Value and Term of Abatement Sample Clauses

Value and Term of Abatement a. This Agreement shall be effective on the date executed by County and shall terminate (unless earlier terminated in accordance with the terms hereof) on December 31, 2028. In no event shall this Agreement extend beyond December 31, 2028.
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Value and Term of Abatement a. This Agreement shall be effective on the date executed by District or Owner, whichever is later and shall terminate (unless earlier terminated in accordance with the terms hereof) on December 31, 2023. In no event shall this agreement extend beyond December 31, 2023. This Agreement shall terminate upon the completion of the abatements, unless earlier terminated as provided elsewhere herein. Owner’s obligation upon default to pay to District any taxes abated under this Agreement shall not terminate until the abated taxes are paid.
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Value and Term of Abatement. Tax Abatement for eligible property shall be granted effective with the January 1st valuation date immediately following the date of execution of the agreement and shall not exceed five (5) years, including construction time. The percentage of the new value created pursuant to the agreement on which taxes will be abated in each of the years for which abatement is granted shall be as follows: 1st year 100% 2nd year 100% 3rd year 75% 4th year 60% 5th year 50% If a modernization project includes facility replacements, the value to which abatement applies shall be the value of the new unit(s) less the value of the old unit(s). Provided, however, that the value on which abatement is granted in any year shall not exceed the estimated increase in market value (required to be included in the tax abatement agreement in accordance with Section 6 (a), (1) resulting from construction of or improvements to eligible facilities.)
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Value and Term of Abatement a. In no event shall this Agreement extend beyond the expiration of the ten- year term of the Abatement.
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Value and Term of Abatement. (a) This Agreement shall be effective on the date executed by County and shall terminate (unless earlier terminated in accordance with the terms hereof) on December 31, 2016. This Agreement may be extended for one (1) additional separate term of five (5) years only if Lessee extends the lease agreement with Owner for a term of at least five (5) years from December 31, 2016. Owner and Lessee shall be required to comply with the terms of this Agreement, including Section 4, in order to qualify for the 50% tax abatement for the five (5) years following December 31, 2016. Owner shall provide notice in writing to County at least sixty (60) days prior to December 31, 2016, of Lessee’s lease extension and intent to extend this Agreement for a separate five (5) year term. Notice to County shall include a copy of Lessee’s lease agreement with Owner, evidencing the extension of the lease agreement as stated above. In no event shall this Agreement extend beyond December 31, 2021. This Agreement shall terminate on the completion of the abatement, unless earlier terminated as provided elsewhere herein. Owner and Lessee’s obligation upon default to pay to County any taxes abated under this Agreement shall not terminate until the abated taxes are paid for the applicable five (5) year term.
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Value and Term of Abatement a. This Agreement shall be effective on the date executed by District and shall terminate on the December 31st of the final year of the ten-year term
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Value and Term of Abatement. This Tax Abatement shall be effective , 20 . percent ( %) of the value of New Eligible Properties shall be abated for seven (7) years or one-half (½) the productive life of the improvement, whichever is less. Pursuant to the provisions of this agreement, the term of abatement under this agreement shall commence , 20 and continue through , 20 . The benefits of abatement shall continue throughout the last year in which abatement is applied as long as the property and property owner continue to qualify for abatement throughout the last year. If pursuant to the above provisions, it is determined upon completion of improvements, or at any time thereafter that one-half (½) the estimated productive life of improvements is less than the term of years of abatement under this agreement, the term of abatement shall be reduced to one-half (½) the productive life of the improvements and Owner shall pay to District the full amount of taxes otherwise abated in each year in which the term of abatement exceeded one-half (½) of the actual productive life of the improvements. Any recapture hereunder shall be payable within sixty (60) days of written notice. Owner shall certify by statement to District and the Brazoria County Appraisal District the predicted estimated productive life of improvements upon completion of the construction; provided, however, Owner’s estimate of productive life shall not control the operation of this subsection. Owners payment obligation under the preceding paragraph is a continuing obligation of Owner. Owner understands and agrees that this agreement mandates that Owner’s abated improvements be in active service and operation as part of a facility operating in a producing capacity for a period of fourteen (14) years from the effective commencement date of this agreement (to , 20 ) in order for Owner to receive seven (7) full years of abatement that are not subject to the term reduction and recapture/payment obligation provisions of the preceding paragraph of this agreement.
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Value and Term of Abatement a. This Agreement shall be effective on the date executed by all Parties and shall terminate (unless earlier terminated in accordance with the terms hereof) on December 31, 2026. In no event shall this Agreement extend beyond December 31, 2026.
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Related to Value and Term of Abatement

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