Calculation and Payment of Tax Rebates Sample Clauses

Calculation and Payment of Tax Rebates. Subject to the terms of this Agreement, including satisfaction of the Eligibility Requirements set forth in Section 2.1 above, City shall provide annual tax rebates to Company in a maximum aggregate amount not to exceed the total amount of all Processing Fees and Impact Fees paid to the City by the Company and/or Developer in connection with processing and approval of entitlements and permits for the development and construction of the Initial Phase and the Future Phase, provided eligibility requirements for timely construction of such Future Phase are met as provided in Section 2.1.3 above ("Rebate Cap"). An estimated schedule of the total amount of such Initial Phase and Future Phase Processing Fees and Impact Fees (collectively, the "Development Fees") is attached as Exhibit A. Exhibit A shall be updated within thirty (30) days of completion of the Initial Phase and within thirty (30) days of completion of the Future Phase, provided the Future Phase is timely completed, to reflect the actual Development Fees paid in connection with that portion of the Project. The tax rebate amount shall accrue no interest. Tax rebate for the any partial calendar year during the Term shall be prorated based on the number of days in the partial calendar year. The amount of the annual tax rebate shall be calculated as follows:
Sample 1
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Related to Calculation and Payment of Tax Rebates

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