Annual Service Charge. (a) In consideration of the Township granting the Entity the tax exemption set forth in Section 4.1 of this Agreement, the Entity shall make payment to the Township for municipal services, as provided in the Law, by payment to the Township of the Annual Service Charge pursuant to the schedule set forth in Section 4.2(d) below.
(b) The Annual Service Charge shall first begin to accrue on the Annual Service Charge Start Date. In the event the Entity fails to timely pay the Annual Service Charge, the amount unpaid shall bear the highest rate of interest permitted in the case of unpaid taxes or tax liens on the land until paid, and the Township shall have the same rights and remedies to collect such charges as provided by law for collection of general municipal taxes.
(c) The Annual Service Charge shall not be in lieu of sewer charges, water charges, connection fees, or other special assessments imposed in accordance with applicable law.
Annual Service Charge. Section 4.01 Payment of Conventional Taxes Prior to Commencement of Annual Service Charge. During the period between execution of this Agreement and the Substantial Completion of the Project, the Urban Renewal Entity shall make payment of conventional real estate taxes with respect to the Land and the improvements currently existing thereon, at the time and to the extent due in accordance with generally applicable law.
Annual Service Charge. There is a $1 annual service fee for utilizing the University of Oregon Campus Cash program. This charge will be applied to your Campus Cash account within 30 days of your first deposit.
Annual Service Charge. In consideration of the exemption from taxation for the Improvements and Land, during the Exemption Term, the Entity shall pay to the Township an Annual Service Charge calculated as the greater of the AGR Calculation, the XXX Calculation or the Total Pledged and Unpledged Calculation, as follows:
(a) The annual gross revenue calculation (the “AGR Calculation”) for any given year shall be calculated as follows:
i. Stage One: From the Annual Service Charge Start Date until the tenth (10th) anniversary of the Annual Service Charge Start Date, the AGR Calculation shall be 10.5% of AGR;
ii. Stage Two: From the first day after the tenth (10th) anniversary of the Annual Service Charge Start Date until the twentieth (20th) anniversary of the Annual Service Charge Start Date, the AGR Calculation shall be 11.5% of AGR;
iii. Stage Three: From the first day after the twentieth (20th) anniversary of the Annual Service Charge Start Date until the thirtieth (30th) anniversary of the Annual Service Charge Start Date, the AGR Calculation shall be 12.5% of AGR.
(b) The taxes otherwise due calculation (the “XXX Calculation”) for any given year shall be calculated as follows:
i. Stage One: From the Annual Service Charge Start Date until the fifteenth (15th) anniversary of the Annual Service Charge Start Date, the XXX Calculation shall be 0% of the amount of the taxes otherwise due on the value of the Property and the Improvements;
ii. Stage Two: From the first day after the fifteenth (15th) anniversary of the Annual Service Charge Start Date until the twentieth (20th) anniversary of the Annual Service Charge Start Date, the XXX Calculation shall be 20% of the amount of the taxes otherwise due on the value of the Property and the Improvements;
iii. Stage Three: From the first day after the twentieth (20th) anniversary of the Annual Service Charge Start Date until the twenty-sixth (26th) anniversary of the Annual Service Charge Start Date, the XXX Calculation shall be 40% of the amount of the taxes otherwise due on the value of the Property and the Improvements;
iv. Stage Four: From the first day after the twenty-sixth (26th) anniversary of the Annual Service Charge Start Date until the twenty-ninth (29th) anniversary of the Annual Service Charge Start Date, the XXX Calculation shall be 60% of the amount of the taxes otherwise due on the value of the Property and the Improvements;
v. Stage Four: From the first day after the twenty-ninth (29th) anniversary of the Annual Service ...
Annual Service Charge. In consideration of the exemption from taxation for the Improvements, including the Units, the Urban Renewal Entity shall pay the Annual Service Charge to the City on the Annual Service Charge Payment Dates in the amounts set forth below.
(a) The Annual Service Charge shall be equal to an amount calculated as follows:
(i) For each of the first fifteen (15) years from the Annual Service Charge Start Date, the Annual Service Charge shall be equal to the greater of (A) eleven percent (11%) of the Annual Gross Revenue or (B) the Minimum Annual Service Charge, to the extent applicable;
(ii) For each of the years 16 through 20 from the Annual Service Charge Start Date, the Annual Service Charge shall be equal to the greater of (A) twelve percent (12%) of the Annual Gross Revenue, (B) the Minimum Annual Service Charge, or (C) a percentage of the real property taxes otherwise due on the value of the Land and the Improvements to the extent applicable as more fully set forth in (b) below; and
(iii) For each of the years 21 through 30 from the Annual Service Charge Start Date, the Annual Service Charge shall be equal to the greater of (A) thirteen and one half percent (13.5%) of the Annual Gross Revenue, (B) the Minimum Annual Service Charge, or (C) a percentage of the real property taxes otherwise due on the value of the Land and the Improvements to the extent applicable as more fully set forth in (b) below.
