Available Tax Increment. Tax increment as defined in the Texas Tax Code, Section 311.012 (a), contributed by each participating taxing entity to the TIRZ Fund, accessible to the TIRZ, and distributed in accordance with the order of priority of payment of the TIRZ.
Available Tax Increment. The term “
Available Tax Increment. (a) Payments on this Note are payable on each Payment Date solely from and in the amount of Available Tax Increment, which shall mean 90% of the Tax Increment attributable to the Minimum Improvements and Development Property that is paid to the City by Itasca County in the six (6) months preceding the Payment Date on the Note. Available Tax Increment shall not include any Tax Increment if, as of any Payment Date, there is an uncured Event of Default under the Agreement. The City shall have no obligation to pay principal of and interest on this Note on each Payment Date from any source other than Available Tax Increment, and the failure of the City to pay the entire amount of principal or interest on this Note on any Payment Date shall not constitute a default hereunder as long as the City pays principal and interest hereon to the extent of Available Tax Increment. The City shall have no obligation to pay any unpaid balance of principal or accrued interest that may remain after the Final Payment Date.
Available Tax Increment. (a) Payments on this Note are payable on each Payment Date solely from and in the amount of “Available Tax Increment,” which shall mean ninety percent (90%) of the total Tax Increment attributable to the Minimum Improvements and Redevelopment Property that has been paid to the Authority by Xxxxxx County in the six (6) months prior to the subject Payment Date.
Available Tax Increment. Payments on this Note are payable on each Payment Date in the amount of and solely payable from “Available Tax Increment,” which shall mean, on each Payment Date, ninety-five percent (95%) of the Tax Increment attributable to the Development Property and paid to the Authority by Nicollet County, Minnesota in the six months preceding the Payment Date, all as such terms are defined in the Contract for Private Development between the Authority and the Owner, dated September 18, 2017 (the “Agreement”). Available Tax Increment shall not include any Tax Increment if, as of any Payment Date, there is an uncured Event of Default under the Agreement. The Authority shall have no obligation to pay principal of this Note on each Payment Date from any source other than Available Tax Increment, and the failure of the Authority to pay the entire amount of principal on this Note on any Payment Date shall not constitute a default hereunder as long as the Authority pays principal hereon to the extent of Available Tax Increment. The Authority shall have no obligation to pay unpaid balance of principal that may remain after the final Payment on February 1, 2027.
Available Tax Increment. Payments on this Note are payable on each Payment Date solely from and in the amount of “Available Tax Increment,” which shall mean, on each Payment Date, ninety percent (90%) of the Tax Increment attributable to the TIF District Property and paid to the Authority by Xxxxx County, Minnesota in the six (6) months preceding the Payment Date, all as such terms are defined in the Contract for Private Redevelopment, dated August 8, 2018 (the “Agreement”), between the City, the Authority, and the Owner, as the master developer. Principal payments on this Note are subordinate to all of the City’s General Obligation Tax Increment Bonds that have been issued or will be issued in the maximum amount of up to $22,377,450 (net of capitalized interest, costs of issuance of the bonds, underwriter’s discount, and bond discount (if any)) and an interfund loan of the Authority in the maximum amount of up to $6,300,000 (collectively, the “TIF Bonds”).
Available Tax Increment. Payments on this Note are payable on each Payment Date solely from and in the amount of “Available Tax Increment,” which shall mean, on each Payment Date, ninety percent (90%) of the Tax Increment attributable to the TIF District Property and paid to the Authority by Xxxxx County, Minnesota in the six (6) months preceding the Payment Date, all as such terms are defined in the Contract for Private Redevelopment, dated _____________, 2018 (the “Agreement”), between the City, the Authority, and the Owner, as the master developer. Principal payments on this Note are subordinate to the City’s General Obligation Tax Increment Bonds, Series _________ issued in the amount of $__________ (the “TIF Bonds”). Therefore, Available Tax Increment (as defined in the Agreement) will first be used by the City to provide debt service coverage in the amount of one hundred and five percent (105%) of the principal of and interest on the TIF Bonds and to reimburse the City for any Deficiency Payments (as defined in the Agreement). The City will only make payments on this TIF Note in the amount of Available Tax Increment remaining after the payment of principal of and interest on the TIF Bonds on each Payment Date. The Authority shall have no obligation to pay principal of and interest on this Note on each Payment Date from any source other than Available Tax Increment and the failure of the Authority to pay the entire amount of principal and interest on this Note on any Payment Date shall not constitute a default hereunder as long as the Authority pays principal hereon to the extent of Available Tax Increment. The Authority shall have no obligation to pay the unpaid balance of principal or accrued interest that may remain after the final Payment on February 1, 2046.
Available Tax Increment. Payments on this Note on each Payment Date are payable solely from and in the amount of Available Tax Increment. The term “Available Tax Increment” means 95 percent of the Tax Increment attributable to the
