Common use of Arena and Parking Garage PILOT Clause in Contracts

Arena and Parking Garage PILOT. (i) Following the date NTIFA issues a Certificate of Completion for the Anchor Project having been constructed, in the event that the Anchor Project is not assessed ad valorem taxes in any year in which the Property is located within an active increment district, the portion of the property upon which the Anchor Project will be situated will be subject to an annual payment in lieu of ad valorem taxes, as described in Section 4.08(c) below. (ii) The obligations described in Section 4.08(c)(i) are for the benefit of NTIFA and the City, and TIF 5. To secure the obligations under Section 4.08(c)(i), if the CC Trust will not hold record title to the portion of the Property on which the Anchor Project will be constructed, Landowner shall cause to be executed and filed in the Cleveland County Land Records the covenant described in Section 4.08(c)(ii), with such covenant obligation Landowner and any successor in interest to make such PILOT Payments.

Arena and Parking Garage PILOT. (i) Following the date NTIFA issues a Certificate of Completion for the Anchor Project having been constructed, in the event that the Anchor Project is not assessed ad valorem taxes in any year in which the Property is located within an active increment district, the portion of the property upon which the Anchor Project will be situated will be subject to an annual payment in lieu of ad valorem taxes, as described in Section 4.08(c) below. (ii) The obligations described in Section 4.08(c)(i) are for the benefit of NTIFA and the City, and TIF 5. To secure the obligations under Section 4.08(c)(i), if the CC Trust will not hold record title to the portion of the Property on which the Anchor Project will be constructed, Landowner shall cause to be executed and filed in the Cleveland County Land Records the covenant described in Section 4.08(c)(ii), with such covenant obligation Landowner and any successor in interest to make such PILOT Payments.. Tenataive