Common use of Captured Assessed Value; Deposits into Development Program Fund Clause in Contracts

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.

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 Tax Year beginning April 1, 2023 – June 30, 2024 fiscal year 2020 and continuing thereafter through and including the July Tax Year beginning April 1, 2032 – June 30, 2033 fiscal year 2049 (collectively the “CEA Years”), the City shall retain in the District one hundred seventy-five percent (10075%) 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. (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 seventy-five percent (10075%) of that portion of the property tax payment of Property Taxes constituting Tax Increment Revenues. The Development Program Fund is pledged to and charged with City shall deposit such 75% portion into the Project Cost Account. The remaining 25% portion of the payment of costs in Property Taxes constituting Tax Increment Revenues, which arise from Non-Captured Increased Assessed Value, shall be deposited into the manner City’s general fund. (c) Notwithstanding anything herein to the contrary, if the District property becomes exempt from the obligation to pay property taxes, after application by the owner of the District property to the City for such exemption, then upon the granting of such exemption, this Agreement shall terminate and priority provided in 30-A M.R.S. § 5227(3)(B). The no further deposit or payment obligations on the part of the City shall allocate the Tax Increment Revenues so deposited exist. (d) Any and all revenues resulting from investment earnings on deposits in the Development Program Fund between shall be retained in the Developer Project Cost Subaccount Development Program Fund 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 applied for Development Program purposes relating to the Developer reach a cap of $500,000 (the “Cap”Development Program Fund as prescribed by 30- A M.R.S.A Section 5250-A(3), 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.

Captured Assessed Value; Deposits into Development Program Fund. (a) Each year During the first twelve Tax Years during the term of this Agreement, for ten (10) years, commencing which commences with the July Tax Year beginning April 1, 2023 – June 30, 2024 fiscal year and continuing through and including the July 1, 2032 – June 30, 2033 fiscal year (the “CEA Years”)2022, the City shall retain in the District one hundred seventy- five percent (10075%) 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. (b) For each the first twelve Tax Years during the term of the CEA Yearsthis Agreement, the City shall deposit into the Project Cost Account of the Development Program Fund contemporaneously with each payment of Property Taxes during the term of this Agreement an amount equal to one hundred seventy-five percent (10075%) of that portion of the payment of Property Taxes constituting Tax Increment Revenues. Commencing with the thirteenth Tax Year, and continuing for each Tax Year thereafter through the term of this Agreement, the amount of such deposits shall decrease by 3.75% per Tax Year The remaining percentage of the property tax payment constituting Tax Increment Revenues, which is attributable to Non-Captured Increased Assessed Value, shall be deposited into the City’s general fund. The rates for such deposits are the same as those set forth in Exhibit 2. For example, for a payment of Property Taxes during the first twelve Tax Years of the Development Program, the City shall deposit 75% of each payment into the Project Cost Account of the Development Program Fund is pledged to and charged with 25% of each payment into the City’s general fund; and for a payment of costs in Property Taxes for the manner and priority provided in 30-A M.R.S. § 5227(3)(B). The thirteenth Tax Year of the Development Program, the City shall allocate deposit 71.25% of that payment into the Tax Increment Revenues so deposited Project Cost Account of the Development Program Fund and 28.75% of that payment into the City’s general fund. (c) Notwithstanding anything herein to the contrary, if the District property becomes exempt from the obligation to pay property taxes, after application by the owner of the District property to the City for such exemption, then upon the granting of such exemption, this Agreement shall terminate and no further deposit or payment obligations on the part of the City shall exist. (d) Any and all revenues resulting from investment earnings on deposits in the Development Program Fund between shall be retained in the Developer Project Cost Subaccount Development Program Fund 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 applied for Development Program purposes relating to the Developer reach a cap of $500,000 (the “Cap”Development Program Fund as prescribed by 30- A M.R.S.A Section 5250-A(3), whichever occurs first. The amounts in the Developer Project Cost Subaccount shall be used and applied solely to fund the payments subject 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 payment obligations set forth in the City Project Cost Subaccount for the remainder of the CEA YearsArticle III below.

