Captured Assessed Value; Deposits into Development Program Fund. (a) Each year during the term of this Agreement, the Town shall retain in the District a portion of the Increased Assessed Value as Captured Assessed Value as set forth in the Development Program and in a minimum amount sufficient to meet the Town’s obligations to the Developer under this Agreement. The Tax Increment Revenue paid by the Developer on Captured Assessed Value shall be deposited by the Town into the Development Program Fund contemporaneously with each payment of Property Tax by the Developer. The Development Program Fund is pledged to and charged with the payment of costs in the manner and priority provided in 30-A M.R.S.A. § 5227(3)(B).
Captured Assessed Value; Deposits into Development Program Fund. Each year during the term of this Agreement, commencing with the Town’s 2021 Fiscal Year and continuing thereafter for the next thirty (30) years to and including the Town’s 2050 Fiscal Year, the Town shall retain in the District fifty percent (50%) of the Increased Assessed Value as Captured Assessed Value. Each year during the term of this Agreement, commencing with the Town’s 2021 Fiscal Year and continuing thereafter for thirty (30) years to and including the Town’s 2050 Fiscal Year, the Town shall deposit into the Development Program Fund contemporaneously with each payment of Property Taxes during the term of this Agreement an amount equal to one hundred percent (100%) of that portion of the property tax payment constituting Retained Tax Increment Revenues. The Development Program Fund is pledged to and charged with the payment of costs in the manner and priority provided in 30-A M.R.S.A. § 5250(3)(B). The Town shall annually allocate an amount equal to no less than one hundred percent (100%) of the amount of the Retained Tax Increment Revenues so deposited in the Development Program Fund to the Developer Project Cost Account.
Captured Assessed Value; Deposits into Development Program Fund. 5 Section 2.4. Use of Monies in Development Program Fund 7 Section 2.5. Monies Held in Segregated Account 8 ARTICLE III PAYMENT OBLIGATIONS 8 Section 3.1. Payments to the Developers 8 Section 3.2. Failure to Make Payment 8 Section 3.3. Manner of Payments 9 Section 3.4. Obligations Unconditional 9 Section 3.5. Limited Obligation. 9
Captured Assessed Value; Deposits into Development Program Fund. (a) Each year during the term of this Agreement, commencing with the Tax Year beginning April 1, 2020 and continuing thereafter through the Tax Year beginning April 1, 2049 (collectively the “CEA Years”), the City shall retain in the District seventy-five percent (75%) of the Increased Assessed Value as Captured Assessed Value. The remaining 25% of the Increased Assessed Value is referred to herein as the Non-Captured Increased Assessed Value. In the event of a revaluation of taxable property within the City, the Captured Assessed Value of this District may be adjusted in proportion to the change in taxable assessed property valued within the District in the year of the revaluation resulting from such revaluation.
Captured Assessed Value; Deposits into Development Program Fund. (a) Each year during the term of this Agreement, commencing with the Tax Year following the Tax Year in which the Effective Date of the Amended and Restated Development Program falls and continuing thereafter for the remainder of the term of the District pursuant to the Amended and Restated Development Program (collectively, the “CEA Years”), the Town shall retain in the District one hundred percent (100%) of the Increased Assessed Value as Captured Assessed Value.
Captured Assessed Value; Deposits into Development Program Fund. (a) Each year during the term of this Agreement, for ten (10) years, commencing with the July 1, 2023 – June 30, 2024 fiscal year and continuing through and including the July 1, 2032 – June 30, 2033 fiscal year (the “CEA Years”), the City shall retain in the District one hundred percent (100%) of the Increased Assessed Value as Captured Assessed Value.
Captured Assessed Value; Deposits into Development Program Fund. (a) Each year during the term of this Agreement, commencing in the Fiscal Year during which the March 31st falls by which date Saco-Lowell receives a Certificate of Occupancy for the Project (for example, if a Certificate of Occupancy is received by March 31, 2022, then the term of this Agreement begins on July 1, 2021), and continuing for a period of twenty (20) years or until the end of the original term of the District whichever is earlier (the “CEA Years”), the City shall deposit into the Development Program Fund contemporaneously with each payment of Property Taxes during the term of this Agreement an amount equal to one hundred percent (100%) of that portion of the property tax payments constituting Tax Increment Revenues. The City shall then allocate the Tax Increment Revenues so deposited in the Development Program Fund to the Developers’ Project Cost Subaccounts and the City Project Cost Subaccount as follows: CEA Years Percentage of Tax Increment Revenues Deposited into the Respective Developers’ Project Cost Subaccounts Percentage of Tax Increment Revenues Deposited into the City Project Cost Subaccount CEA Years 1 – 5 85% 15% CEA Years 6 – 10 75% 25% CEA Years 11 – 20 50% 50%
Captured Assessed Value; Deposits into Development Program Fund. (a) During the first twelve Tax Years during the term of this Agreement, which commences with the Tax Year beginning April 1, 2022, the City shall retain in the District seventy- five percent (75%) of the Increased Assessed Value as Captured Assessed Value. Commencing with the thirteenth Tax Year and continuing each Tax Year thereafter during the term of this Agreement, the Increased Assessed Value as Captured Assessed Value will decrease by 3.75% per Tax Year, as more fully described in the table on Exhibit 2, which is incorporated herein by reference and made a part of this Agreement. The remaining percentage of the Increased Assessed Value during each Tax Year is the Non-Captured Increased Assessed Value for that Tax Year, as set forth on Exhibit 2. For example, during the twelfth Tax Year of the term of this Agreement, the City shall retain in the District 75% of the Increased Assessed Value as Captured Assessed Value, and 25% of the Increased Assessed Value shall be Non-Captured Assessed Value; and during the thirteenth Tax Year, the City shall retain 71.25% of the Increased Assessed Value as Captured Assessed Value, and 28.75% of the Increased Assessed Value shall be Non-Captured Assessed Value. In the event of a revaluation of taxable property within the City, the Captured Assessed Value of this District may be adjusted in proportion to the change in taxable assessed property valued within the District in the year of the revaluation resulting from such revaluation.
Captured Assessed Value; Deposits into Development Program Fund. (a) Each year during the term of this Agreement, commencing with the Town’s 2009 Tax Year and continuing thereafter for the next twenty (20) years to and including the Town’s 2028 Tax Year, the Town shall retain in the District one hundred percent (100%) of (i) the Increased Assessed Value – Oakfield Tract as Captured Assessed Value – Oakfield Tract and (ii) the Increased Assessed Value – Evergreen Tract as Captured Assessed Value – Evergreen Tract.
Captured Assessed Value; Deposits into Development Program Fund. 4 Section 2.3. Use of Monies in the Realty Resources Project Cost Subaccount of the Development Program Fund 4 Section 2.4. Monies Held in Segregated Account 5 Section 2.5. Liens 5 ARTICLE III PAYMENT OBLIGATIONS 5 Section 3.1. Realty Resources Payments 5 Section 3.2. Failure to Make Payment 5 Section 3.3. Manner of Payments 6 DRAFT Section 3.3. Obligation Unconditional 6 Section 3.3. Limited Obligation 6
