Beach District Net Payments Sample Clauses

Beach District Net Payments. On or before December 1 of each year, the CRA shall invoice each applicable Taxing Authority for the amount of that entity’s applicable TIF Obligation less the applicable Set Aside Amount (e.g., 95% of the Tax Increment minus 17% of the Tax Increment, or 78% of the Tax Increment) (the “Beach District Net Payment”). The applicable Taxing Authorities will pay the applicable Beach District Net Payment on or before December 31 of each year. The CRA shall appropriate and use the Beach District Net Payments strictly in compliance with the 1 The payment obligations of the Hospital District to the Beach District are determined in accordance with a separate agreement and shall be unaffected by this Agreement; the Hospital District is not eligible for any TIF Obligation refund required under this Agreement. obligations of Chapter 163, Florida Statutes, including without limitation Section 163.387, Florida Statutes.
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