Tax Increment a. Pursuant to Sections 17C-5-202(1) and 204 of the Act and Section 00-00-000 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.
Tax Increment. Xxxxxxxxx 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 00-00-000 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.
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 issue the TIF Note 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 Xxx. § 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 Xxxxxx 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 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 a. Pursuant to Sections 17C-5-202(1) and 204 of the Act and Section 00-00-000 of the Cooperation Act, the District hereby agrees and consents that the Agency shall be paid (i) thirty-five percent (35%) of the District Tax Increment generated within the Project Area, as described herein. Of. The collection of the zero percent (0%) District Tax Increment paidis subject to the Agency, the Agency anticipates allocatinga deduction of up to three percent (3%) as an administrative fee, to be retained by the Agency (the “Administrative Fee”). The Administrative Fee shall be up to the tenthree percent (103%) of such funds for housing in accordance with UCA § 17C-5-307 and retaining up tocalculated based on the one-hundred percent (1100%) of such funds as an administration feeDistrict Tax Increment. 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, which notice has been given for the 2023 tax year. The Parties agree that the 10% housing requirement under UCA § 17C-5-307 is waived as permitted in UCA § 17C-5-307(4) and no amounts will be set aside for housing. Because of the delay in triggering the District Tax Increment from 2022 to 2023, the Parties agree that an additional up to ten percent (10%) of the District Tax Increment shall be paid annually to the Agency (after deducting the Administrative Fee) up to the aggregate amount of $175,645.09 (the “2022 True-up Payments”) that may be used by the Agency for development of the Solar Project within the Project Area. After the 2022 True-up Payments are made in full, Agency will receive thirty-five percent (35%) of the District Tax Increment after deducting the Administrative Fee for the remainder of the collection period for the Tax Increment as provided herein. The schedule attached hereto as EXHIBIT B provides the calculation of the 2022 True-up Payments and sample calculation of payments as well as the Project Area Budget in EXHIBIT A.
Tax Increment. Pursuant to Section 17C-4-204 of the Act and Section 00-00-000 of the Cooperation Act, the Taxing Entity hereby agrees and consents that the Agency shall be paid 50% of the Taxing Entity’s portion of the Tax Increment generated within the Project Area (the “Taxing Entity’s Share”) for 10 consecutive years (“Tax Increment Collection Period”). Tax increment shall start no later than 2026 (payment to Agency in 2027) and terminating no later than 2035 (to be paid in 2036). Taxing Entity’s Share shall be used for the purposes set forth in the Act and shall be disbursed as specified herein. The calculation of annual Tax Increment shall be made using (a) the Taxing Entity’s tax levy within the Project Area during the year for which Tax Increment is to be paid and (b) the base taxable value of $8,118,549; which is the combined assessed values of all real and personal property within the Project Area for the base year 2022. The total cumulative Taxing Entity’s Share paid to the Agency pursuant to this Agreement shall not exceed $202,000 (two hundred two thousand dollars). The Taxing Entity hereby authorizes and directs Taxing Entity officials and personnel to pay directly to the Agency all amounts due to the Agency under this Agreement in accordance with UCA § 17C-5-206 (2) for the periods described herein. The Taxing Entity’s Share shall be paid to the Agency no later than April 1st of the year following the tax year for which the Taxing Entity’s Share is to be paid. As required under 17C-5-204(6), the Taxing Entity shall not proportionately reduce the Taxing Entity’s Share by the amount of any direct expenditures the Taxing Entity makes within the Project Area for the benefit of the Project Area or the Agency.
Tax Increment. The CRA will take all necessary steps to receive the Tax Increment and will do nothing to jeopardize its ability to receive the Tax Increment and will not pledge or otherwise encumber the Tax Increment except in accordance with the provisions of this Agreement.
