Examples of Project Facility in a sentence
Pursuant to the provisions of the Lease Agreement, the Company will be required to pay to the appropriate Taxing Entity all taxes and assessments lawfully levied and/or assessed by the appropriate Taxing Entity against the Project Facility, including taxes and assessments levied for the current tax year and all subsequent tax years until the Project Facility shall be entitled to exempt status on the tax rolls of the appropriate Taxing Entity.
The Company agrees that it will make annual payments in lieu of real estate taxes with respect to the Project Facility to the Agency in the amounts hereinafter provided for redistribution to the respective Taxing Entities in proportion to the amounts which said Taxing Entities would have received had not the Project Facility been acquired and owned by the Agency.
The parties hereto acknowledge that the Project Facility shall not be entitled to such exempt status on the tax rolls of any Taxing Entity until the assessment roll corresponding to the Taxable Status Date of March 1, 2022 is prepared and filed.
The Company hereby agrees that in the event said increase is not approved by the Agency in accordance with the provisions of the Act, the payments in lieu of tax required to be paid by the Company under subsection (B) (1) (a) and B (2) (a) of this Section will be increased by an amount equal to the difference between the actual Assessed Value of the Project Facility and the Assumed Assessment multiplied by the applicable tax rates of each Taxing Entity.
The parties acknowledge and agree that the real property tax benefit provided hereunder was based upon a reported total project cost for the Project of $4,977,200 resulting in an initial estimated assessment for the Project Facility of $4,350,000 (the “Assumed Assessment”).