Common use of Fiscal Impacts Clause in Contracts

Fiscal Impacts. No portion of the developed Property normally subject to ad valorem property taxation shall be exempt from taxes or shall have improvements on said Property which are tax-exempt or owned by any entity that is, under federal or state taxation law, considered to have tax-exempt status. Section 5.5 (a) shall not apply to any public rights of way, property dedicated to and accepted by the Town of Chapel Hill, or any tax-exempt entity that provides payments in lieu of ad valorem property taxes owed to the Town and County in an amount equal to the amount of taxes that such an entity would otherwise be required to pay to the Town and County if such an entity were not considered to be tax-exempt. Pursuant to [OBEY CREEK: Check reference - Section 5.20(d)(1) (Annual Report on tax status)] of this Agreement, the Developer Owners and Parcel Owners, if any, or the Representative on behalf of the Developer Owners and Parcel Owners, if any, shall inform the Town in the Annual Report as to whether the Developer Owner of each building located within the Property is considered to be tax-exempt. Design Standards and Public Art. Design Standards for transparent window coverage, drive-through windows, signage (including Wayfinding signage), waste collection and loading functions, green building features, and other building and site design details are detailed in the Exhibit B. Public Art in the Property, if provided, shall be installed and maintained by the Developer Owners or Representative. Public Art installations that occur will be in a place visible by and to the public whenever possible. The Developer Owners or Representative will consult with the Town of Chapel Hill Public and Cultural Arts Office to discuss options for public art as the Development moves forward. Additional information included in Exhibit B.

Fiscal Impacts. No portion of the developed Developed Property normally subject to ad valorem property taxation shall be exempt from taxes or shall have improvements on said Developed Property which are tax-exempt or owned by any entity that is, under federal or state taxation law, considered to have tax-exempt status. Section 5.5 (a) shall not apply to any public rights of way, property dedicated to and accepted by the Town of Chapel Hill, or any tax-exempt entity that provides payments in lieu of ad valorem property taxes owed to the Town and County in an amount equal to the amount of taxes that such an entity would otherwise be required to pay to the Town and County if such an entity were not considered to be tax-exempt. Pursuant to [OBEY CREEK: Check reference - Section 5.20(d)(1) (Annual Report on tax status)] 5.25 of this Agreement, the Developer Owners and Parcel Owners, if any, or the Representative on behalf of the Developer Owners and Parcel Owners, if any, shall inform the Town in the Annual Report as to whether the Developer Owner of each building located within the Developed Property is considered to be tax-exempt. Design Standards and Public Art. Design Standards for transparent window coverage, drive-through windows, signage (including Wayfinding signage), waste collection and loading functions, green building features, and other building and site design details are detailed in the Exhibit B. E. Public Art in the Developed Property, if provided, shall be installed and maintained by the Developer Owners or Representative. Public Art installations that occur will be in a place visible by and to the public whenever possible. The Developer Owners or Representative will consult with the Town of Chapel Hill Public and Cultural Arts Office to discuss options for public art as the Development moves forward. Additional information included in Exhibit B.E.