFIDENTIALITY 14 SECTION 5.04 LIMITATION OF COUNTY’S LIABILITY 14 SECTION 5.05 MERGERS, REORGANIZATIONS AND EQUITY TRANSFERS 15 SECTION 5.06 INDEMNIFICATION COVENANTS 15 SECTION 5.07 QUALIFICATION IN STATE 16 SECTION 5.08 NO LIABILITY OF COUNTY’S PERSONNEL 16 SECTION 5.09 ASSIGNMENT, LEASES OR TRANSFERS 16 SECTION 5.10 ADMINISTRATION EXPENSES 17 SECTION 5.11 PRIORITY LIEN STATUS 17 SECTION 5.12 INTEREST; PENALTIES 17 SECTION 5.13 SPONSOR AFFILIATES 17 ARTICLE VI
FILOT PAYMENTS. Section 4.01 FILOT Payments 10 Section 4.02 Special Source Revenue Credits 11 Section 4.03 Failure to Achieve Minimum Investment Requirements 12 Section 4.04 Removal of Equipment 12 Section 4.05 FILOT Payments on Replacement Property 13 Section 4.06 Reductions in Payment of Taxes Upon Diminution in Value; Investment Maintenance Requirement 13 ARTICLE V PARTICULAR COVENANTS AND AGREEMENTS Section 5.01 Cessation of Operations 14 Section 5.02 Rights to Inspect 14 Section 5.03 Confidentiality 14 Section 5.04 Limitation of County’s Liability 14 Section 5.05 Mergers, Reorganizations and Equity Transfers 15 Section 5.06 Indemnification Covenants 15 Section 5.07 Qualification in State 16 Section 5.08 No Liability of County’s Personnel 16 Section 5.09 Assignment, Leases or Transfers 16 Section 5.10 Administration Expenses 17 Section 5.11 Priority Lien Status 17 Section 5.12 Interest; Penalties 17 Section 5.13 Sponsor Affiliates 17 ARTICLE VI
FILOT PAYMENTS. Section 4.01 FILOT Payments 10 Section 4.02 Special Source Revenue Credits 11 Section 4.03 Failure to Achieve Minimum Investment Requirements 12 Section 4.04 Removal of Equipment 13 Section 4.05 FILOT Payments on Replacement Property 13 Section 4.06 Reductions in Payment of Taxes Upon Diminution in Value; Investment Maintenance Requirement 13 ARTICLE V
FILOT PAYMENTS. Section 4.01 FILOT Payments 8 SECTION 4.02 [RESERVED] 9 Section 4.03 Failure to Achieve Minimum Investment Requirement 9 Section 4.04 Removal of Equipment 9 Section 4.05 FILOT Payments on Replacement Property 10 Section 4.06 Reductions in Payment of Taxes Upon Diminution in Value; Investment Maintenance Requirement 10 ARTICLE V
FILOT PAYMENTS. (a) Pursuant to Section 12-44-50 of the Negotiated FILOT Act, the Company and any Sponsor Affiliate(s), as applicable, are required to make payments in lieu of ad valorem taxes to the County with respect to the Economic Development Property. Inasmuch as the Company anticipates an initial investment of sums sufficient for the Project to qualify for a fee in lieu of tax arrangement under Section 12-44-50(A)(1) of the Negotiated FILOT Act, the County and the Company have negotiated the amount of the FILOT Payments in accordance therewith. The Company, its lessee(s), designee(s), or other party acting at the direction of Company and any Sponsor Affiliate(s), as applicable, shall make payments in lieu of ad valorem taxes on all Economic Development Property which comprises the Project and is placed in service, as follows: the Company and any Sponsor Affiliate(s), as applicable, shall make payments in lieu of ad valorem taxes during the Exemption Period with respect to the Economic Development Property or, if there are Phases of the Economic Development Property, with respect to each Phase of the Economic Development Property, said payments to be made annually and to be due and payable and subject to penalty assessments on the same dates and in the same manner as prescribed by the County for ad valorem taxes. The determination of the amount of such annual FILOT Payments shall be in accordance with the following procedure (subject, in any event, to the procedures required by the Negotiated FILOT Act):
FILOT PAYMENTS. SECTION 4.01 FILOT PAYMENTS 9 SECTION 4.02 INTENTIONALLY OMITTED ERROR! BOOKMARK NOT DEFINED.
FILOT PAYMENTS. SECTION 4.01 FILOT PAYMENTS 9 SECTION 4.02 SPECIAL SOURCE REVENUE CREDITS ERROR! BOOKMARK NOT DEFINED.
FILOT PAYMENTS. The Company shall pay to the County all amounts due and payable as FILOT Payments pursuant to Section 5.1 hereof. Unless otherwise expressly provided in the Act, returns for the FILOT Payments shall be filed and FILOT Payments shall be payable at the same time, and subject to the same penalty assessments, that ad valorem property tax returns and tax payments for the Project would otherwise be due and payable under applicable State law and regulations in the absence of this Fee Agreement.
