Payment in Lieu of Taxes. The Lessee shall be responsible for the following payments or for payments in lieu of taxes (“PILOT”) during the use period in the event the Property is deemed exempt from ad valorem real estate taxes; in which case, Lessee will pay the City an annual PILOT in an amount initially equal to one hundred and six thousand two hundred and eighty-two and 52/100 ($106,282.52) per year. The PILOT will increase on each anniversary of the Lease Date at a rate equal to three percent (3%). If Lessee is required to pay ad valorem taxes on the Property, it shall not be required to pay the PILOT.
Payment in Lieu of Taxes. Chugach shall pay to Municipality an annual payment in lieu of taxes (the “PILT Payment”) equal to the product, for each district in the Legacy Territory, of (i) the Adjusted Net Book Value for the current year, and (ii) the current Millage Rate for each such district. The PILT Payment shall be variable in amount and recalculated each year as set forth herein. Exhibit A sets forth an example of the calculation of PILT Payments for illustrative purposes only.
Payment in Lieu of Taxes. The Tenant agrees to make payments in lieu of taxes on the Project for each year that the Project is exempt from ad valorem taxes and to pay as an Imposition hereunder taxes for any year in which the Project did not, or does not qualify, in accordance with the separate Agreement for Payment in Lieu of Taxes delivered concurrently with this Project Lease.
Payment in Lieu of Taxes. The Company agrees that, during each year the Project is exempt from ad valorem taxes by reason thereof, the Company will make a payment in lieu of taxes to the Issuer in the amounts and at the times set forth in the Performance Agreement providing for payments in lieu of such ad valorem taxes.
Payment in Lieu of Taxes. Section 4.1.1 is hereby added to the DDA as follows:
Payment in Lieu of Taxes. Redeveloper agrees to make payments in lieu of taxes, immediately upon receipt of notice from Village, if for any reason at any time TIF Revenues received by the Village are not sufficient to pay principal and interest on the TIF Indebtedness when due. This payment in lieu of tax obligation maybe represented by a note or other evidence of indebtedness and shall, if required by Village, be secured by a mortgage or deed of trust on the Redevelopment Area in favor of the Village.
Payment in Lieu of Taxes. Developer covenants and agrees for itself, its successors, its assigns and every successor in interest to the Site or any part thereof, that in any year that Developer, its successors or assigns do not pay real property taxes on the Site or any portion thereof for any reason (including, without limitation, because Developer’s or its successor’s or assign’s entity status exempts Developer or its successor or assign from the payment of such taxes), Developer, its successors and assigns shall pay to the Agency by December 10th of such year the following in-lieu fee payment:
Payment in Lieu of Taxes. Once actual, physical construction of the Facility begins, Developer shall make only the payments in of lieu of taxes in the amounts, if any, shown on Attachment A, PILOT Payment Schedule attached hereto and made a part hereof, during the period that this Agreement remains in effect as provided in Section 4.02 below. The amount of the payments due under this Agreement will be based on stated graduated percentages of the taxes that would be imposed, if the Facility were fully taxable, on its real estate (starting with 0% for the first five years), and designated as Equivalent Tax, and, after the first seven years, on the salvage value of the Equipment and any other tangible personal property situate at the Facility, determined by rules applicable to the same for property tax purposes, and designated as Salvage Value, all as shown in Attachment A, PILOT Payment Schedule. Developer hereby agrees to make each annual payment in lieu of taxes, if and when shown to be due on Attachment A, to the Sheriff who shall distribute each such payment to the Commission, the City of Xxxxxx and the County Board in proportion to the applicable combined levy rates (including regular and special levies, if any), for each tax year during the term of this Agreement in which such payments are made.
Payment in Lieu of Taxes. The BUYER shall, prior to delivery of the deed, pay to the Town of Xxxxxx as a payment in lieu of taxes a pro forma tax in accordance with Chapter 44, Section 63A of the Massachusetts General Laws.
Payment in Lieu of Taxes. Renovus Energy will make annual payments in-lieu by September 30th of each year of taxes (“PILOT Payments”) to the School District for each tax year during the term of this Agreement, in accordance with the Term. These PILOT payments will be in lieu of any and all ad valorem real estate taxes which would have otherwise been payable to the Horseheads Central School District if it had not left in place the exemption provided under Real Property Tax Law 487. See Exhibit A for a schedule of payments that will be payable. If such payments exceed what would otherwise be payable but for the exemption under section 487(8)(a), then Renovus will pay the lesser amount.
