Taxes Otherwise Due definition

Taxes Otherwise Due means, for any given calendar year, the ad valorem property taxes that would otherwise have been due in such year on the Project if the Project were not exempt by virtue of the Exemption, as calculated by applying the ad valorem tax rates assessed by all local governments or taxing districts for such calendar year to the assessed valuation that would have been attributable to the Project for such calendar year if the City did not hold title to such property.
Taxes Otherwise Due means, for any given calendar year, the ad valorem property taxes that would otherwise have been due in such year on the Project if the Project were not exempt by virtue of the Exemption, as calculated by applying the ad valorem tax rates assessed by all local governments or taxing districts for such calendar year to the assessed valuation that would have been attributable to the Project for such calendar year if the City did not hold title to such property. For purposes of this calculation, the assessed valuation for a given year for the Project Improvements shall be as set out in the CBA as the “Estimated Assessed Value of Real Property” on the page entitled “Projected Tax Revenues Without Abatement (Real Property)” and the assessed valuation for a given year for the Project Equipment shall be as set out in the CBA as the “Estimated Assessed Value of Personal Property” on the page entitled “Projected Tax Revenues Without Abatement (Personal Property).”
Taxes Otherwise Due means, for any given calendar year, the ad valorem property taxes that would otherwise have been due in such year on the Project if the Project were not exempt by virtue of the Exemption, as calculated by dividing the assessed valuation that would have been attributable to the Project for such calendar year if the City did not hold title to such property by 100, and then multiplying the quotient by the ad valorem tax rates imposed for such calendar year by all local governments and taxing districts in which the Project is located.

Examples of Taxes Otherwise Due in a sentence

  • Upon the approval of a tax exemption pursuant to this Ordinance, the Tax Assessor shall determine the Taxes Otherwise Due for the Property as of the date that the tax exemption was granted.

  • Third Year at 40% of the Taxes Otherwise Due on the Improvement Value - Land Taxes NOT exempt or abated.

  • Second Year at 20% of the Taxes Otherwise Due on the Improvement Value - Land Taxes NOT exempt or abated.

  • Fifth Year at 80% of the Taxes Otherwise Due on the Improvement Value - Land Taxes NOT exempt or abated.

  • The Redeveloper shall make payments in lieu of taxes to the City, on a tax phase- in basis, for the improvements completed at the property, beginning January 1st of the Tax Year following substantial completion (issuance of TCO or CO) whichever is sooner as follows: First year at 0% of the Taxes Otherwise Due on the Improvement Value - Land Taxes NOT exempt or abated.

  • Forth Year at 60% of the Taxes Otherwise Due on the Improvement Value - Land Taxes NOT exempt or abated.

  • In no event shall either (1) any calculation under Section 4.3(a) or (b), above, result in a reduction of the PILOT Payments otherwise required under Section 4.2, or (2) the total payments made under Section 4.2 and Section 4.3 of this Article exceed in any year the Taxes Otherwise Due.

  • If the Project Improvements remain in City ownership for purposes of property taxation for tax year 2034 (meaning that the County does not issue a tax bill for the Project Improvements for that year), the Company shall make a PILOT Payment with respect to the Project Improvements in an amount equal to 100% of the Taxes Otherwise Due on the Project Improvements.

Related to Taxes Otherwise Due

  • Not Otherwise Applied means, with reference to any amount of any transaction or event, that such amount (i) was not required to be applied to prepay the Loans pursuant to Section 2.14, and (ii) was not previously applied in determining the permissibility of a transaction under the Credit Documents where such permissibility was (or may have been) contingent on the receipt or availability of such amount.

  • Exercise Expenses means any charges or expenses including any taxes or duties which are incurred in respect of the exercise of the Warrants;

  • Transfer expenses means all expenses of a transfer that the transfer agreement requires the payee to pay or have deducted from the gross advance amount, including, but not limited to, court filing fees, attorney fees, escrow fees, lien recordation fees, judgment and lien search fees, finders' fees, commissions, and other payments to a broker or other intermediary. Transfer expenses do not include preexisting obligations of the payee that are payable for the payee's account from the proceeds of a transfer.

  • Liquidation Expenses With respect to a Mortgage Loan in liquidation, unreimbursed expenses paid or incurred by or for the account of the Master Servicer or the related Servicers, such expenses including (a) property protection expenses, (b) property sales expenses, (c) foreclosure and sale costs, including court costs and reasonable attorneys’ fees, and (d) similar expenses reasonably paid or incurred in connection with liquidation.

