Common use of PILOT Payments Clause in Contracts

PILOT Payments. The Parties agree that the respective PILOT Payments (“PILOT Payments”) shall be the amounts listed below for each of the years included in the term of this PILOT in lieu of paying any other real or personal property taxes with respect to the Project. PILOT CPA Total Year 1 $ 2,237,714 $ 69,208 $ 2,306,922 Year 2 $ 2,237,714 $ 69,208 $ 2,306,922 Year 3 $ 2,237,714 $ 69,208 $ 2,306,922 Year 4 $ 2,237,714 $ 69,208 $ 2,306,922 Year 5 $ 2,237,714 $ 69,208 $ 2,306,922 Year 6 $ 2,237,714 $ 69,208 $ 2,306,922 Year 7 $ 2,237,714 $ 69,208 $ 2,306,922 Year 8 $ 2,237,714 $ 69,208 $ 2,306,922 Year 9 $ 2,237,714 $ 69,208 $ 2,306,922 Year 10 $ 2,237,714 $ 69,208 $ 2,306,922 Year 11 $ 2,237,714 $ 69,208 $ 2,306,922 Year 12 $ 2,237,714 $ 69,208 $ 2,306,922 Year 13 $ 2,237,714 $ 69,208 $ 2,306,922 Year 14 $ 2,237,714 $ 69,208 $ 2,306,922 Year 15 $ 2,237,714 $ 69,208 $ 2,306,922 Year 16 $ 2,237,714 $ 69,208 $ 2,306,922 Year 17 $ 2,237,714 $ 69,208 $ 2,306,922 Year 18 $ 2,237,714 $ 69,208 $ 2,306,922 Year 19 $ 2,237,714 $ 69,208 $ 2,306,922 Year 20 $ 2,237,714 $ 69,208 $ 2,306,922 Such amounts shall be paid on a quarterly basis and shall be delivered to Town of Medway Collector of Taxes, ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇. Such amounts shall be paid each year in accordance with the following schedule: 1st quarter due August 1st; 2nd quarter due November 1st; 3rd quarter due February 1st; 4th quarter due May 1st. Should any due date fall on a weekend or holiday, payment shall be due the first business day following such date. Except as set forth in Section 6, the Parties agree that the PILOT Payments will not be reduced on account of a depreciation factor or revaluation or reduction in the Town’s tax rate, increased on account of an inflation factor or revaluation or increase in the Town’s tax rate or assessment percentage, or otherwise changed on account of legislative action fixing or otherwise setting taxes or payments in lieu thereof for standalone energy storage systems, which factors have been anticipated by the Parties and are reflected herein.