FILOT definition
Examples of FILOT in a sentence
The Company and, as applicable, any Sponsor Affiliate has no responsibility or obligation with regard to allocation of FILOT Payments.
If the Act is declared to be unconstitutional by a final court decision, then included in such contemplated reformation may be to retroactively convert the FILOT Payments to a “Big Fee Super Fee” under Title 4, Chapter 29 of the Code, or any successor or similar Code provisions that allows the same or comparable treatment of the Project as a “Big Fee Super Fee”, with the effective date of such conversion being the same as the date of this Fee Agreement.
Step 2: Apply an assessment ratio of 4.0% to the fair market value as determined for each year in Step 1 to establish the taxable value of each Phase of the Project in the year it is placed in service and in each of the thirty-nine (39) years thereafter or such longer period of years that the annual FILOT Payment is permitted to be made by the Company or, as applicable, by any Sponsor Affiliate, under the Act.
The Company and, as applicable, any Sponsor Affiliate, shall make the above-described FILOT Payments directly to the County in accordance with applicable law as to payment, collection, and enforcement of FILOT Payments.
In addition to all other remedies herein provided, the nonpayment of FILOT Payments by the Company or, as applicable, any Sponsor Affiliate, as well as any payments required under Section 3.1 hereof, shall constitute a lien on the Project for tax purposes as provided in Section 12-44-90 of the Act.