Special Source Credits. (a) In accordance with and pursuant to Section 12-44-70 of the FILOT Act and Section 4-1- 175 of the MCIP Act, in order to reimburse the Company for qualifying capital expenditures incurred for costs of the Infrastructure during the Standard Investment Period, the Company shall be entitled to receive, and the County agrees to provide, annual Special Source Credits against the Company’s FILOT Payments for a period of ten (10) consecutive years in an amount equal to twenty percent (20%) of that portion of FILOT Payments payable by the Company with respect to the Project (that is, with respect to investment made by the Company in the Project during the Standard Investment Period), calculated and applied after payment of the amount due the non-host county under the MCIP Agreement.
Special Source Credits. (a) In accordance with and pursuant to the Infrastructure Credit Act, in order to reimburse the Company for qualifying capital expenditures incurred for Costs of the Infrastructure during the Investment Period, the Company shall be entitled to receive, and the County agrees to provide, annual Special Source Credits against the Company’s Fee Payments for a period of twenty (20) consecutive years commencing with the Fee Payment to be paid with respect to the property tax year following the year in which the Project or one or more Phases thereof have been placed in service representing an investment in Costs of the Infrastructure which, in the aggregate, exceeds the Minimum Investment Requirement as certified in accordance with the provisions of subsection (d) below (the “Credit Period”). For all property tax years with respect to which the Special Source Credits are applicable as provided herein, the amount of such Special Source Credits shall be fifty percent (50%) of that portion of the Fee Payments payable by the Company with respect to the real property and improvements constituting the Project (that is, with respect to investment made by the Company in real property and improvements, but not in personal property, comprising all or part of the Project during the Investment Period) for such property tax year, calculated and applied after payment of the amount due the non-host county under the Park Agreement.
Special Source Credits. Annual Percentage: 50% No. of Years 20 years; Credit Period does not commence until at least $7,500,000 has been invested in Costs of Infrastructure. See Section 3.02(a). Clawback information: Failure to invest at least $7,500,000 in Costs of Infrastructure during the Investment Period results in prospective loss of the Special Source Credits. Failure to continuously satisfy the Affordable Housing Requirements results in prospective (and retroactive if applicable) loss of the Special Source Credits. See Section 3.02(e).
Special Source Credits. (a) In accordance with and pursuant to Section 12-44-70 of the FILOT Act and Section 4-1- 175 of the MCIP Act, in order to reimburse the Company for qualifying capital expenditures incurred for costs of the Infrastructure during the Investment Period, the Company shall be entitled to receive, and the County agrees to provide, annual special source revenue credits against the Company’s FILOT Payments (the “Special Source Credits”) for a period of fifteen (15) consecutive years, subject to and in an amount determined as follows:
Special Source Credits. (a) In accordance with and pursuant to Section 12-44-70 of the FILOT Act and Section 4-1-175 of the MCIP Act, in order to reimburse the Company for qualifying capital expenditures incurred for costs of the Infrastructure during the Standard Investment Period, the Company shall be entitled to receive, and the County agrees to provide, annual Special Source Credits against the Company’s FILOT Payments for a period of twenty (20) consecutive years commencing with the first year that the Project is placed in service (the “Credit Period”) in an amount equal to fifty percent (50%) of that portion of FILOT Payments payable by the Company with respect to the Project (that is, with respect to investment made by the Company in the Project during the Standard Investment Period), calculated and applied after payment of the amount due the non-host county under the MCIP Agreement.
Special Source Credits. (a) In accordance with and pursuant to Section 12-44-70 of the FILOT Act and Section 4-1- 175 of the MCIP Act, in order to reimburse the Company for qualifying capital expenditures incurred for costs of the Infrastructure during the Standard Investment Period, the Company shall be entitled to receive, and the County agrees to provide, annual Special Source Credits against the Company’s FILOT Payments for a period of ten (10) consecutive years (the “Credit Period”) in an amount equal to forty percent (40%) of that portion of FILOT Payments payable by the Company with respect to the Project (that is, with respect to investment made by the Company in the Project during the Standard Investment Period), calculated and applied after payment of the amount due the non-host county under the MCIP Agreement; PROVIDED HOWEVER, that the Credit Period shall begin upon the year in which the Company certifies to the County that the Company has invested $36,000,000 in Economic Development Property in the Project; and provided further that the Company shall not be entitled to receive the Special Source Credits with respect to any year during the Credit Period in which the Company’s investment in the Project (without regard to depreciation) is less than $22,000,000, and that in such event, the Credit Period shall not be extended or stayed.
