Development Taxes definition

Development Taxes means the obligation of the Company to make annual payments, in an aggregate amount equal to 3.75% of its adjusted gross receipts (as defined in the Gaming Laws of the State of Indiana), to the City of East Chicago, Foundations of East Chicago, Inc. (as successor by merger to Twin City Education Foundation, Inc. and East Chicago Community Foundation, Inc.) and East Chicago Second Century, Inc. (collectively, the “Development Tax Recipients”) pursuant to certain commitments made by the Company and/or its predecessors with respect to the Property (including a letter dated April 18, 1995 from Showboat Marina Partnership to the Mayor of the City of East Chicago and a memorandum of understanding, dated August 25, 2000, between H▇▇▇▇▇’▇ East Chicago and the City of East Chicago (collectively, the “Development Agreements”)), together with any interest, penalties or additions to such payments imposed in connection therewith or with respect thereto.”
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Examples of Development Taxes in a sentence

  • Following the Closing Date, the Company and/or Buyer shall have sole control over the Escrowed Development Taxes.

  • Notwithstanding anything to the contrary in this Agreement, Buyer agrees to, or shall cause the Company to, pay all Development Taxes as and when required after the Closing.

  • Because funding is primarily coming from Tourism Development Taxes, parking fees and park entry fees or Town parking permits shall not be permitted at the park, unless otherwise agreed to in writing by the Parties.

  • All reservations incur Florida Sales Tax (7%) and County Tourist Development Taxes (5-6%, dependent upon county) in addition to the rental amounts and fees.

  • This document sets forth the guidelines for applicants requesting grant funding through the use of Tourist Development Taxes.

  • Notwithstanding the foregoing, the County will not be prohibited from pledging any legally available Tourist Development Taxes for any obligations incurred before or after the effective date of Agreement, which pledge will be prior and superior to any obligation of the County pursuant to this Agreement.

  • Notwithstanding the foregoing, the County shall not be prohibited from pledging any legally available Tourist Development Taxes for any obligations heretofore or hereafter incurred, which pledge shall be prior and superior to any obligation of the County pursuant to this Agreement.

  • The Parties recognize that Tourist Development Taxes may or may not be potentially available to fund maintenance of the Waterfront Public Park.