FORMULA CALCULATION Sample Clauses

FORMULA CALCULATION. Each year during the term of this Agreement, the City agrees to reimburse the School Districts for expenditures for capital costs, job training, and advanced vocational and career education from the real estate tax increment created by any development or increase in equalized assessed valuation within the TIF District, a sum equal to Twenty-Four percent (24%) of the annual gross real estate tax increment created in the TIF District. The School Districts will only receive reimbursement for their respective increased costs that are permitted to be reimbursed pursuant to 65 ILCS 5/11-74.4-3(q) and 65 ILCS 5/11-74.4-4(c). Any amounts received under this paragraph shall be divided among the School Districts on a pro-rata basis, according to each District's tax rates as applicable for the most current tax year. For example purposes only: Assumptions: a) Increment: $1,000,000 b) School Districts Portion: 24% Formula: (a) x (b) = $240,000 Thus, under this example, $240,000 would be paid to the School Districts for this parcel in the year stated. Division of total amount among School Districts: a) Grade School Tax Rate= 2.97457% b) High School Tax Rate= 2.53239% c) Sum of School District Tax Rates= 5.50696% Thus, under this example, $129,600 (54% of $240,000) would be paid to the Grade School and $110,400 (46% of $240,000) would be paid to the High School for this parcel in the year stated.