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 Council at its meeting on in accordance with the Xxxxxxxxxx Reimbursement Agreement dated . Upon completion of the Infrastructure Improvements and Building A and Building D in accordance with the approved site plan, the ELBRA agrees to reimburse the Developer according to the TIF allocation schedule on Table 2 of Amended Xxxxxxxxxx Plan #11 and incorporated in the Xxxxxxxxxx Reimbursement Agreement.
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 of each phase of the Project. The Tax Increment so captured by the CDA shall be used to make the public improvements as described in the Redevelopment Agreement. The Effective Date for this phase of the Project is January 1, 20 .
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 a) Tax Increment Revenues. ELBRA agrees to reimburse Developer for eligible expenses pursuant to Xxxxxxxxxx Plan #23, as amended by the East Lansing City Council at its meeting on April 25, 2017 in accordance with the Xxxxxxxxxx Reimbursement Agreement dated May 25, 2017. Upon completion of the entire Development Project in accordance with the approved site plan, the ELBRA agrees to reimburse the Developer according to the TIF allocation schedule on Table 2 of Xxxxxxxxxx Plan #23 and incorporated in the Xxxxxxxxxx Reimbursement Agreement. No tax increment revenues shall be reimbursed to Developer until such time as Building A and the Infrastructure Improvements are substantially completed in accordance with the terms of this agreement, and in accordance with the methods specified in Section I – The Development Project – paragraph b – Contracting, and Building A is given a certificate of occupancy for occupancy after having been constructed in accordance with the terms of this agreement. Tax increment payments unrelated to Buildings A and C may begin before completion and occupancy of Building C but no payments related to Building A and C shall be made until Building C is completed according to the terms of this agreement and a certificate of occupancy is issued for it. In the event Building C is not completed according to the terms of this aAgreement by May 1, 2023, and the City and DDA have delivered written notice of the same to the Developer, Developer shall be deemed to have waived any and all claims for reimbursement payments for those TIF Eligible Xxxxxxxxxx Activities identified as payments for Buildings A and C in the amount of $2,500,000.00 in Table 2 of Xxxxxxxxxx Plan #23 and shall only be reimbursed for the infrastructure improvements in the amount of $6,414,114.00 and associated interest. No interest is to be paid for those TIF Eligible Xxxxxxxxxx Activities identified as eligible activities for Buildings A and C under either circumstance.
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 Developer and the City will enter into a tax increment financing agreement (“TIF Agreement”) regarding the Project for the purpose of obtaining funds to pay principal of, and interest on the Bonds (collectively, “debt service”) (provided, that the TIF Agreement may be part of the Cooperative Agreement hereinafter described). Subject to the approval of the CH-UH District and passage of the TIF Ordinance, the City agrees that the TIF Agreement shall provide for an exemption for thirty (30) years equal to one hundred percent (100%) of the incremental increase in the assessed value of the Final Developer Improvements over the assessed value of the Project Site as of the date the TIF Ordinance was passed by the City. In the event Service Payments are generated from the Project Site in excess of (i) the amount needed to fund the debt service on any series of Bonds outstanding and all expenses connected therewith, (ii) the amount needed to pay debt service on any general obligation or revenue bonds or bond anticipation notes (“Future City Obligations”) issued by the City to refund the 2009 Notes (and any obligations issued to refund the Future City Obligations or any refunding obligations) after the City’s Minimum Payment, as hereinafter defined, has been applied to payment of the debt service on the Future City Obligations, and (iii) the amount payable to the CH-UH District pursuant to the School Compensation Agreement, such excess shall be used for Public Infrastructure Improvements designated by the City as permitted by the Tax Increment Statutes, the TIF Ordinance, the TIF Agreement and the School Compensation Agreement. As used in this Section 7.1(a), “City’s Minimum Payment” means the amount agreed to in the School Compensation Agreement to be paid by the City for debt service on the Future City Obligations from its own revenues and not from Service Payments.
Tax Increment Financing. Section 4.01. Redevelopment Area and Project 3 Section 4.02. Project Budget 3 Section 4.03. Removal of Blight in the Xxxxxxxxxxxxx Xxxx 0 Section 4.04. Obligations 3 Section 4.05. Payments in Lieu of Taxes 3 Section 4.06. Economic Activity Taxes 3 Section 4.07. Obligation to Report Maximum Sales Tax Revenue 3 Section 4.08. Special Allocation Fund 3 Section 4.09. Disbursements From Special Allocation Fund 3 Section 4.10. Full Assessment 3 Section 4.11. Capital Contribution to School District 3
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”).