(b) Notwithstanding the foregoing, in any given year the Annual Service Charge shall be subject to the staged increases required under N.J.S.A. 40A:20-12(b)(2) as described herein, the Annual Service Charge shall be the greater of (a)(i)-(iii) above or:
(i) For years 1 through 15 zero percent (0%) of the real property taxes otherwise due on the value of the Land and the Improvements;
(ii) For years 16 through 21 twenty percent (20%) of the real property taxes otherwise due on the value of the Land and the Improvements;
(iii) For years 22 through 27 forty percent (40%) of the real property taxes otherwise due on the value of the Land and the Improvements;
(iv) For years 28 through 29 sixty percent (60%) of the real property taxes otherwise due on the value of the Land and the Improvements; and
(v) For year 30 eighty percent (80%) of the real property taxes otherwise due on the value of the Land and the Improvements.
(c) In accordance with the Exemption Law, including without limitation, N.J.S.A. 40A:20-12, the Urban Renewal Entity shall be entitled to a credit ag...
Annual Service Charge. In consideration of the exemption from taxation for the Improvements, including the Units, each Owner shall pay to the Township, as of the Annual Service Charge Start Date for any Unit the Annual Service Charge calculated in accordance with Schedule 1 hereto on each Annual Service Charge Payment Date. In the event that an Owner fails to timely pay any installment of the Annual Service Charge, the amount past due shall bear the highest rate of interest permitted under applicable State law in the case of unpaid taxes or tax liens until paid.
Annual Service Charge. In consideration of the Borough granting the Entity the exemption set forth in Section 4.1 hereof, during the Exemption Term, the Entity shall pay an Annual Service Charge equal to 10.5% of Annual Gross Revenue.
Annual Service Charge. The City shall pay a Service Charge to the County. Beginning January 1, 2025, and as adjusted annually January 1. The Service Charge shall be a per capita rate based on: 1) the previous year’s per capita rate adjusted by the amount of the change in the Bureau of Labor Statistic Consumer Price Index—Urban Wage Earner (CPI-W) for the Seattle- Bellevue-Everett area for the period of February to February, and; 2) the City’s population number from the annual Office of Financial Management (OFM) Estimate for Population of Cities, Towns and Counties Used for Allocation of Selected State Revenues State of Washington, the 2024 version of which attached hereto and incorporated herein as Schedule D. By July 15 of each year, the County shall issue a revision to Schedule D to reflect changes to the City’s population number from the annual Office of Financial Management (OFM) Estimate for Population of Cities, Towns and Counties Used for Allocation of Selected State Revenues State of Washington and the resulting Service Charge for the subsequent year. For 2025, the Biennial Service Charge shall be set at $1.44 per capita.
Annual Service Charge. The total annual amount that the Entity has agreed to pay for services supplied to the Project, which sum is in lieu of any taxes on the Improvements pursuant to the Exemption Law.
Annual Service Charge. (a) In consideration of the Township granting the Entity the exemption set forth in Section 4.1 of this Agreement, the Entity shall make payment to the Township for municipal services, as provided in the Law, by payment to the Township of the Annual Service Charge pursuant to the schedule set forth in Section 4.2(d) below. Notwithstanding the above, N.J.S.A. 40A:20-12 requires that the Minimum Annual Service Charge shall be the amount of total taxes levied against all real property in the area covered by the Project in the last full tax year in which that area was subject to taxation, and the Minimum Annual Service Charge shall be paid in each year in which the other provisions of this Financial Agreement would result in less than the Minimum Annual Service Charge being paid. The Minimum Annual Service Charge shall be determined in accordance with Section 1.2(q) of this Agreement. For the avoidance of doubt, any Phase of the Project that does not contain a residential component shall not be subject to this Agreement including, without limitation, the Annual Service Charge and the Minimum Annual Service Charge.
(b) The Annual Service Charge shall first begin to accrue on the first (1st) day of the calendar quarter immediately following Substantial Completion (“Annual Service Charge Start Date”) of each Phase of the Project. Prior to the Annual Service Charge Start Date, the Minimum Annual Service Charge shall be determined in accordance with Section 1.2(q) of this Agreement. In the event the Entity fails to timely pay the Annual Service Charge, the amount unpaid shall bear the highest rate of interest permitted in the case of unpaid taxes or tax liens on the land until paid, and the Township shall have the same rights and remedies to collect such charges as provided by law for collection of general municipal taxes.
(c) The Annual Service Charge shall not be in lieu of water, sewer charges, connection fees or other special assessments imposed in accordance with applicable law.
(d) The Annual Service Charge Amount payable by the Entity for each applicable Phase of the Project, commencing on the applicable Annual Service Charge Start Date, shall, in accordance with N.J.S.A. 40A:20-12(b), be as follows: Stage One (years 1-15): Commencing on the ASC Commencement Date of the PILOT Project and for each of the fifteen (15) years thereafter, the Annual Service Charge shall be ten percent (10%) of Annual Gross Revenue; Stage Two (years 16-21): The Annual Service ...
