Sales Tax Revenue. The City approved the imposition of an additional ¼ cent sales tax to be used for restoring, rehabilitating, and expanding the City’s street infrastructure. Having imposed such a tax, the City Council has subsequently identified the improvements to X. Xxxxxxxx Xxxxxx described herein as a project toward which a portion of the additional sales tax revenue generated by the additional ¼ cent sales tax should be allocated.
Sales Tax Revenue. “Sales Tax Revenue” means that portion of the RMC Plant Sales Tax that is allocated by the State of California to the City, as more particularly described in Section 5.2.
Sales Tax Revenue. The Local Government Sales and Use Tax Revenues collected and distributed pursuant to Articles 39 (First One-Cent), 40 (First One-Half Cent), 42 (Second One-Half Cent) and 44 (Local Government Hold Harmless Provisions, to the extent still distributed) of Chapter 105 of the General Statutes of North Carolina, levied by the County as of the date of this Agreement.
Sales Tax Revenue. NEW HOUSEHOLD SPENDING In addition to sales tax generated by the renovation phase, the County would also receive sales tax revenue from the purchases made by the new households. Table 13 displays the new sales tax revenue that Nassau County would receive annually based on in-county spending by new households. Table 13 Note that the household spending figure has already been adjusted to account for 70% of total spending occurring within the county (see table entitled “Tenant Spending Baskets”). Also note that we have used a higher value for “Amount Taxable” as compared to the previous tables (30% rather than 25%) since certain non-taxable items (related to housing expenses) have been removed from the total spending line, this increasing the remaining portion taxable.
Sales Tax Revenue. Recognizing the growing demand for additions to the City’s arterial streets and the inability of existing revenue sources to generate adequate funds to meet such demand, the City approved the imposition of an additional ¼ cent sales tax to be used for restoring, rehabilitating, and expanding the City’s road infrastructure in order to improve the road infrastructure of the City for the benefit of the entire community. Having imposed such a tax, the City Council subsequently identified the South 00xx Xxxxxx Improvements and the Saltillo Road Improvements described herein as projects toward which a portion of the sales tax revenue generated by the additional ¼ cent tax should be allocated. Therefore the City, subject to future appropriation by the City Council, hereby agrees to allocate One Million, Four Hundred Thousand and No/100ths Dollars ($1,400,000.00) from the revenue generated by the additional ¼ cent sales tax dedicated toward reimbursing LPS for actual costs incurred in designing and constructing the Xxxxx 00xx Xxxxxx Improvements and the Saltillo Road Improvements. Said sales tax revenue shall, subject to appropriation by the City Council, be paid to LPS, conditioned upon satisfactory completion of the Xxxxx 00xx Xxxxxx Improvements by Fall 2021 and the Saltillo Road Improvements by Summer 2023, according to the following schedule: City Fiscal Year Payment Amount 2023-2024 $700,000.00 2024-2025 $700,000.00 The sales tax revenue shall be paid on a quarterly basis as sales tax is received by the City throughout the specified fiscal years.
Sales Tax Revenue. As used in this Agreement, “Sales Tax Revenues” shall mean that portion of taxes derived and received by the City from the imposition of the Xxxxxxx Xxxxx Uniform Local Sales and Use Tax Law commencing with Section 7200 of the Revenue and Taxation Code of the State of California, as amended, or its equivalent, arising from all businesses and conducted on the applicable property in accordance herewith from time to time, which are subject to such Sales and Use Tax Law. As used herein, the term “Sales Tax Revenues” shall also mean sales tax and use tax revenues generated from all lease transactions consummated during the applicable Guaranty Period (as hereinafter defined) which occur on or with respect to the Adventurecorp Dealership located on the Site which the City is entitled to receive and does in fact receive, as confirmed and listed in the quarterly report to the state Board of Equalization and shall be deemed to include taxable sales or leases which occur elsewhere, in the event that said taxable sales and leases are initiated from the Site and in the event that the point of sale or lease is within the City. Sales Tax Revenues shall be determined in the first instance based upon sales tax receipts from all businesses and activities conducted on the applicable property in accordance herewith and delivered to the Agency and/or the City, as shown on the Dealer’s monthly sales tax report to the State of California and certified by the Dealer to be true and correct. Thereafter, the amount of Sales Tax Revenues shall be adjusted (as provided below) to reflect any difference between the amount thereof based upon such certified sales tax reports and the amount thereof based upon the final audited sales tax figures released from time to time by the State of California. Agency shall use reasonable efforts to confirm and ensure receipt of sales taxes on lease transactions generated on the Site, and Dealer shall provide to Agency a list of all banks and other financial institutions with which Dealer transacts leasing business from the Site.
Sales Tax Revenue. Recognizing the growing demand for additions to the City’s arterial streets and the inability of existing revenue sources to generate adequate funds to meet such demand, the City approved the imposition of an additional ¼ cent sales tax to be used for restoring, rehabilitating, and expanding the City’s road infrastructure in order to improve the road infrastructure of the City for the benefit of the entire community. Having imposed such a tax, the City Council subsequently identified the Xxxx Xxxxxxxx Xxxxxx Project Improvements described herein as a project toward which a portion of the sales tax revenue generated by the additional ¼ cent tax should be allocated. Therefore the City, subject to future appropriation by the City Council, hereby agrees to allocate Two Million Two Hundred Forth-Five Thousand and No/100 Dollars ($2,245,000.00) from the revenue generated by the additional ¼ cent sales tax dedicated toward reimbursing the School for actual costs incurred in designing and constructing the West Holdrege Street Project Improvements. Said sales tax revenue shall, subject to appropriation by the City Council, be paid to the School, conditioned upon satisfactory completion of the West Holdrege Street Project Improvements by December 1, 2022, according to the following schedule: FY2020-2021 $650,000.00 FY2021-2022 $850,000.00 FY2022-2023 $200,000.00 FY2023-2024 $295,000.00 FY2024-2025 $250,000.00 The sales tax revenue shall be paid on a quarterly basis as sales tax is received by the City throughout the specified fiscal years. The School agrees that it shall select the construction company responsible for constructing the West Holdrege Street Project Improvements using a competitive bidding process that meets the City’s requirements for procurement of such services; provided that the School may utilize available economies of scale to develop a consolidated competitive bidding process for work on the Xxxx Xxxxxxxx Xxxxxx Project Improvements, work on any other improvements described herein, and any work on the School Site. The School expressly acknowledges and agrees that nothing in this Agreement represents a general obligation on the part of the City to repay the School for its actual costs incurred in the design and construction of the West Holdrege Street Project Improvements. The School also agrees that in the event the actual cost to design and construct the West Holdrege Street Project Improvements exceed the amount of the City’s contribution as d...
