Tax Increment Clause Samples
Tax Increment a. Pursuant to Sections 17C-5-202(1) and 204 of the Act and Section ▇▇-▇▇-▇▇▇ of the Cooperation Act, the District hereby agrees and consents that the Agency shall be paid seventy (70%) of the District Tax Increment generated within the Project Area, as described herein. Of the District Tax Increment paid to the Agency, the Agency anticipates allocating up to the ten percent (10%) of such funds for housing in accordance with UCA § 17C-5-307 and retaining up to three (3%) of such funds as an administration fee. The Agency is authorized to begin collection of the District Tax Increment from a particular parcel upon written notice to the District prior to the beginning of the tax year for which the Agency desires to collect the District Tax Increment.
b. Notwithstanding anything to the contrary herein, the Agency may collect one hundred percent (100%) of the District Tax Increment generated from each tax parcel within the Project Area for a period of not more than twenty (20) years. For purposes of this Agreement, the Tax Increment generated from each tax parcel includes taxes generated from and assessed against the real property and any personal property located on such parcel. If the Agency collects one hundred percent (100%) of the District Tax Increment, the Agency shall transfer to the District an annual rebate amount equal to thirty percent (30%) of the District Tax Increment received by the Agency no later than three (3) months following the Agency’s receipt thereof from the County Treasurer. The years for which the Agency collects Tax Increment from a tax parcel must be consecutive; in other words, once the Agency begins collecting Tax Increment from a tax parcel (also known as “triggering” Tax Increment collection), the Agency may not cease collection of Tax Increment from such tax parcel and later resume the collection of Tax Increment from such tax parcel even if the total number of years for which the Agency would collect Tax Increment from such tax parcel would be less than the 20-year limit set forth herein. The initial and cessation of Tax Increment collection by the Agency under this Agreement shall always be at the beginning and end, respectively, of the calendar year.
c. The Agency may trigger the collection of Tax Increment for any and all tax parcel(s) in the Project Area for any tax year for which the Agency is authorized to collect Tax Increment from the Project Area under this Agreement. Collection of Tax Increment may be triggered at d...
Tax Increment. The term Tax Increment shall mean, in accordance with Neb. Rev. Stat. § 18- 2147 of the Nebraska Community Development Law, the difference between the ad valorem tax which is produced by the tax levy (fixed each year by the County Board of Equalization) for the Project Site before the completion of the construction of the Private Improvements and the ad valorem tax which is produced by the tax levy for the Project Site after completion of construction of the Private Improvements as part of the Project. The “Anticipated Tax Increment" for this Project is calculated and set forth on Exhibit “B”.
Tax Increment. ▇▇▇▇▇▇▇▇▇ agrees and acknowledges that it has no rights to the tax increment generated by the TIF District. Reimbursement to Developer is limited solely to the TIF Bond Proceeds as set forth herein.
Tax Increment a. Pursuant to Sections 17C-5-202(1) and 204 of the Act and Section ▇▇-▇▇-▇▇▇ of the Cooperation Act, the County hereby agrees and consents that the Agency shall be paid one hundred percent (100%) of the County Tax Increment generated within the Project Area for up to eleven (11) consecutive years on Personal Property only. If required by law, the Agency anticipates allocating up to ten percent (10%) of such funds for housing in accordance with UCA § 17C-5-307. The Agency may begin collecting increment, or “trigger” the collection of Tax Increment, upon written notice to the County. Regardless of the date for which the Agency begins collecting Tax Increment under this Agreement, the Agency shall not collect Tax Increment for any period beyond December 31, 2032. The date that the Agency begins collecting Tax Increment under this Agreement shall be on January 1 of the particular year. For the sake of illustration only, this subsection requires that the Agency begin collecting Tax Increment no later than January 1, 2022 in order to receive the full eleven years of Tax Increment contemplated by this Agreement.
b. The County hereby authorizes and directs County officials and personnel to pay directly to the Agency all amounts due to the Agency under this Agreement in accordance with UCA § 17C-5-204 for the periods described herein.
c. The County shall maintain records of all amounts paid to the Agency under this Agreement on a parcel-by-parcel basis.