  • Distribution Expenses means the reasonable costs, excluding overhead, incurred by ZIOPHARM that are directly and reasonably allocable to the distribution of a ZIOPHARM Product with respect to a particular country where such ZIOPHARM Product has been launched, excluding any costs included as a deduction in calculating Net Sales.

  • Organizational Expenses has the meaning set forth in Section 4.2(b).

  • chargeable means, as applied to an instrument executed or first executed after the commencement of this Act, chargeable under this Act, and as applied to any other instrument chargeable under the law in force in the territories of the 1[State of Karnataka]1 when such instrument was executed or, where several persons executed the instrument at different times, first executed;

  • Service Charges means the fees levied by the municipality in terms of its tariff policy for any municipal services rendered in respect of an immovable property and includes any penalties, interest or surcharges levied or imposed in terms of this policy.

  • Overhead means those amounts which are intended to recover a proportion of the Supplier’s or the Key Sub-Contractor’s (as the context requires) indirect corporate costs (including financing, marketing, advertising, research and development and insurance costs and any fines or penalties) but excluding allowable indirect costs apportioned to facilities and administration in the provision of Supplier Personnel and accordingly included within limb (a) of the definition of “Costs”;

  • Interest Expenses means, with respect to any Person for any period, the sum, determined on a consolidated basis in accordance with GAAP, of all interest accruing on the Indebtedness of such Person during such period (including interest attributable to Capital Leases).

  • CCAA Charges means the Administration Charge and the Directors’ Charge;

  • Replacement cost for houses and other structures means the prevailing cost of replacing affected structures, in an area and of the quality similar to or better than that of the affected structures. Such costs will include: (a) transporting building materials to the construction site; (b) any labor and contractors’ fees; and (c) any registration costs.

  • Transition Expenses The reasonable costs (including reasonable attorneys’ fees) of the Backup Servicer incurred in connection with the transferring the servicing obligations under this Agreement and amending this Agreement to reflect such transfer in an amount not to exceed $100,000.

  • Start-Up Costs means all fees, costs, and expenses incurred in connection with establishing the State Mitigation Trust and the Indian Tribe Mitigation Trust and setting them up for operation. Start-up costs shall not include the cost of premiums for insurance policies.

  • Disposition Expenses means reasonable out-of-pocket expenses incurred by the Servicer in connection with the sale at auction or other disposition of a Leased Vehicle by the Servicer.

  • Breakage Costs shall have the meaning set forth in Section 2.2.3(h) hereof.

  • Delivery Expenses means all costs, taxes, duties and/or expenses, including stamp duty, stamp duty reserve tax and/or other costs, duties or taxes arising from the Delivery of the Asset Amount.

  • Maintenance Fees means the non-refundable fees payable annually by Licensee to OT for Support Services;

  • Unpaid Transaction Expenses has the meaning specified in Section 2.4(c).

  • Prepaid Expenses has the meaning set forth in Section 1.2(f).

  • Distribution Costs means all costs of:

  • Program Expenses means all UHC’s expenses of administering the Program under the Indenture and the Act and shall include without limiting the generality of the foregoing; salaries, supplies, utilities, labor, materials, office rent, maintenance, furnishings, equipment, machinery and apparatus, including information processing equipment; software, insurance premiums, credit enhancement fees, legal, accounting, management, consulting and banking services and expenses; Fiduciary Expenses; remarketing fees; Costs of Issuance not paid from proceeds of Bonds; and payments to pension, retirement, health and hospitalization funds; and any other expenses required or permitted to be paid by UHC.

  • Class Expenses means expenses incurred by a particular Class in connection with a shareholder services arrangement or a distribution plan that is specific to such Class or any other differing share of expenses or differing fees, in each case pursuant to a plan adopted by the Trust pursuant to Rule 18f-3 under the 1940 Act, as such plan or Rule may be amended from time to time;

  • Maintenance Costs means parts and materials, sublet and labour costs of a qualified licensed mechanic for the maintenance of the Revenue Service Vehicles, but shall not include costs associated with interior and exterior transit advertising signs and non-mechanical servicing of Revenue Service Vehicles such as fuelling, clearing fareboxes, cleaning and painting wheel rims, vehicle washing and other work performed by a serviceman; and,