Calculation of Loan Amount. The amount of the Forgivable Loan will be calculated based on 70% of the Tax Increment generated by the construction of the Minimum Improvements for five (5) years based on the City’s 2021-2022 TIF tax rate. Tax Increment is defined as the property tax revenues generated by the construction of the Minimum Improvements (building only) based on the TIF tax rate for the City of Xxxxxxxx. The formula to be used is as follows: ((January 1, 2022 assessed value of Development Property (building only, after rollback) following completion of Minimum Improvements - $1,630 (the January 1, 2020 assessed value of the Development Property, after rollback)) x (the City’s 2021-2022 TIF tax rate) x 70%) x 5 = Forgivable Loan amount. The calculation will be done one time using the TIF tax rate shown above and will not be adjusted in future years based on a varying TIF tax rate. The estimated increase in taxable value of the Development Property caused by construction of the Minimum Improvements is expected to be approximately $2.6 Million. The actual amount of the Forgivable Loan will be finalized once the Development Property is assessed by the Polk County Assessor following completion of the Minimum Improvements and the amount of the Forgivable Loan is calculated, but in no event shall it exceed the Maximum Amount established by Article II, Section 8.
Calculation of Loan Amount. (i) Pursuant to the Section 9.1 of the Overhaul Agreement, PWES is obligated: (A) to provide the Borrower with an estimate of the cost of the overhaul of each Engine (the "Estimated Cost") after each Engine is delivered to PWES's facility and (B) thereafter to provide the Borrower a partial invoice ten days prior to the forecasted engine ship date reflecting the actual cost of the overhaul through such date and containing an estimate of the remaining costs to be incurred (the "Partial Invoice Amount"). The Borrower is obligated, pursuant to Section 9.3 of the Overhaul Agreement: (I) to pay $100,000 upon Engine induction and thereafter to pay 4.2% of the value of the Estimated Cost of each Engine to PWES, monthly, in advance, until the Engine overhaul is complete, and (II) to pay the greater of (x) the remaining balance of the Estimated Cost of each Engine or (y) the Partial Invoice amount (less payments actually made in respect of such Engine to the extent not reflected in the Partial Invoice) on the applicable Closing Date (the "Engine Release Amount"). The Loan in respect of each Engine shall be in an amount equal to the Engine Release Amount; provided, however, that the total amount of each Loan shall not exceed eighty seven and one half percent (87.5%) of the applicable Estimated Cost (unless the Partial Invoice Amount is greater than the Estimated Cost, in which event such Loan may exceed such limit by the amount by which the Partial Invoice Amount exceeds the Estimated Cost). The Loan amount in respect of any Engine may include the value of any payments suspended by Borrower pursuant to Section 7.5 of the Overhaul Agreement with respect to such Engine; provided, however, that the limitation concerning the maximum amount of each Loan contained in the immediately preceding sentence shall apply in such event.
