Basis for Savings Sample Clauses

Basis for Savings. Under the Development Authorities Law and the other applicable laws of the State, the Authority pays no ad valorem property tax on its interest in the property comprising the Project. The Parties agree that the Lease shall be structured so that the Company’s leasehold interest in the Project is a taxable leasehold estate for years. The valuation of the Company’s leasehold interest shall be as provided on Schedule 3.2.1 attached hereto and incorporated herein by reference. The Company shall pay normal ad valorem property taxes with respect to property it owns which is not titled to the Authority in connection with the issue of the Bond, including the personal property owned by the Company and used at the Project.
Sample 1
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Basis for Savings. The parties to this Agreement understand and agree that the Authority is not subject to ad valorem taxation on its interest in either the real property or the personal property of the Project. The parties further understand and agree that the Company will be subject to ad valorem taxation on its leasehold interest in the Project (the “Leasehold Interest”). Pursuant to the Constitution and laws of the State of Georgia, which permit the Board of Assessors to agree in advance to reasonable and non-arbitrary valuation methods, the parties (including any assignee of the Company pursuant to an assignment in accordance with the applicable provisions of the Lease) desire to agree upon an appropriate, reasonable and non-arbitrary methodology for valuation of the Company's Leasehold Interest. The Board of Assessors acknowledges and attests to its familiarity with the form of the Lease, and expressly confirms that it will discharge its official responsibility relating to the valuation of property within the County for ad valorem tax purposes by appraising and valuing the fair market value of the Leasehold Interest in accordance with applicable law and based on the provisions of this Agreement. This Agreement shall be among the documents that are judicially validated in connection with the validation of the Bonds. In order to provide the Company with sufficient information and certainty upon which it can base its decision to carry out the Project, the parties agree that it is important to set forth the methodology by which it is agreed that the Leasehold Interest of the Company in the Project will be valued for ad valorem tax purposes. It is expected that the Project will be commenced on or before July 1, 2017, and will be completed on or before December 31, 2020, and that the Community Jobs Goal and Community Investment Goal (as defined in Sections 5.2 and 5.4 herein, respectively) will be achieved by December 31, 2020. Accordingly, the first ad valorem property taxes to be paid by the Company with respect to its Leasehold Interest in the Project shall commence in 2018 (with respect to any capital expenditures made with respect to the Project in 2017), and shall continue in each year thereafter with respect to expenditures made during the prior calendar year (each, a "Tax Commencement Date"). The ad valorem property taxes payable by the Company each year shall be established based upon the capital investment made with respect to the Project during the preceding calen...
Sample 1
Basis for Savings. Pursuant to the Act, under which the Authority was created and exists, the Authority will pay no ad valorem property tax on the property comprising the Project. However, the Lease will contain leasehold valuation provisions substantially as provided on Schedule 3.2.1 attached hereto and incorporated herein by reference (the “Savings Schedule”). The Company shall pay normal ad valorem property taxes with respect to property it owns which is not titled to the Authority in connection with the issuance of the Bond.
Sample 1
Basis for Savings. Under the Act, the Authority pays no tax on its interest in the property comprising the Project. The Parties agree that the Bond Lease shall be structured so that the Company’s leasehold interest in the Project is a mere usufruct, or, as to personal property, a nontaxable bailment for hire, and not a taxable estate for years. Thus, while the Bond Lease is in effect, the Company shall pay no actual taxes on its leasehold interest in the Project. However, in order to prevent the taxing authorities from being deprived of revenues relating to the Project during the period title thereto is in the Authority, the Company agrees that in consideration of the Bond Lease structure and other benefits, it shall make certain payments in lieu of taxes (“PILOT Payments”) as provided on Schedule 3.2.1 attached hereto and incorporated herein by reference (the “Savings Schedule”). Such PILOT Payments will commence in “Year 11,” as set forth in the Savings Schedule. Prior to Year 11, no ad valorem taxes or PILOT Payments shall be payable by the Company. The Company shall pay normal ad valorem property taxes with respect to property it owns which is not titled to the Authority in connection with the issue of the Project Bonds.
Sample 1
Basis for Savings. Under the Act, under which the Authority was created and exists, the Authority pays no tax on its interest in the property comprising the Project. The Parties agree that the Project Lease shall be structured so that the Company’s leasehold interest in the Project is a mere usufruct, or, as to personal property, a nontaxable bailment for hire, and not a taxable estate for years. Thus, while the Project Lease is in effect, the Company shall pay no actual taxes on its leasehold interest in the Project. However, in o rder to prevent the taxing authorities from being deprived of revenues relating to the Project during the period title thereto is in the Authority, the Company agrees that in consideration of the Project Lease structure and other benefits, it shall make payments in lieu of taxes as provided on Schedule 3.2.1 attached hereto and incorporated herein by reference (the “Savings Schedule”). The Company shall pay normal ad valorem property taxes with respect to property it owns which is not titled to the Authority in connection with the issue of the Project Bond.
Sample 1
Basis for Savings. Under the Constitution and laws of the State under which the Authority was created and exists, the Authority pays no tax on its interest in the property comprising the Project. The Parties acknowledge that under present law, because the Project will be owned by the Authority, the Project, including the Company’s leasehold interest in the Project, will not be subject to ad valorem taxation by the State or by any political or taxing subdivision thereof. Thus, while the Bond Lease is in effect, the Company shall pay no actual taxes on its leasehold interest in the Project. However, the Company agrees that in consideration of the Bond Lease structure and other benefits, it shall make payments in lieu of taxes to the Authority, as provided on Schedule 3.2.1 attached hereto and incorporated herein by reference (the “Savings Schedule”). The Company shall pay normal ad valorem property taxes with respect to property it owns which is not titled to the Authority in connection with the issuance of the Project Bonds.
Sample 1
Basis for Savings. Pursuant to the Act, under which the DDA was created and exists, the DDA will pay no ad valorem property tax on the property comprising the Project. The Parties agree that the Lease shall be structured so that the Company’s leasehold interest in the Project is a mere usufruct, or, as to personal property, a nontaxable bailment for hire, and not a taxable estate for years. Thus, while the Lease is in effect, the Company shall pay no actual taxes on its leasehold interest in the Project. The Company shall pay normal ad valorem property taxes with respect to property it owns which is not titled to the DDA in connection with the issuance of the Bond. The Company shall also make the payments in lieu of taxes required by the Savings Schedule (defined below).
Sample 1
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Related to Basis for Savings

