MCIP Act definition
Examples of MCIP Act in a sentence
If, for any reason, the Park Agreement is modified, or otherwise terminated, then the County shall ensure that the Project shall be immediately placed into another multi-county park arrangement established pursuant to the MCIP Act, to which the County is party and that would enable the Company to receive the benefits afforded by having the Project incorporated into a Park.
With respect to facilities located in a Multi-County Industrial Park, references to taxes or ad valorem taxes means the payments-in-lieu-of-taxes provided for in the MCIP Act, and, where this Fee Agreement refers to payments of taxes or Payments-in-Lieu-of-Taxes to County Treasurers, such references shall be construed to mean the payments to the counties participating in such Multi-County Industrial Park.
All or portions of the Project will be located in one or more Multi-County Industrial Parks (as defined herein) and thus are exempt from ad valorem taxation under and by virtue of the MCIP Act.
By separate ordinance (the “MCIP Ordinance”) of the County Council, the County, in cooperation with Colleton County (the “Partner County”) and with consent of the Municipality, will designate the Project Site as a multi-county business park pursuant to Article VIII, Section 13 of the South Carolina Constitution, the MCIP Act, and the terms of the Agreement for the Establishment of a Multi-County Industrial/Business Park (the “MCIP Agreement”).
In addition, the County will use its commercially reasonable efforts to ensure both Colleton County (the “Partner County”) and the City of North Charleston, whose consent is required under Section 4-1-170(C) of the MCIP Act, take action to confirm or consent to the placement of the Project Site within the Park.
By separate ordinance of the County Council, the County, in cooperation with Colleton County and with consent of the City of North Charleston, will designate the Project Site as a multi- county business park pursuant to Article VIII, Section 13 of the South Carolina Constitution, the MCIP Act, and the terms of the Agreement for Development for a Joint County Industrial Park effective as of September 1, 1995.
By separate ordinance (the “MCIP Ordinance”) of the County Council, the County, in cooperation with Colleton County (the “Partner County”) and with consent of the City of North Charleston, will designate the Project Site as a multi-county business park pursuant to Article VIII, Section 13 of the South Carolina Constitution, the MCIP Act, and the terms of the Agreement for the Establishment of a Multi-County Industrial/Business Park (the “MCIP Agreement”).
By separate ordinance of the County Council, the County, in cooperation with Colleton County, has designated the Project Site as a multi-county business park pursuant to Article VIII, Section 13 of the South Carolina Constitution, the MCIP Act, and the terms of the Agreement for the Establishment of a Multi-County Industrial/Business Park, dated as of September 1, 1995, as amended.
After the identification of qualifying Infrastructure Improvements located solely within the County and the costs thereof to the satisfaction of the County, the County will provide to the Company special source revenue or infrastructure improvement credits (“SSRCs”) under the MCIP Act in the amount of 78% of fee- in-lieu payments made under the FILOT Agreement not exceeding a period of five years but subject to a cumulative cap of Three Hundred Fifty Thousand Dollars ($350,000.00).
Under the authority provided in the MCIP Act, County Council enacted Ordinance No. 4391 on October 19, 2010, pursuant to which the County entered into an Agreement for the Development of a Joint County Industrial and Business Park (“2010 Park”) dated as of December 1, 2010, as amended, with ▇▇▇▇▇▇▇▇ County (the “Agreement”).