Common use of Tax Increment Clause in Contracts

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.