Captured Assessed Value; Deposits into Development Program Fund. (a) Each year Tax Year during the term of this Agreement, for ten (10) years, commencing with the July Tax Year beginning April 1, 2023 – June 30, 2024 fiscal year 2020 and continuing thereafter through and including the July Tax Year beginning April 1, 2032 – June 30, 2033 fiscal year 2049 (collectively the “CEA Years”), the City shall retain in the District one hundred seventy-five percent (10075%) 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. (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 seventy-five percent (10075%) of that portion of the property tax payment of Property Taxes constituting Tax Increment Revenues. The Development Program Fund is pledged to and charged with City shall deposit such 75% portion into the Project Cost Account. The remaining 25% portion of the payment of costs in Property Taxes constituting Tax Increment Revenues, which arise from Non-Captured Increased Assessed Value, shall be deposited into the manner City’s general fund. (c) Notwithstanding anything herein to the contrary, if the District property becomes exempt from the obligation to pay property taxes, after application by the owner of the District property to the City for such exemption, then upon the granting of such exemption, this Agreement shall terminate and priority provided in 30-A M.R.S. § 5227(3)(B). The no further deposit or payment obligations on the part of the City shall allocate the Tax Increment Revenues so deposited exist. (d) Any and all revenues resulting from investment earnings on deposits in the Development Program Fund between shall be retained in the Developer Project Cost Subaccount Development Program Fund 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 applied for Development Program purposes relating to the Developer reach a cap of $500,000 (the “Cap”Development Program Fund as prescribed by 30- A M.R.S.A Section 5250-A(3), 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.

Captured Assessed Value; Deposits into Development Program Fund. (a) Each year during the term of this Agreementyear, for ten (10) years, commencing from a date that begins with the City’s first full fiscal year (July 1, 2023 1 – June 30) following the year in which: 1) the Company's interests herein have been assigned to Androscoggin Bank, 2024 pursuant to Section 7.1, below, and 2) the City has received written notice of when the loan by Androscoggin Bank to the Company relating to the Company Property entered or will enter into the term loan period following the conclusion of the construction period (such date constituting the "Term Loan Date") and running for five (5) full fiscal year and continuing through and including the July 1, 2032 – June 30, 2033 fiscal year years (the hereinafter “CEA Years”), unless earlier terminated pursuant to the terms of this Agreement, 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 Company Project Cost Subaccount of 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 . (c) Notwithstanding anything else herein to and charged with the payment contrary, until the City receives the Demand Notice pursuant to Section 3.1(a) hereinbelow, during each of costs in the manner and priority provided in 30-A M.R.S. § 5227(3)(B). The City five (5) CEA Years, the Company Project Cost Subaccount shall allocate the contain a maximum amount of Tax Increment Revenues so deposited according to the table below. If necessary in order to implement these maximum amounts, upon the Development Program Fund between start of the Developer applicable CEA Year the City shall transfer any amounts over the applicable maximum amount from the Company Project Cost Subaccount and to the City Project Cost Subaccount as follows: of the Development Program Fund for use by the City shall deposit into on municipal project costs identified in the Developer Development Program; provided however, in the event a Demand Notice has been received by the City but the corresponding payment has yet to be paid to the Company pursuant to Section 3.1, the funds being held in the Company Project Cost Subaccount fifty percent (50%) on the date of the Tax Increment Revenues until Demand Notice is received shall be deemed held in constructive trust for the expiration benefit of the CEA Years, or until the reimbursements to the Developer reach a cap of $500,000 (the “Cap”), whichever occurs first. The Company and no 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 thereafter transferred to the City Project Cost Subaccount. In the event that the Cap is reached prior Excluding any amounts held in constructive trust pending payment to the end of Company, no amounts over such maximum amounts shall be deposited into the term of this Agreement, the City shall retain rest of the Tax Increment Revenues in the City Company Project Cost Subaccount for the remainder of the applicable CEA Years.Year.‌