  • Basis for Layoff A. The reasons for layoffs include, but are not limited to, the following:

  • Charges for Services (a) It is the intention of the parties that the charges for the Services provided under this Agreement be determined in accordance with fair and reasonable standards and that no party realize a profit nor incur a loss as a result of the Services rendered pursuant to this Agreement.

  • Fees for Services The compensation of the Subadviser for its services under this Agreement shall be calculated and paid by the Adviser in accordance with the attached Schedule C. Pursuant to the Investment Advisory Agreement between the Fund and the Adviser, the Adviser is solely responsible for the payment of fees to the Subadviser.

  • Compensation for Services You may be eligible to receive compensation for providing certain services in respect of Shares of the Funds if you meet the requirements of and enter into a Dealer Services Agreement with American Funds Service Company.

  • Fees for Service and Taxes A. The Local Exchange Company will not be charged a fee for storage services provided by BST to the Local Exchange Company, as described in Section I of this Agreement.

  • Public Contracts for Services [Not applicable to agreements relating to the offer, issuance, or sale of securities, investment advisory services or fund management services, sponsored projects, intergovernmental agreements, or information technology services or products and services] Contractor certifies, warrants, and agrees that it does not knowingly employ or contract with a worker without authorization who will perform work under this Agreement and will confirm the employment eligibility of all employees who are newly hired for employment in the United States to perform work under this Agreement, through participation in the E-Verify Program or the Department program established pursuant to C.R.S. §8-17.5-102(5)(c). Contractor shall not knowingly employ or contract with a worker without authorization to perform work under this Agreement or enter into a contract with a subcontractor that fails to certify to Contractor that the subcontractor shall not knowingly employ or contract with a worker without authorization to perform work under this Agreement. Contractor (a) shall not use E-Verify Program or Department program procedures to undertake pre-employment screening of job applicants while this Agreement is being performed, (b) shall notify the subcontractor and County within three days if Contractor has actual knowledge that a subcontractor is employing or contracting with a worker without authorization for work under this Agreement, (c) shall terminate the subcontract if a subcontractor does not stop employing or contracting with the worker without authorization within three days of receiving the notice, and (d) shall comply with reasonable requests made in the course of an investigation, undertaken pursuant to C.R.S. §8-17.5-102(5), by the Colorado Department of Labor and Employment. If Contractor participates in the Department program, Contractor shall deliver to County a written, notarized affirmation, affirming that Contractor has examined the legal work status of such employee, and shall comply with all of the other requirements of the Department program. If Contractor fails to comply with any requirement of this provision or C.R.S. §8-17.5-102 et seq., County may terminate this Agreement for breach and, if so terminated, Contractor shall be liable for damages.

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