Agreement to Pay Tax Increment Shortfall Sample Clauses

Agreement to Pay Tax Increment Shortfall. In order to assist with the costs of site acquisition, the EDA agrees, subject to establishment of a TIF District after a public hearing, a public hearing on the sale of the EDA Property and satisfaction of all other conditions required by law to implement the terms of this Agreement, to convey the EDA Property to the Developer in accordance with the terms of Article IV of this Agreement and to reimburse the Developer for a portion of the purchase price from proceeds of the Interfund Loan in an amount equal to $649,999 as further set forth in this Agreement. Commencing August 1, 2020, on each February 1 and August 1 thereafter to and including February 1, 2046, or, if the first day of either February 1 or August 1 should not be a Business Day, the next succeeding Business Day (the “Interfund Payment Dates”) the EDA will credit against the principal amount of the Interfund Loan, an amount equal to 90% of the Tax Increments received by the EDA in the 6-month period preceding such Interfund Payment Date (the “Available Tax Increments”). If, on any Interfund Payment Date, the Available Tax Increments received by the EDA in the 6-month period preceding such Interfund Payment Date are less than the amount shown in the schedule below, the Developer shall pay, by check or draft mailed to the EDA, an amount equal to the deficiency. The Developer’s obligation to make such payments is evidenced by the Purchase Price Note delivered in accordance with Section 4.5(3) hereof. Date Amount Date Amount Date Amount Date Amount 8/1/20 12,584 2/1/27 15,780 8/1/33 20,231 2/1/40 24,780 2/1/21 12,584 8/1/27 16,366 2/1/34 20,231 8/1/40 25,612 8/1/21 13,081 2/1/28 16,366 8/1/34 20,939 2/1/41 25,612 2/1/22 13,081 8/1/28 16,967 2/1/35 20,939 8/1/41 26,468 8/1/22 13,592 2/1/29 16,697 8/1/35 21,666 2/1/42 26,468 2/1/23 13,592 8/1/29 17,585 2/1/36 21,666 8/1/42 27,347 8/1/23 14,118 2/1/30 17,585 8/1/36 22,413 2/1/43 27,347 2/1/24 14,118 8/1/30 18,220 2/1/37 22,413 8/1/43 28,351 8/1/24 14,657 2/1/31 18,220 8/1/37 23,181 2/1/44 28,351 2/1/25 14,657 8/1/31 18,872 2/1/38 23,181 8/1/44 29,179 8/1/25 15,211 2/1/32 18,872 8/1/38 23,969 2/1/45 29,179 2/1/26 15,211 8/1/32 19,542 2/1/39 23,969 8/1/45 30,133 Date Amount Date Amount Date Amount Date Amount 8/1/26 15,780 2/1/33 19,542 8/1/39 24,780 2/1/46 30,133 If, as of the termination date of the TIF District, the EDA has received Tax Increments in excess of an amount sufficient to repay the principal amount of $649,999, the EDA will, on or befor...
Sample 1
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Agreement to Pay Tax Increment Shortfall. In order to assist with the costs of site acquisition, the EDA agrees to convey the Development Property to the Developer in accordance with the terms of the Article IV of this Agreement and to reimburse the Developer from proceeds of the Interfund Loan in an amount equal to $250,000 as further set forth in this Agreement. Commencing August 1, 2018, on each February 1 and August 1 thereafter to and including February 1, 2043, or, if the first day of either February 1 or August 1 should not be a Business Day, the next succeeding Business Day (the “Interfund Payment Dates”) the EDA will credit against the principal amount of the Interfund Loan, an amount equal to % of the Tax Increments received by the EDA in the 6-month period preceding such Interfund Payment Date (the “Available Tax Increments”). If, on any Interfund Payment Date, the Available Tax Increments received by the EDA in the 6-month period preceding such Interfund Payment Date are less than the amount shown in the schedule below, the Developer shall pay, by check or draft mailed to the EDA, an amount equal to the deficiency. The Developer’s obligation to make such payments is evidenced by the Purchase Price Note delivered in accordance with Section 4.5(3) hereof. Date Amount Date Amount Date Amount Date Amount 8/1/18 $2189.25 2/1/25 $2614.08 8/1/31 $3214.99 8/1/37 $3838.86 2/1/19 $2189.25 8/1/25 $2692.50 2/1/32 $3214.99 2/1/38 $3838.86 8/1/19 $2254.93 2/1/26 $2692.50 8/1/32 $3311.45 8/1/38 $3954.03 2/1/20 $2254.93 8/1/26 $2773.28 2/1/33 $3311.45 2/1/39 $3954.03 8/1/20 $2322.58 2/1/27 $2773.28 8/1/33 $3410.78 8/1/39 $4072.65 2/1/21 $2322.58 8/1/27 $2856.48 2/1/34 $3410.78 2/1/40 $4072.65 8/1/21 $2392.25 2/1/28 $2856.48 8/1/34 $3513.10 8/1/40 $4194.83 2/1/22 $2392.25 8/1/28 $2942.17 2/1/35 $3513.10 2/1/41 $4194.83 8/1/22 $2464.02 2/1/29 $2942.17 8/1/35 $3618.50 8/1/41 $4320.67 2/1/23 $2464.02 8/1/29 $3030.43 2/1/36 $3618.50 2/1/42 $4320.67 8/1/23 $2537.94 2/1/30 $3030.43 8/1/36 $3727.05 8/1/42 $4450.29 2/1/24 $2537.94 8/1/30 $3121.35 2/1/37 $3727.05 2/1/43 $4450.29 Date Amount Date Amount Date Amount Date Amount 8/1/24 $2614.08 2/1/31 $3121.35 If, as of the termination date of the TIF District, the EDA has received Tax Increments in excess of an amount sufficient to repay the principal amount of $250,000, the EDA will, on or before December 31, 2043, apply such excess to reimburse the Developer for any amounts paid to the EDA pursuant to this Section 3.2 or the Purchase Price Note in an amount equ...
Sample 1