Sales Tax Revenue. The funds in the Schenectady County Real Property Tax Abatement and Economic Development Fund as established by Resolution No. 104-98, adopted July 14, 1998, and as authorized by Chapter 124 of the Laws of 1998, shall be distributed to the Towns and Villages of the County of Schenectady on the basis of the respective populations of the Towns and Villages as determined in accordance with the latest decennial Federal Census for the purpose as detailed in the aforesaid legislation. The County and the City do not receive a distribution from this fund. For the year January 1, 2019, to December 31, 2019, the distribution was $3,960,615.08 to the Towns and Villages.
Sales Tax Revenue. EMPLOYEE EARNINGS The earnings generated by on-site jobs that will occur as a result of building occupation at the Project (described under Impacts of On-Site Employment) would lead to additional annual sales tax revenue for the county. It is assumed that 70% of the earnings would be spent within Nassau County and that 25% of those purchases will be taxable. Table 10 displays the annual tax revenue that the County will receive. Table 10 PACOA-GEISMAR, LLC: ECONOMIC AND FISCAL IMPACT ANALYSIS CAMOIN 310 ATTACHMENT A: WHAT IS ECONOMIC IMPACT ANALYSIS? The purpose of conducting an economic impact study is to ascertain the total cumulative changes in employment, earnings, and output in a given economy due to some initial “change in final demand”. To understand the meaning of “change in final demand”, consider the installation of a new widget manufacturer in Anytown, USA. The widget manufacturer sells $1 million worth of its widgets per year exclusively to consumers in Canada. Therefore, the annual change in final demand in the United States is $1 million because dollars are flowing in from outside the United States and are therefore “new” dollars in the economy. This change in final demand translates into the first round of buying and selling that occurs in an economy. For example, the widget manufacturer must buy its inputs of production (electricity, steel, etc.), must lease or purchase property and pay its workers. This first round is commonly referred to as the “Direct Effects” of the change in final demand and is the basis of additional rounds of buying and selling described below. To continue this example, the widget manufacturer’s vendors (the supplier of electricity and the supplier of steel) will enjoy additional output (i.e. sales) that will sustain their businesses and cause them to make additional purchases in the economy. The steel producer will need more pig iron and the electric company will purchase additional power from generation entities. In this second round, some of those additional purchases will be made in the US economy and some will “leak out”. What remains will cause a third round (with leakage) and a fourth (and so on) in ever- diminishing rounds of industry-to-industry purchases. Finally, the widget manufacturer has employees who will naturally spend their wages. Again, those wages spent will either be for local goods and services or will “leak” out of the economy. The purchases of local goods and services will then stimulate other ...
Sales Tax Revenue. NEW HOUSEHOLD SPENDING In addition to sales tax generated by the renovation phase, the County would also receive sales tax revenue from the purchases made by the retained and new households. Table 13 displays the new sales tax revenue that Nassau County would receive annually based on in-county spending by new households. Table 13 Annual Sales Tax Revenue Household Spending Total New Spending $ 3,104,477 Amount Taxable (30%) $ 931,343 County Sales Tax Rate 4.25% New County Tax Revenue $ 39,582 Source: Nassau County, Camoin 310 Note that the household spending figure has already been adjusted to account for 70% of total spending occurring within the county (see the table entitled “Tenant Spending Baskets”). Also note that we have used a higher value for “Amount Taxable” as compared to the previous tables (30% rather than 25%) since certain non-taxable items (related to housing expenses) have been removed from the total spending line, thus increasing the remaining portion taxable. ROSLYN PLAZA HOUSING ASSOCIATES, L.P.: ECONOMIC AND FISCAL IMPACT ANALYSIS UPDATE CAMOIN 310 ATTACHMENT A: WHAT IS ECONOMIC IMPACT ANALYSIS? The purpose of conducting an economic impact study is to ascertain the total cumulative changes in employment, earnings and output in a given economy due to some initial “change in final demand”. To understand the meaning of “change in final demand”, consider the installation of a new widget manufacturer in Anytown, USA. The widget manufacturer sells $1 million worth of its widgets per year exclusively to consumers in Canada. Therefore, the annual change in final demand in the United States is $1 million because dollars are flowing in from outside the United States and are therefore “new” dollars in the economy. This change in final demand translates into the first round of buying and selling that occurs in an economy. For example, the widget manufacturer must buy its inputs of production (electricity, steel, etc.), must lease or purchase property and pay its workers. This first round is commonly referred to as the “Direct Effects” of the change in final demand and is the basis of additional rounds of buying and selling described below. To continue this example, the widget manufacturer’s vendors (the supplier of electricity and the supplier of steel) will enjoy additional output (i.e. sales) that will sustain their businesses and cause them to make additional purchases in the economy. The steel producer will need more pig iron and the electric...
