Ad Valorem Tax Abatement Sample Clauses

Ad Valorem Tax Abatement. In the event any ad valorem taxes applicable to the Building are abated by any taxing authority and, as a result, are not in fact payable by Landlord (the "Abated Taxes"), Tenant and Landlord agree the Actual Operating Expenses for any calendar year shall include the amount of Abated Taxes applicable to such year for purposes of computing Actual Operating Expenses and Tenant's Proportionate
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Ad Valorem Tax Abatement. In connection with this Lease, Tenant is planning to relocate its corporate headquarters to the Building and Tenant is currently in negotiations with the City of Birmingham, Jefferson County and the Industrial Development Board of the City of Birmingham for an ad valorem tax credit or abatement if such move is made (the "Tax Credit"). Should Tenant be able to negotiate the Tax Credit from such entity for such move which decreases the tax bill applicable to the Building, then upon such Tax Credit xxxxming effective and receipt by Landlord of such reduced tax notice for the Building, Landlord and Tenant agree that Tenant shall receive a savings equivalent to 65% of its pro rata share of said Tax Credit (the "Tenant Tax Credit") associated with the Building during the term such Tax Credit is in effect. Such Tenant Tax Credit shall be reflected as a reduction to the Base Year amount accompanied by an equivalent reduction to Tenant's Base Rental. The amount of said Tenant Tax Credit shall be derived by dividing the total annual amount of the Tax Credit by the total rentable square feet in the Building and multiplying that figure by 0.65. The resulting figure shall be subtracted from the Base Year amount and Tenant's Base Rental (both calculated on a per rentable square foot basis). For example, if the Tax Credit equals $100,000 each year and the total building rentable square footage is 150,000, then the calculation of Tenant's Tax Credit shall be as follows: $100,000/150,000 RSF = $.67/RSF, $.67/RSF x 65% = $.44/RSF. In this example, the Tenant's Tax Credit equals $.44/RSF and would result in a $.44/RSF reduction in Tenant's Base Rental rate during each year the Tax Credit is in effect accompanied by a $.44/RSF reduction in the Base Year amount for Operating Expenses under the Lease (for example, if the initial Base Rental rate is $18.00/RSF and the Base Year amount is $6.00/RSF then the Base Rental rate would be reduced to $17.56/RSF and the Base Year amount would be reduced to $5.56/RSF). It is expressly understood that such rent reduction in connection with said Tax Credit shall only be granted if such Tax Credit is actually realized by the Building. In the event such Tax Credit expires or is otherwise terminated, revoked or ceases to be granted (the "Tax Credit Expiration") prior to the expiration of the Lease, then the Base Year amount and Base Rental hereunder shall be increased, as of the Tax Credit Expiration, to the amounts that otherwise would have b...
Sample 1
Ad Valorem Tax Abatement. Grantor agrees to approve a 100% ad valorem tax abatement under either an EDX or IRBX tax exemption, subject to final action by the Kansas Court of Tax Appeals, for new facilities constructed by Grantee, or improvements made to existing facilities by Grantee in Wichita, Sedgwick County, Kansas including: a new paint facility for the Learjet 85; a new production flight test facility; a new delivery center; expansion of Building 2/3; construction of offices in Building 5 East; construction of Center of Excellence facilities in Building 5 West; and expansion of the Bombardier Flight Test Center. The term of the tax abatement will be for ten (10) years, subject to termination at the end of the first five (5) years if at that time Grantee has not created at least 2850 new person-year jobs as set forth in 12) below and invested at least $$48,700,000 in plant improvements and equipment. Notwithstanding the foregoing, Grantor agrees not to terminate the tax abatement early if the reason for failure to achieve job creation commitment is caused by economic conditions, as evidenced by a minimum 5-point decline in the Current Conditions Index published by the Center for Economic Development and Business Research at Wichita State University, measured from the date of this agreement, and if two of the three following conditions have been met:
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Ad Valorem Tax Abatement 
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Related to Ad Valorem Tax Abatement

  • Ad Valorem Taxes Prior to delinquency, Tenant shall pay all taxes and assessments levied upon trade fixtures, alterations, additions, improvements, inventories and personal property located and/or installed on or in the Premises by, or on behalf of, Tenant; and if requested by Landlord, Tenant shall promptly deliver to Landlord copies of receipts for payment of all such taxes and assessments. To the extent any such taxes are not separately assessed or billed to Tenant, Tenant shall pay the amount thereof as invoiced by Landlord.

  • Real Property Taxes Taxes, assessments and charges now or hereafter levied or assessed upon, or with respect to, the Project, or any personal property of Landlord used in the operation thereof or located therein, or Landlord's interest in the Project or such personal property, by any federal, state or local entity, including: (i) all real property taxes and general and special assessments; (ii) charges, fees or assessments for transit, housing, day care, open space, art, police, fire or other governmental services or benefits to the Project, including assessments, taxes, fees, levies and charges imposed by governmental agencies for such purposes as street, sidewalk, road, utility construction and maintenance, refuse removal and for other governmental services; (iii) service payments in lieu of taxes; (iv) any tax, fee or excise on the use or occupancy of any part of the Project, or on rent for space in the Project; (v) any other tax, fee or excise, however described, that may be levied or assessed as a substitute for, or as an addition to, in whole or in part, any other Real Property Taxes; and (vi) reasonable consultants' and attorneys' fees and expenses incurred in connection with proceedings to contest, determine or reduce Real Property Taxes. Real Property Taxes do not include: (A) franchise, transfer, inheritance or capital stock taxes, or income taxes measured by the net income of Landlord from all sources, unless any such taxes are levied or assessed against Landlord as a substitute for, in whole or in part, any Real Property Tax; (B) Impositions and all similar amounts payable by tenants of the Project under their leases; and (C) penalties, fines, interest or charges due for late payment of Real Property Taxes by Landlord. If any Real Property Taxes are payable, or may at the option of the taxpayer be paid, in installments, such Real Property Taxes shall, together with any interest that would otherwise be payable with such installment, be deemed to have been paid in installments, amortized over the maximum time period allowed by applicable law. If the tax statement from a taxing authority does not allocate Real Property Taxes to the Building, Landlord shall make the determination of the proper allocation of such Real Property Taxes based, to the extent possible, upon records of the taxing authority and, if not so available, then on an equitable basis. Real Property Taxes also do not include any increases in the taxes, assessments, charges, excises and levies assessed against the Project due solely to the construction or installation of tenant improvements or other alterations by tenants of the Project other than Tenant and any other tenants or occupants of the Building; provided, however, that if any Real Property Taxes are imposed or increased due to the construction or installation of tenant improvements or other alterations in the Building, such Real Property Taxes shall be equitably prorated in Landlord's reasonable judgment between Tenant and any other tenants of the Building.

  • Property Taxes Landlord shall pay, prior to delinquency, all general real estate taxes and installments of special assessments coming due during the Lease term on the Leased Premises, and all personal property taxes with respect to Landlord's personal property, if any, on the Leased Premises. Tenant shall be responsible for paying all personal property taxes with respect to Tenant's personal property at the Leased Premises.

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