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.