Computation of PILOT Payment Sample Clauses

Computation of PILOT Payment if FT Employment Goals Not Attained: In the event the FT employment goal is not attained with respect to any FT Employment Year during which Employment Goals are applicable, the next ensuring PILOT Payment shall be subject to adjustment. The amount due ("Adjusted PILOT Payment") shall be the amount calculated in ,r1.3 above, plus an amount equal to the tax calculated as if an exemption under RPTL §485b were in effect, less the amount calculated in ,r1:3, times the percentage: (1) the numerator of which is equal to 150 minus the actual average FT employment for the prior calendar year, and (2) the denominator of which is 150. By way of example, if in FT Employment Year ending on September 30, 2018 (i) the actual average FT employment is 100; (ii) the Town equalization rate used by the County to allocate 2019 taxes is one hundred (100 %) percent; (iii) the Town, school, county and town rate relating to the 9/1/2018 school tax and 1/1/2019 cow1ty and town tax bills is $35.00 per $1,000.00 of assessed value (iv) the assessed value of the Facility on the 2018 Final Assessment Roll is $20,550,000 full value; (v) $18,550,000 of improvement value would have been eligible for the §485b exemption at a rate of forty-five (45 %) percent, then the Adjusted PILOT Payment due the Taxing Jurisdictions would be computed as follows: PILOT Payment = Total Value Subject to PILOT x Equalization Rate x tax rates $89,250 = $2,550,000 X 100% X 35/100 Tax under §485b = Assessed Value - §485b exemption x tax rates $202,912.50 = $20,550,000 - $8,347,500 X 35/1000 · Adjusted PILOT Payment Adjusted PILOT Payment = PILOT Payment+ [(tax under §485b - PILOT Payment amount) x Percentage of Underemployment] $127,137.50 = $89,250+ [(202,912.50- 89,250) X 33.33%] In no event shall the Adjusted PILOT Payment exceed the amount payable if the Facility were subject to taxation and a §485b exemption had been granted to eligible portions of the Facility.
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Related to Computation of PILOT Payment

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