Tax Increment. The Project Area Plan is expected to be adopted after the date hereof, and the adoption of the Project Area Plan is a condition to the effectiveness of this Agreement. The Project Area Plan will be funded in part by tax increment pursuant to the provisions of the Act. Under the Act and the Interlocal Agreements between the Agency and the Participating Taxing Entities (as defined below), the Agency is entitled to receive, or anticipating on receiving, up to [ ] percent ([ ]%) of the Tax Increment (as defined below) over a maximum period of twenty (20) years. In accordance with the Interlocal Agreements, the Agency shall begin to receive Tax Increment for the [ ] tax year. A copy of each of the Interlocal Agreements is, or will be, attached hereto as Exhibit G. The amount of Tax Increment that the Agency is allowed to receive under the Interlocal Agreements is to be paid into a special fund of the Agency in accordance with the Act and shall be applied for the purposes described in the Project Area Plan, the Project Area Budget, the Interlocal Agreements and this Agreement.
Tax Increment. In order to complete the Minimum Improvements, the Developer agrees that certain improvements are needed to prepare the Development Property for completion and operation of the Minimum Improvements. Accordingly, and in consideration of the Developer’s obligations and performance under this Agreement, and in order to defray a portion of such costs, the City shall provide assistance to reimburse the Developer for a portion of the Site Improvement costs.
Tax Increment. This Agreement refers to “tax increment” which is a term defined by Utah Code ▇▇▇. § 17C-1-102(2021) et seq. The parties acknowledge that tax increment generally refers to the additional ad valorem tax revenues generated by the increase in value of taxable real and personal property from the Base Tax Year (as defined in the Interlocal Agreements).
Tax Increment. The term Tax Increment shall mean, in accordance with Section 18-2147 of the Act, the difference between the ad valorem tax which is produced by the tax levy (fixed each year by the ▇▇▇▇▇▇ County Board of Equalization) for the Project Site before the completion of the construction of the Private Improvements for that year prior to the year in which the Effective Date falls, and the ad valorem tax which is produced by the tax levy for the Project Site after completion of construction of the Private Improvements as part of the Project. For Phase One, the anticipated Tax Increment is the difference between the projected taxes payable for 2018 and the taxes payable for 2017. For Phase Two, the anticipated Tax Increment is the difference between the projected taxes payable for 2019 and the taxes payable for 2018. For Phase Three, the anticipated Tax Increment is the difference between the projected taxes payable for 2020 and the taxes payable for 2019. However, due to the construction schedule and anticipated absorption rate of the Private Improvements, it is not expected that the full amount of the annual Tax Increment for each phase of the Project will be generated in the year of the Effective Date of each phase, but will be generated following completion of construction of the Private Improvements comprising such phase. The anticipated Tax Increment for each phase of the Project is more particularly set forth on Exhibit “B”.
Tax Increment. The parties agree that the ▇▇▇▇ County Clerk will provide to the parties the actual annual net real estate tax increment generated within the TIF District and within the boundaries of the School Districts and report such increment to the parties.
Tax Increment. Payments on this Note are payable on each Payment Date in the amount of and solely payable from “Pledged Tax Increment,” as defined in the Contract for Private Development between the Authority and Owner dated as of December , 2013 (the “Agreement”). Pledged Tax Increment shall not include any Tax Increment if, as of any Payment Date, there is an uncured Event of Default under the Agreement. The Authority shall have no obligation to pay principal of this Note on each Payment Date from any source other than Pledged Tax Increment, and the failure of the Authority to pay the entire amount of principal of this Note on any Payment Date shall not constitute a default hereunder as long as the Authority pays principal to the extent of the Pledged Tax Increment.