PID Assessment definition

PID Assessment has the meaning set forth in Section VI.A.3. below.
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PID Assessment an assessment levied against a parcel and imposed pursuant to an assessment ordinance as shown on an assessment roll, subject to reallocation upon the subdivision of such parcel or reduction according to the provisions herein and in the PID Act.
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Examples of PID Assessment in a sentence

  • In addition, in the event that any PID Assessment on property owned by the Developer within the District is not timely paid, the City may elect to terminate this Agreement.

  • If this initial PID Assessment or any future PID Assessment on property owned by the Developer within the District is not timely paid, the Developer shall not be entitled to receive any additional reimbursement payments from the Construction Fund for construction of the Authorized Improvements unless and until the PID Assessment is paid in full.

  • In the event Developer constructs or causes the construction of any Oversized Public Infrastructure on behalf of the City, the City shall be solely responsible for all costs attributable to oversized portions of the Oversized Public Infrastructure and neither the PID Assessment revenues nor the TIRZ revenues shall be utilized for financing the costs of Oversized Public Infrastructure.

  • The SAP shall provide that the PID Assessment on any tract within the Property that is sold to an End Buyer for any residential occupancy shall be paid in full prior to closing.

  • The PID hereby agrees to take all actions as required by law to cause the levy of the PID Assessment by the CITY for the purpose of funding the initial and supplemental debt service on the Supplemental Master Infrastructure Taxable Certificates of Obligation by the PID pursuant to this Agreement.

  • The provision relating to PID Assessment Revenues collected after the Maturity Date survives the termination of this Agreement.

  • Until PID Bonds are issued, City shall ▇▇▇▇, collect and deposit into the PID Reimbursement Fund all PID Assessment revenues consisting of: (1) revenue collected from the payment of PID Assessments (including prepayments and amounts received from the foreclosure of liens but excluding costs and expenses related to collection); and (2) revenue collected from the payment of Annual Installments (as defined in the Development Agreement) (each as defined in the SAP).

  • The City will use all reasonable efforts to receive and collect the PID Assessment Revenues concurrently with the collection of City ad valorem taxes (including the foreclosure of liens resulting from the nonpayment of the PID Assessments created by the levy of the PID Assessments or other charges due and owing under the SAP), and upon receipt and collection, immediately deposit the PID Assessment Revenues into the IA #1 Improvements Account of the Project Fund.

  • Following the City’s inspection and approval of the Authorized Improvements, there will be no conditions or defenses to the obligation of the City to use the proceeds of any PID Bonds to pay the Unpaid Balance and to pledge the PID Assessment Revenues as security for such PID Bonds, other than the City’s right to pay costs of issuance of such PID Bonds and/or other costs incurred by the City relating to the Authorized Improvements.

  • As applicable, the City hereby agrees to transfer such portion of the PID Assessment Revenues to the Trustee under the applicable Indenture.