Increment Year definition
Examples of Increment Year in a sentence
Subject to Section 1.20 Subsidy and other provisions of this Agreement, 100% of the Available Property Tax Increment from each Tax Increment Year of the Subsidy Period shall be paid to the Developer until (i) the Maximum Aggregate Subsidy, as adjusted pursuant to the terms of this Agreement, has been paid, or (ii) the end of the Subsidy Period, whichever occurs first.
These Employees shall have their year's work reviewed during December or June of each year with their Immediate Supervisor, and if recommended, will progress into the next Annual Increment Year, and the Employee shall receive a copy of their Annual Review.
Upon the completion of the 300th residential unit constructed on the Site prior to the end of the fifteenth Tax Increment Year, any and all funds remaining in the Housing Allocation Account shall be paid to the Developer.
At such time thereafter (but, with respect to the Phase One Requirements, as defined below, no later than the last day of the eighth Tax Increment Year) that the Developer meets all of the conditions precedent described in Section 2.1, then the Agency shall immediately pay to the Developer all amounts in the Retention Account, including all interest earned thereon.
In order for Developer to receive the full amount of Developer’s Housing Allocation, 300 residential units must be constructed on the Site by the end of the fifteenth Tax Increment Year.
Site referred to Attachment No. 1, that are reasonably estimated to at least equal the Minimum Investment Amount and prosecute diligently the construction and installation of such Improvements to completion, and complete the construction and installation of the Improvements at least equal to the Minimum Investment Amount, on or before the last day of the eighth Tax Increment Year, subject to Section 8.2, Enforced Delay Beyond Party’s Control.
In any event the Developer shall timely commence and thereafter diligently pursue and shall by the last day of the eighth Tax Increment Year complete the construction and installation of the Improvements equal or exceeding the Minimum Investment Amount, unless such date is extended by the Agency, or the Developer is unable to timely undertake or complete the Improvements because of any of the reasons set forth in Section 8.2, Enforced Delay Beyond Party’s Control.
If, for example, only 250 residential units have been constructed on the Site by the end of the sixteenth Tax Increment Year, and the amount of the Developer’s Housing Allocation for the sixteenth year was $1,000,000, the Developer would only be entitled to a payment of Developer’s Housing Allocation for such year equal to $833,333 [$1,000,000 x 250/300 = $833,3331.
Pursuant to the Project Area Budget, the Agency may set the first Tax Increment Year as 2011, 2012 or 2013.
If at least 300 residential units have not been constructed on the Site by the end of the fifteenth Tax Increment Year, the remaining balance in the Housing Allocation Account shall be released to the Agency, and Developer shall have no right or interest in or to such amounts.