Examples of FILOT in a sentence
The County’s right to receive FILOT payments hereunder shall have a first priority lien status pursuant to Sections 12-44-90(E) and (F) of the FILOT Act and Chapters 4, 49, 51, 53, and 54 of Title 12 of the Code.
The Company shall provide the County and the Department with written notice of any Sponsor Affiliate designated pursuant to this Section within ninety (90) days after the end of the calendar year during which any such Sponsor Affiliate has placed in service any portion of the Project, in accordance with Section 12-44-130(B) of the FILOT Act.
FILOT Required Investment: $5,000,000 Investment Period: 5 years Ordinance No./Date: Ordinance No. 4856; December 6, 2016; Ordinance No. , September 19, 2017 Assessment Ratio: 6% Term (years): 20 years (but automatically becomes 30 years if Company invests $7,500,000 during Investment Period) Fixed Millage: (a) 262.2 (Enterprise Plant) (b) 280.4 (Hillcrest Plant) Net Present Value (if yes, discount rate): N/A Clawback information: N/A 2.
Notwithstanding any other provision of this Fee Agreement, each of the Company and any Sponsor Affiliates acknowledges and agrees that County’s obligation to provide the FILOT incentive may end, and this Fee Agreement may be terminated by the County, at the County’s sole discretion, if the Company ceases operations at the Project.
The term “investment” or “invest” as used herein shall include not only investments made by the Company and any Sponsor Affiliates, but also to the fullest extent permitted by law, those investments made by or for the benefit of the Company or any Sponsor Affiliate with respect to the Project through federal, state, or local grants, to the extent such investments are subject to ad valorem taxes or FILOT payments by the Company.