Special Source Credits. (a) Except as otherwise provided in this Section 3.02, in order to reimburse the Company for a portion of the Cost of the Infrastructure with respect to each Phase of the Project, the County shall provide Special Source Credits to the Company and to any Project Affiliate on an annual basis in the amount equal to the Special Source Credits Percentage for a period of thirty (30) consecutive tax years for each Phase of the Project beginning with the tax year immediately following the year in which the applicable Phase of the Project is first placed in service and continuing for each of the twenty-nine (29) tax years thereafter (“Credit Period”). The Special Source Credits granted in this Section 3.02(a) shall be calculated by multiplying the applicable Special Source Credit Percentage set forth in Section 3.02(d) below by the Net Fee Payments with respect to the Project (that is, with respect to investment made by the Company or any Project Affiliates in the Project during the Investment Period) for the respective tax year. The Company may elect, with respect to any parcel of land constituting the Project, to defer the start date of the Credit Period until the improvements upon the land have been placed in service by providing written notice to this effect through the delivery of a certification in substantially the form attached hereto as Exhibit B to the County Assessor’s Office.
Special Source Credits. (a) As reimbursement for investment in Special Source Improvements and subject to the requirements of the Special Source Act and Section 4.02 hereof, the County hereby agrees that the Company and each other Sponsor or Sponsor Affiliate (each, a “Credit Eligible Entity”) shall be entitled to receive, and the County shall provide, Special Source Credits against each Negotiated FILOT Payment due from each such Credit Eligible Entity with respect to the Project for a period of ten (10) consecutive tax years in an amount equal to forty percent (40%) of each such Negotiated FILOT Payment, commencing with the tax year for which the initial Negotiated FILOT Payment is due hereunder from any such Credit Eligible Entity. In accordance with the Special Source Act, the Special Source Credits authorized herein shall not, in the aggregate, exceed the aggregate cost of Special Source Improvements funded from time to time in connection with the Project by the Company and all other Sponsors or Sponsor Affiliates.
Special Source Credits. (a) In accordance with and pursuant to Section 12-44-70 of the FILOT Act and Section 4-1- 175 of the MCIP Act, if the Company invests at least $10,000,000 during the Standard Investment Period, the Company shall be entitled to receive, and the County agrees to provide, annual Special Source Credits against the Company’s FILOT Payments for a period of seven (7) consecutive years in an amount equal to ten percent (10%) of that portion of FILOT Payments payable by the Company with respect to the Project (that is, with respect to investment made by the Company in the Project during the Standard Investment Period); if the Company invests at least $15,000,000 during the Standard Investment Period, the Company shall be entitled to receive annual Special Source Credits against the Company’s FILOT Payments for three
Special Source Credits. (a) In accordance with and pursuant to Section 12-44-70 of the FILOT Act and Section 4-1-175 of the MCIP Act, in order to reimburse for qualifying capital expenditures incurred for costs of the Infrastructure and in the event the Level 1 Minimum Investment Threshold is satisfied by the end of the Standard Investment Period, the Company and each Sponsor Affiliate (each, a “Credit Eligible Entity”) shall be entitled to receive, and the County agrees to provide, annual special source revenue credits against each FILOT Payment due from each such Credit Eligible Entity with respect to the Project for a period of ten (10) consecutive tax years in an amount equal to twenty-five percent (25%) of such FILOT Payment (that is, with respect to investment made by such Credit Eligible Entity in the Project), calculated and applied after payment of the amount due the non-host county under the MCIP Agreement (the “Level 1 Special Source Credits”), beginning with the FILOT Payment due from such Credit Eligible Entity for the tax year corresponding to the property tax year in which the Level 1 Minimum Investment Threshold is satisfied (the “Special Source Credit Commencement Year”); provided, however, that in the event that the Level 2 Minimum Investment Threshold is satisfied by the end of the Investment Period, such special source revenue credit percentage shall automatically increase from twenty-five percent (25%) to thirty percent (30%), beginning with the FILOT Payment due from such Credit Eligible Entity for the tax year corresponding to the property tax year in which Level 2 Minimum Investment Threshold is satisfied, and the existing special source revenue credit term of ten (10) tax years shall automatically extend from ten (10) consecutive tax years beginning with the Special Source Credit Commencement Year to fifteen (15) consecutive tax years beginning with the Special Source Credit Commencement Year (the “Level 2 Special Source Credits”); provided further, that in the event that the Level 3 Minimum Investment Threshold is satisfied by the end of the Investment Period, such special source revenue credits percentage shall automatically increase from thirty percent (30%) to thirty-five percent (35%) for the remainder of the fifteen tax years comprising the period referenced above (the “Level 3 Special Source Credits”), beginning with the FILOT Payment due from such Credit Eligible Entity for the tax year corresponding to the property tax year in which the Level 3 M...
