Available Tax Increment definition

Available Tax Increment means the Gross Tax Increment received by the City from Hennepin County during the period preceding each semi-annual Payment Date, less (i) the amount of tax increment, if any, which the City must pay to the school district, the county and the state pursuant to Minnesota Statutes, Sections 469.177, Subds. 9 and 11; 469.176, Subd. 4h; and 469.175, Subd. 1a, as the same may be amended from time to time, (ii) actual administrative costs of the City in an amount not to exceed 10% of Gross Tax Increment.

Available Tax Increment means the amount of Tax Increment (as defined below) actually received by the City generated by any increase of value of the Property above the base value and attributable to development within a tax incremental finance district, during the twelve (12) month period preceding a payment date, that has not been previously used to make payment on bonds or other obligations as determined by the City. The amount of Available Tax Increment may fluctuate based on variations in the property valuations, tax rate, depreciation and other independent factors.

Available Tax Increment means an amount equal to the annual gross tax increment revenue actually received and retained by the City which is generated by the increment value of the Property.

Examples of Available Tax Increment in a sentence

• Subject to the limitations contained in the Notes, the City hereby pledges to the payment of (i) the Phase I Note and the Phase 2 Note, the Available Tax Increment, and (ii) the Additional Phase 2 Note, the Remaining Available Tax Increment, generated from the applicable Property and completed Improvements.

• Nor is the City warranting that it will have throughout the term of this Agreement and the Notes the continuing legal ability under State law to apply Available Tax Increment to the payment of the Phase 1 Note and the Phase 2 Note, or Remaining Available Tax Increment to the payment of the Additional Phase 2 Note, which continued legal ability is a condition precedent to the City's obligations under the Notes.

• Each Applicable Developer acknowledges that the City has made no warranties or representations to the Developer as to the amounts of Tax Increment that will be generated or that the Available Tax Increment will be sufficient to pay the Phase 1 Note or Phase 2 Note, or the Remaining Available Tax Increment will be sufficient to pay the Additional Phase 2 Note, in whole or in part.

• Tax Increment received by the City in any year in amounts in excess of Available Tax Increment and Remaining Available Tax Increment shall be the City's property and the City shall be free to use such excess Tax Increment for any purpose for which such Tax Increment may be used under the Tax Increment Act.

• All estimates of Available Tax Increment and Remaining Available Tax Increment prepared by or on behalf of the City were prepared for the City's use only and were not intended to be relied upon by the Applicable Developers.

More Definitions of Available Tax Increment

Available Tax Increment. Has the meaning given in the Act, Section 311.012 (a), contributed by each participating taxing entity to the TIRZ Fund, and distributed in accordance with the order of priority of payment of the TIRZ.

Available Tax Increment means, on each Payment Date, the Tax Increment attributable to the Development Property located in the TIF District and paid to the Authority by the County in the six months preceding the Payment Date after first deducting therefrom thirty percent (30%) of the Tax Increment to be used to reimburse the Authority for administrative expenses, to reimburse the Authority for interfund loans, and for the promotion of redevelopment and affordable housing. Available Tax Increment shall not include any Tax Increment if, as of any Payment Date, there is an uncured Event of Default under this Agreement.

Available Tax Increment means, on each Payment Date, ninety percent (90%) of the Tax Increment attributable to the Development Property and paid to the Authority by the County in the six (6) months preceding the Payment Date. Available Tax Increment will not include any Tax Increment if, as of any Payment Date, there is an uncured Event of Default under this Agreement; provided, however, once an Event of Default is cured, any Tax Increment previously withheld shall be deemed Available Tax Increment on the next Payment Date.

Available Tax Increment means 90% of the Tax Increment.

Available Tax Increment means 90 percent of the Tax Increment paid to the EDA by the County with respect to the Development Property and the Minimum Improvements.

Available Tax Increment means 90% of the Captured Tax Increment in the six(6) month period preceding each Scheduled Payment Date, as defined in the TIF Note.

Available Tax Increment means, on each Payment Date, the Tax Increment attributable to the Development Property and paid to the Authority by the County in the six (6) months preceding the Payment Date after first deducting therefrom ten percent (10%) of the Tax Increment to be used to reimburse the Authority for administrative expenses and subject to Section 4.5 hereof. Available Tax Increment shall not include any Tax Increment if, as of any Payment Date, there is an uncured Event of Default under this Agreement that has not been waived by the Authority. Once the Event of Default is cured or waived by the Authority, withheld Tax Increment shall be Available Tax Increment.