MIDA definition
Examples of MIDA in a sentence
Under the MIDA Act, MIDA may use the sales and use tax and the resort communities’ tax in either the Municipal Services Revenue Fund or the Development Fund.
MIDA is currently in the process of creating the Military Recreation Facility Project Area – Part 4 (“Part 4 Project Area”), which will include the MRF.
Annually, MIDA, in consultation with Hideout, shall include in its Development Fund Budget the estimates of the costs associated with the improvements described above and the budget year in which they may be needed.
Subject to the terms of this Agreement, MIDA may provide if it elects, but shall have no responsibility to provide, Municipal Services in the Hideout Zone; provided, however, MIDA shall provide financial remuneration to Hideout for Municipal Services provided by Hideout from the Municipal Services Revenue Fund (defined below), as provided in Section 6 hereof.
MIDA hereby acknowledges and agrees that the completion of the Project provides benefits to MIDA, and in consideration of the issuance of the Bonds by the District for purposes of financing the Project, MIDA agrees to pay the Tax Allocation Revenues to the Bond Trustee on behalf of the District for the purpose of paying and securing the Bonds and any additional District Obligations.
In the event any service currently provided by Hideout is hereafter transferred to a Service District that has an interlocal cooperation agreement with MIDA, MIDA understands and agrees that such service will no longer be provided to the Hideout Zone by Hideout.
The required notice which MIDA must provide at least sixty (60) days prior to implementing either (i) or (ii) above, shall outline in reasonable detail the facts and other reasons for MIDA’s assertion that Hideout has failed to perform.
Hideout shall indemnify, release, and hold MIDA harmless from any and all claims, damages, suits, liabilities, and attorney’s fees of whatever nature (collectively, “Claims”) which may arise from Hideout’s control and provision of the Municipal Services but only to the extent that Hideout would have liability for such Claims absent the existence of MIDA and the MRF Project Area.
Notwithstanding the foregoing, however, MIDA will not provide any Municipal Services which Hideout is providing as of the date of this Agreement without Hideout’s consent, except pursuant to the provisions set forth in Section 5(h) below.
Hideout agrees to timely provide MIDA with notice of all building permits and certificates of occupancy, issued by Hideout, for construction occurring within the Hideout Zone during the Term of this Agreement.