Common use of CALCULATION OF PAYMENTS IN LIEU OF TAXATION Clause in Contracts

CALCULATION OF PAYMENTS IN LIEU OF TAXATION. 4.2.1 Subject to Section 5.1, for each of years one (1) through thirteen (13) of this Agreement, the District shall be entitled to receive as payments in lieu of taxation an amount equal to One Hundred Dollars ($100.00) per Student in Average Daily Attendance (ADA), as determined for that particular school year. In the event Chapter 313 is modified or amended to allow the District to receive payments in lieu of taxation in excess of the foregoing ADA limitation, Applicant agrees to cooperate with District in amending this Agreement to allow District to receive the maximum amount of payments in lieu of taxation as provided by law; provided however, the total PILOT for any given year of this Agreement shall not exceed the greater of 20% of Applicant's net tax savings under this Agreement or $100 per student in ADA as determined by that school year.

CALCULATION OF PAYMENTS IN LIEU OF TAXATION. 4.2.1 Subject to Section 5.1, for each of years one (1) through thirteen (13) of this Agreement, the District shall be entitled to receive as payments in lieu of taxation an amount equal to One Hundred Dollars ($100.00) per Student in Average Daily Attendance (ADA), as determined for that particular school yeareach year of this Agreement. In the event Chapter 313 is modified or amended to allow the District to receive payments in lieu of taxation in excess of the foregoing ADA limitation, Applicant agrees to cooperate with District in amending this Agreement to allow District District, commencing in Year 7 of this Agreement, to receive the maximum amount of payments in lieu of taxation as provided allowable by law; provided however, the total PILOT Applicant’s tax saving under this Agreement shall not be less than eighty percent (80%) for any given year of this Agreement shall not exceed the greater of 20% of Applicant's net tax savings under this Agreement or $100 per student in ADA as determined by that school yearAgreement.