Tax Incremental District definition
Examples of Tax Incremental District in a sentence
This MRO is issued pursuant to the Resolution and pursuant to the terms and conditions of the Tax Incremental District Development Agreement dated as of November , 2024 by and between the City, Developer, and the Redevelopment Authority of the City of Sheboygan, Wisconsin (the “Development Agreement”).
The City created Tax Incremental District No. 24 (“District”) as a blight tax increment district under the City’s proposed project plan (the “Project Plan”) in order to finance various project costs within the District subject to approvals by the City’s Common Council and the Joint Review Board for the District pursuant to Wis.
The foregoing covenant shall run with the land until the termination of the City of Sheboygan’s Tax Incremental District No. 24.
This MRO is issued pursuant to the Resolution and pursuant to the terms and conditions of the Tax Incremental District Development Agreement dated as of November [ ], 2024 by and between the City, Developer, and the Redevelopment Authority of the City of Sheboygan, Wisconsin (the “Development Agreement”).
The DEVELOPER further agrees that the minimum real estate value of the PROPERTY from January 1, 2011 until the termination of Tax Incremental District No. 3 shall be in the amount of $1,600,000 (the “MINIMUM VALUE”).
This MRO is issued pursuant to the Resolution and pursuant to the terms and conditions of the Tax Incremental District Development Agreement dated as of May 20, 2024 by and between the City and Developer (the “Development Agreement”).
As additional consideration for the conveyance evidenced by this Special Warranty Deed, Grantor and ▇▇▇▇▇▇▇ agree that, prior to the termination of the City of Sheboygan’s Tax Incremental District No. 24, all current and future owners or users of (including any other party with an interest – whether ownership, leasehold or otherwise – in) all or any portion of the real property conveyed by this Special Warranty Deed shall not be used in such a way as to exempt such real property from property taxation.
As additional consideration for the conveyance evidenced by this Special Warranty Deed, Grantor and ▇▇▇▇▇▇▇ agree that, prior to the termination of the City of Sheboygan’s Tax Incremental District No. 21, all current and future owners or users of (including any other party with an interest – whether ownership, leasehold or otherwise – in) all or any portion of the real property conveyed by this Special Warranty Deed shall not be used in such a way as to exempt such real property from property taxation.
The City intends to create Tax Incremental District No. 22 (“District”) as a mixed- use tax increment district under the City’s proposed project plan (the “Project Plan”) in order to finance various project costs within the District subject to approvals by the City’s Common Council and the Joint Review Board for the District pursuant to Wis.
In return for the release of the letter of credit, the DEVELOPER stipulates and agrees that, in addition to any and all remedies available to the CDA and VILLAGE for a breach of the Tax Incremental District No. 3 Development Agreement, any future TAX SHORTFALL that remains unpaid for at least 30 days after written request by the VILLAGE may be placed by the VILLAGE on the real estate tax roll for the Development.