Related to Agreement to Pay Tax Increment Shortfall

  • Tax Increment Financing The Redevelopment Agreement provides for the capture of the Tax Increment, as defined therein, by the City of the Redeveloper Improvements to be made by the Redeveloper for a period not to exceed fifteen (15) years after the Redevelopment Project effective date defined in the Redevelopment Agreement. The Tax Increment so captured by the City shall be used for to make the Redeveloper Improvements as described in the Redevelopment Agreement.

  • Date Increment Due Increments shall accrue and become due and payable on the next day following completion of required service as an employee in the class, unless otherwise provided herein.

  • Reimbursement Amount Except for the metropolitan areas listed below, the maximum reimbursement for meals including tax and gratuity, shall be: Breakfast $ 9.00 Lunch $11.00 Dinner $16.00 For the following metropolitan areas the maximum reimbursement shall be: Breakfast $11.00 Lunch $13.00 Dinner $20.00 The metropolitan areas are: Atlanta Boston Cleveland Denver Hartford Kansas City Miami New York City Portland, OR San Francisco St. Louis Baltimore Chicago Dallas/Fort Worth Detroit Houston Los Angeles New Orleans Philadelphia San Diego Seattle Washington D.C. See Appendix L for details related to the boundaries of the above-mentioned metropolitan areas. The metropolitan areas also include any location outside the forty-eight (48) contiguous United States. Employees who meet the eligibility requirements for two (2) or more consecutive meals shall be reimbursed for the actual costs of the meals up to the combined maximum reimbursement amount for the eligible meals.

  • Refinancing Preparation Advance; Capitalizing Front-end Fee and Interest (a) If the Loan Agreement provides for the repayment out of the proceeds of the Loan of an advance made by the Bank or the Association (“Preparation Advance”), the Bank shall, on behalf of such Loan Party, withdraw from the Loan Account on or after the Effective Date the amount required to repay the withdrawn and outstanding balance of the advance as at the date of such withdrawal from the Loan Account and to pay all accrued and unpaid charges, if any, on the advance as at such date. The Bank shall pay the amount so withdrawn to itself or the Association, as the case may be, and shall cancel the remaining unwithdrawn amount of the advance.”

  • Agreement Amount The Grantee acknowledges and agrees that, notwithstanding any other provision of this Agreement, the maximum amount payable by the City under this Agreement for the initial ## month term shall not exceed the amount approved by City Council, which is $ (dollar amount), and $ (dollar amount) per ## month extension option, for a total Agreement amount of $ . Continuation of the Agreement beyond the initial ## months is specifically contingent upon the availability and allocation of funding, and authorization by City Council.

  • Funding Your Payment Selecting a preferred funding source You may select a preferred funding source when logged into your account. Subject to this user agreement, the preferred funding source will be used as the default funding source for payments you send from your account. You can set separate preferred funding sources for some billing agreement payments. Special Funding Arrangements Some payments can be funded by special funding arrangements linked to your PayPal account, such as merchant/transaction specific balance, gift vouchers or other promotional funding arrangements. The use and priority of these special funding arrangements are subject to further terms and conditions between you and us. Your account overview may show the notional amount available in your special funding arrangements to fund qualifying payments at any given time. This amount does not constitute electronic money, is not deemed part of your PayPal balance and is not redeemable in cash - it only represents the amount of electronic money which we offer to issue and credit to your account at the time of (and only to immediately fund) a qualifying payment, subject to (and only for the period outlined in) the further terms and conditions of use of that special funding arrangement. If your payment funded by a special funding arrangement is reversed at a later time for any reason, we will keep the amount that represents the portion of that payment that was funded by your special funding arrangement and (provided that the special funding arrangement has not already expired) reinstate the special funding arrangement. Funding payments you send from your account We will obtain electronic money for the payment you send from your account from the following sources in the following order to the extent they are available:

  • CONCESSION PAYMENT AND INCREASE A. For the Initial Term of the Agreement, Concessionaire shall pay Department a minimum Concession Payment of Eight Hundred ($800.00) Dollars in accordance with the Concession Payment Schedule set forth in Exhibit B as consideration for the Concession, license and privilege granted. For subsequent Renewal Terms, if any, Concessionaire shall pay Department in accordance with the Concession Payment Schedule set forth in Exhibit B.

  • Allocation of Senior Reduction Amount to the Reference Tranches On each Payment Date prior to the Termination Date, after allocation of the Tranche Write-down Amount or Tranche Write-up Amount, if any, for such Payment Date as described above, the Senior Reduction Amount will be allocated to reduce the Class Notional Amount of each Class of Reference Tranche in the following order of priority, in each case until its Class Notional Amount is reduced to zero:

  • Initial Payment - Transportation Charge Minimum Component Payments by the Agency under the minimum operation, maintenance, power, and replacement component of the Transportation Charge shall commence for each aqueduct reach in the year following the year in which construction of that reach is completed.

  • Reimbursement Schedule Maximum reimbursement shall be as follows:

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