Tax Increment Financing Sample Clauses
Tax Increment Financing. “TIF”). The Developer Parcel is located within a Tax Increment Financing District. With respect to said TIF the parties acknowledge that the Xxxxx Heights, Ohio City Council has passed legislation (“TIF Legislation”) pursuant to the TIF Statute (as defined below) thereby exempting from taxation any Improvements (as defined in Ohio Revised Code section 5709.40(A)(4)) to the Developer Parcel (the “TIF Exemption”) and requiring the current and future owners of the Developer Parcel to pay service payments (payments in lieu of taxes) in respect of those Improvements exempted from taxation (“Service Payments”). Developer hereby agrees to make the Service Payments for its period of ownership of the Developer Parcel in accordance with the requirements in sections 5709.40 through 5709.43 of the Ohio Revised Code as those sections as each may be amended from time to time (the “TIF Statute”). City and Developer agree to cooperate in the preparation, execution and filing of all necessary applications and supporting documents to obtain from time to time the TIF Exemption and to enable City to collect Service Payments with respect to the Developer Parcel. Developer agrees that it will, at the Closing execute and deliver to City any applications necessary to obtain the TIF Exemption as may be provided in the TIF LegislationDeveloper and Developer hereby authorizes and consents to City filing any such applications necessary to obtain the TIF Exemption as may be provided in the TIF Legislation. The obligations hereunder shall survive the Closing and shall not merge into the deed.
Tax Increment Financing. Landlord shall reasonably cooperate with Tenant, at no cost to Landlord, with any effort to secure, for the mutual benefit of Landlord and Tenant, so called “Tax Increment Financing” with respect to the Building. Any payments made by Landlord with respect to such tax increment financing shall be included within the definition of Taxes as set forth in Section 6.1.1(a) of the Lease.
Tax Increment Financing. The Urban Renewal Plan contains provisions the permit the financing of the Urban Renewal Project by means of property tax increment financing (“TIF Financing”) contained in Section 31-25-107(9) of the Act and is therefore subject to the requirements contained in House Bill 15-1348 enacted in 2015, as amended in 2016, by Senate Bill 16-177, and in 2017 by Senate Bill 17-279 (collectively, the “Amended 1348 Requirements”).
Tax Increment Financing. Section 4.01. Redevelopment Project Area and Redevelopment Projects 10 Section 4.02. Project Budget 10 Section 4.03. Removal of Blight in the Xxxxxxxxxxxxx Xxxx 00 Section 4.04. Notes 11 Section 4.05. Bonds 11 Section 4.06. Payments in Lieu of Taxes 11 Section 4.07. Economic Activity Taxes 12 Section 4.08. Special Allocation Fund 12 Section 4.09. Disbursements From Special Allocation Fund 13 Section 4.10. Full Assessment 13
Tax Increment Financing. The Redevelopment Agreement provides for the capture of the Tax Increment, as defined therein, by the City of the Redeveloper Improvements to be made by the Redeveloper for a period not to exceed fifteen (15) years after the Redevelopment Project effective date defined in the Redevelopment Agreement. The Tax Increment so captured by the City shall be used for to make the Redeveloper Improvements as described in the Redevelopment Agreement.
Tax Increment Financing a) Tax Increment Revenues. ELBRA agrees to reimburse Developer for eligible expenses pursuant to Amended Xxxxxxxxxx Plan #11, as amended by the East Lansing City
Tax Increment Financing. The Redevelopment Agreement provides for the capture of the Tax Increment, as defined therein, by the CDA of the private improvements to be made by the Redeveloper for a period not to exceed fifteen (15) years after the Effective Date set forth in the Redevelopment Agreement. The Tax Increment so captured by the CDA shall be used to make the Public Improvements as described in the Redevelopment Agreement.
Tax Increment Financing. The authority may pledge and appropriate any part or all of the tax increments received for any redevelopment project, and any part or all of the
Tax Increment Financing. The Redevelopment Contract provides for the capture of the tax-increment financing ("TIF") revenues by the Agency of the improvements to be made by the Redeveloper for a period not to exceed fifteen (15) years after the effective date (as defined in the Nebraska Community Development Law) of each Phase of the Redevelopment Project. The TIF revenues so captured by the Agency shall be used to reimburse Redeveloper for construction of the Eligible Costs described in the Redevelopment Contract via debt service payments on a TIF Note issued by the Agency.
Tax Increment Financing. The School District has approved the TIF and has authorized and executed the Compensation Agreement. The Compensation Agreement provides, among other things, that the Village shall pay semi-annually to the School District, solely out of Service Payments, within 30 days following receipt, an amount equal to 25% of the real property taxes that the School District would have received, but for the TIF Exemption, but not including any real property taxes that would have been derived from the Tax Increase Amount. In addition, the Village has agreed in the Compensation Agreement to pay semi-annually to the School District, solely out of Service Payments, within 30 days following receipt, an amount equal to 100% of the real property taxes that the School District would have received, but for the TIF Exemption, that are derived from any Tax Increase Amount. The Village has approved the TIF Ordinance with respect to the Site, and the Developer and any other Owners hereby agree to make Service Payments in accordance with the TIF Act, the TIF Ordinance, and this Agreement. Each Service Payment to be made under this Agreement will made on a semi-annual basis in an amount equal to one-half (½) of the annual property tax amount that would have been payable had the TIF Exemption not been granted. During the Exemption Period, the Service Payments must be made semi-annually to the County Fiscal Officer (or to his/her designated agent for collection of Service Payments) by the date on which the real property taxes for the Improvements would otherwise be due and payable. The obligation to make Service Payments is absolute and unconditional. For each tax year that the Improvements are exempt from real property taxation, the then- Owner of each Parcel must make the Service Payments with respect to that Parcel. The obligation of the Owner to pay in any event the Service Payments may not be terminated for any cause, including without limitation, any acts or circumstances that constitute failure of consideration, destruction of or damage to the Improvements, commercial frustration of purpose, any change in the tax or other laws or regulations or administrative actions or rulings by or under authority of the United States of America or of the State of Ohio, or any failure of the Village to perform and observe any agreement or obligation connected with this Agreement. However, the Owner will have no obligation to make Service Payments for any tax year in which the Improvements are n...