Common use of Tax Increment Clause in Contracts

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 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”.