Captured Assessed Value; Deposits into Development Program Fund Sample Clauses

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. (b) For each of 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 payment constituting 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. § 5227(3)(B). The City shall allocate the Tax Increment Revenues so deposited in the Development Program Fund between the Developer Project Cost Subaccount and the City Project Cost Subaccount as follows: the City shall deposit into the Developer Project Cost Subaccount fifty percent (50%) of the Tax Increment Revenues until the expiration of the CEA Years, or until the reimbursements to the Developer reach a cap of $500,000 (the “Cap”), whichever occurs first. The amounts in the Developer Project Cost Subaccount shall be used and applied solely to fund the payments to the Developer pursuant to the Agreement. The City shall allocate the remaining fifty percent (50%) of Tax Increment Revenues during the CEA Years to the City Project Cost Subaccount. In the event that the Cap is reached prior to the end of the term of this Agreement, the City shall retain rest of the Tax Increment Revenues in the City Project Cost Subaccount for the remainder of the CEA Years.
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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). (b) Notwithstanding anything to the contrary contained herein, the Town shall have the authority to decide to discontinue all or a portion of the Town Project Cost Subaccount deposits and instead make those deposits to the Town’s general fund without further action or consents required by the Developer, provided that such decision shall not negatively impact the Developer Project Cost subaccount or the Town’s ability to fulfill its obligations to the Developer hereunder.
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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.
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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. (b) Under the Original Development Program, the Town captures 100% of the increased assessed value over the original assessed value and retains within the District the new tax revenues generated by that portion of the new assessed value. The Original Development Program allocates a portion (35%) of TIF revenues to Rynel to defray the cost of its relocation and expansion. The Town retains the remaining portion (65%) of TIF revenues to be divided between bond debt service (40%) and an economic development fund (25%). The Original Development Program also states that in the event that the 40% of TIF revenues allocated to cover the Town’s bond debt service is insufficient in any given year, Rynel pays the difference. The term of the Original Development Program is twenty (20) years, ending after tax year 2024, which provision shall cease for purposes of this Credit Enhancement Agreement. Notwithstanding anything to the contrary herein, any augmentations of the credit enhancement benefit provided under the original Development Program shall not become effective with respect to Rynel until Rynel has exercised its option to purchase the parcel comprising the District pursuant to Rynel’s lease dated December 30, 2004 with Ferry Road Development Co., LLC and Ferry Road Development Co., LLC has released any interest in the existing District and credit enhancement benefit to Rynel. Subject to Article VII concerning assignments of this Agreement, this provision shall not limit Rynel’s right to assign its rights under the Lease’s purchase option or to transfer title to the parcel comprising the District to a new landlord or owner following Rynel’s exercise of its purchase option. (c) For each of the CEA Years, 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 Tax Increment Revenues. The Town shall allocate an amou...
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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 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
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Captured Assessed Value; Deposits into Development Program Fund. (a) Each year during the term of this Agreement, commencing with the Tax Year in which the Triggering Event falls and continuing thereafter for the next twenty (20) years to and including the Tax Year which includes the twentieth anniversary of the Triggering Event (collectively the “CEA Years”), the County shall retain in the District one hundred percent (100%) the Increased Assessed Value as Captured Assessed Value. (b) For each of the CEA Years, the County 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 Downeast Wind 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. § 5227(3)(B). The County shall allocate Downeast Wind Tax Increment Revenues so deposited in the Development Program Fund between the Company Project Cost Subaccount of the Project Cost Account, and the County Project Cost Subaccount of the Project Cost Account as follows: 1-20 70% 30% Downeast Wind Tax Increment Revenues allocated to the County will be deposited into the County Project Cost Subaccount of the Project Cost Account for use by the County to fund the cost of County projects as described in the Development Program.
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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 1 – 5 85% 15% CEA Years 6 – 10 75% 25% CEA Years 11 – 20 50% 50% (b) Notwithstanding anything to the contrary contained herein, the City’s obligations under this Credit Enhancement Agreement are conditioned upon Saco-Lowell and/or its affiliates agreeing to file applications for a site plan approval for the Project and for the re-development of the adjacent property located at 20 and 00 Xxxxx Xxxxxx (the “Xxxxx Street Property”) within three
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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. (b) Each year during the term of this Agreement, commencing with the Town’s 2010- 2011 Tax Year and continuing thereafter for twenty (20) years to and including the Town’s 2029-2030 Tax 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 Evergreen Wind Power 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. § 5227(3)(B). The Town shall allocate Evergreen Wind Power Tax Increment Revenues so deposited in the Development Program Fund between the Evergreen Project Cost Subaccount of the Project Cost Account, and the Town as follows: Evergreen Wind Power Tax Increment Revenues allocated to the Town will be deposited into the Sinking Fund Account to the extent and in such amounts necessary to finance the costs for improvements undertaken by the Town and financed with municipal indebtedness, and otherwise to the Town Project Cost Subaccount of the Project Cost Account for use by the Town to fund the cost of Town projects as described in the Development Program. (c) The Town shall retain one hundred percent (100%) of the Town Tax Increment Revenues; the Developer is not entitled to reimbursement of any portion of the Town Tax Increment Revenues. Similarly, notwithstanding anything to contrary contained herein, the Town’s obligation to pay the Developer as described in the preceding subsection shall not be diminished or affected in the event that the Increased Assessed Value – Oakfield Tract decreases or becomes zero.
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