TDD Act definition
Examples of TDD Act in a sentence
The annual Administrative Fee for the District shall be an amount equal to the greater of $5,000 per year or 1% of the TDD Sales Tax proceeds deposited into the TDD Sales Tax Fund hereunder from time to time during the Term and such TDD Administrative Fee shall be due and payable on the date the TDD Sales Tax is received by the City from DOR (provided that the TDD Act permits payment directly from the TDD Sales Tax, and if not, within thirty (30) days of demand therefor by the City).
Subject to the terms and conditions of this Agreement, the TDD Improvement Costs which are legally eligible for reimbursement to Developer under the TDD Act, up to an amount equal to Seven Million Two Hundred Thousand and 00/100 Dollars ($7,200,000.00) (the "Eligible Expenses"), shall be reimbursed with available TDD Sales Tax proceeds.
Under the TDD Act, the owners of all land within the proposed TDD boundaries may petition the City to request the creation of a TDD and to impose a TDD Sales Tax (as defined in Section 3.2 below) to pay the cost of a transportation development project and/or to repay special obligation bonds issued by the City to finance such projects.
Nothing in this Agreement shall obligate the City to reimburse Developer for any cost that is not a “Project” as defined by the TDD Act, except as otherwise expressly provided in this Agreement.
The City may continue to use any surplus amounts of TDD Sales Tax after all TDD Costs have been reimbursed, for any purpose authorized by the TDD Act.
Fourth, to the extent permitted under the TDD Act, to reimburse the Developer for remaining Eligible Expenses.
Developer has identified certain TDD Project Costs which may be paid with TDD Sales Tax Proceeds if and to the extent that such TDD Project Costs are: (i) agreed- upon by the parties and identified on Exhibit P attached hereto for the TDD District (the "TDD Project Costs"), and (ii) eligible for payment or reimbursement pursuant to the TDD Act.
The City TDD Annual Administrative Fee shall be due on the earlier of the date the TDD Sales Tax is received (but only if the TDD Act permits payment directly from the TDD Sales Tax) or any TDD Bonds are issued, except that the City TDD Annual Administrative Fee paid upon the issuance of the TDD Bonds shall be reduced by any City TDD Annual Administrative Fee paid prior to the issuance of the TDD Bonds.
The annual Administrative Fee for the TDD District shall be an amount equal to the greater of $5,000 per year or 1% of the TDD Sales Tax proceeds deposited into the TDD Sales Tax Fund hereunder from time to time during the Term and such Administrative Fee shall be due and payable on the date the TDD Sales Tax is received by the City from DOR (provided that the TDD Act permits payment directly from the TDD Sales Tax, and if not, within thirty (30) days of demand therefor by the City).
The TDD Sales Tax or the proceeds of the TDD Bonds to the extent permitted under the TDD Act and federal tax law shall be used to pay the City TDD Annual Administrative Fee.