Computation of PILOT Payments Sample Clauses
The 'Computation of PILOT Payments' clause defines how Payments in Lieu of Taxes (PILOT) are calculated for a property or project. Typically, this clause outlines the formula or method used to determine the amount owed, which may be based on factors such as assessed property value, a fixed schedule, or a percentage of revenue. By specifying the calculation process, this clause ensures transparency and predictability in financial obligations, helping both parties understand and plan for the required payments while avoiding disputes over payment amounts.
Computation of PILOT Payments. PILOT Payments shall be made in the amounts and in the manner contemplated by this 13 on account of the following premises located in the Town: Section - Block - Lot 103-1-18.1
(a) Total Value Subject to PILOT. The total value subject to PILOT ("TVSP") shall be the following amounts for the following years: Date Existing ILOT Improvements ercentage Amount February I, 2016 $426,512.50 + $488,040 50% $244,020 $244,020 $607,532.50 February I, 2017 $435,425.00 + $488,040 45% $219,618 $268,422 $703,847.00 February I, 2018 $444,337.50 + $488,040 40% $195,216 $292,824 $737,161.50 February I, 2019 $453,250.00 + $488,040 35% $170,814 $317,226 $770,476.00 February I, 2020 $453,250.00 + $488,040 30% $1.46,412 $341,628 $794,878.00 February 1, 2021 $453,250.00 + $488,040 25% $122,010 $366,030 $819,280.00 February I, 2022 $453,250.00 + $488,040 20% $ 97,608 $390,432 $843,682.00 February I, 2023 $453,250.00 + $488,040 15% $ 73,206 $413,834 $868,084.00 February I, 2024 $453,250.00 + $488,040 10% $ 48,804 $439,236 $892,486.00 February 1, 2025 $453,250.00 + $488,040 5% $ 24,402 $463,638 $916,888.00 February 1, 2026 $453,250.00 + $488,040 0% $ 0.00 $488,040 $941,290.00 ayment Value for 2015 Exemption Exemption Net TVSP Schedule
(b) Calculation of Annual PILOT Payment. The calculation of the annual PlLOT Payments shall be made as follows:
(i) The TVSP shall be multiplied by the equalization rate as defined in 13(c) hereof; and
(ii) The annual PILOT Payment shall be determined by multiplying the amount derived in 13(b)(i) hereof by the tax rates identified in 13(d) hereof.
Computation of PILOT Payments. PILOT Payments shall be made in the amounts and in the manner contemplated by this Agreement on account of the premises located in the Town as more particularly described on Schedule A.
Computation of PILOT Payments. This �1.3 shall be applicable to the eighteen (18) year period with the first such year designated as "Year 1 ". Year 1 relates to the payment due February 1, 2018.
Computation of PILOT Payments. This i)l .3 shall be applicable to the eighteen (18) year period with the first such year designated as "Year l ". Year 1 relates to the payment due February 1, 2017.
(a) 60321-052v7 $3,285,000.00. By way ofexample, ifthe Town equalization rate used by the County to allocate 2017 taxes is 90% and the School, County and Town tax rate relating to the 9/1/2016 School tax and 1/1/2017 County and Town tax bills is $35.00 per $1,000 ofassessed value, the annual PILOT Payment for Years 1 and 2 would be $103,477.50 computed as follows: $103,477.50 = ($3,285,000 X 90%) X 35.00/1,000
(b) TVSP Years 3-10. For the PILOT Payment dates applicable to 2019 to 2026, the TVSP shall be in the amount of$4,800,000. By way of example, using the equalization rate and tax rate as set forth in the example l.3(a) above, the annual PILOT Payment for Year 3 would be $151,200 computed as follows: $151,200 = ($4,800,000 X 90%) X 35.00/1,000
Computation of PILOT Payments. PILOT Payments shall be made in the amounts and in the manner contemplated by this PILOT Agrc:ement: , �..., 13 - 3 - 38.l
(a) Total Value Subject to PILOT. The total value subject to PILOT ("Total Value Subject to PILOT") shall be the foilowing amounts for the following years: pre-opening 900,000.00 n/a " : $ 900,000.00 February 1, 2020 February 1, 2021 February 1, 2022 February 1, 2023 February 1, 2024 February 1, 2025 Feh�ruary 1, 2026 900,000.00 $ 5,050,000.00 100 $ 900,000.00 900,000.00 $ 5,050,000.00 100 $ 900,000.00 900,000.00 $ 5,050,000.00 100 $ 900,000.00 900,000.00 $ 5,050,000.00 100 $ 900,000.00 900,000.00 $ 5,050,000.00 100 $ 900,000.00 900,000.00 $ 5,050,000.00 90 $ 4,545,000.00 $ 505,000.00 $ 1,405,000.00 900,000.00 $ 5,050,000.00 80 $ 4,040,000.00 $ 1,010,000.00 $ 1,910,000.00 3 F· >-<>.ry 1, 2027 $ 900,000.00 $ 5,050,000.00 70 $ 3,535,000.00 $ 1,515,000.00 $ 2,415,000.00 $ February 1, 2028 900,000.00 $ 5,050,000.00 60 $ 3,030,000.00 $ 2,020,000.00 $ 2,920,000.00 February 1, 2029 $ 900,000.00 $ $ 5,050,000.00 so $ 2,525,000.00 $ 2,525,000.00 $ 3,425,000.00 February 1, 2030 900,000.00 $ 5,050,000.00 40 $ 2,020,000.00 $ 3,030,000.00 $ 3,930,000.00 February 1, 2031 $ 900,000.00 $ 5,050,000.00 30 $ 1,515,000.00 $ 3,535,000.00 $ 4,435,000.00 February 1, 2032 $ 900,000.00 $ 5,050,000.00 20 $ 1,010,000.00 $ 4,040,000.00 $ 4,940,000.00 February 1, 2033 $ 900,000.00 $ 5,050,000.00 10 $ 505,000.00 $ 4,545,000.00 $ 5,445,000.00 February 1, 2034 $ 900,000.00 $ 5,050,000.00 0 $ 5,050,000.00 $ 5,950,000.00
Computation of PILOT Payments. Subject to modification as contemplated by ,r2, the PILOT Payment shall be made in the amount and in the manner contemplated by this ,i1.3 on account of the following premises located in the Town: Section, Block and Lot
(a) Total Value Subject to PILOT 2018-2032. For the years 2018 through and including 2032, the total va.▇▇▇ subject to PILOT ("TVSP") shall be the following amounts for the following years: 3 Payment Date Current Value . Improvement Value Exemption Percentage Exemption Amount Improvement Value Net of Exemption TVSP February 1, 2018 $ 233,500 $ 375,000 100% $ 375,000 $ 0.00 $ 233,500 February 1, 2019 $ 233,500 $ 375,000 100% $ 375,000 $ 0.00 $ 233,500 February 1, 2020 $ 233,500 $ 375,000 100% $ 375,000 $ 0.00 $ 233,500 February 1, 2021 $ 233,500 . $ 375,000 100% $ 375,000 $ 0.00 $ 233,500 February I, 2022 $ 233,500 $ 375,000 100% $ 375,000 $ 0.00 $ 233,500 February 1, 2023 $ 233,500 $ 375,000 90% $ 337,500 $ 37,500 $ 271,000 February 1, 2024 $ 233,500 $ 375,000 80% $ 300,000 $ 75,000 $ 308,500 February 1, 2025 $ 2�3,500 $ 375,000 70% $ 262,500. $ 112,500 $ 346,000 February 1, 2026 $ 233,500 $ 375,000 60% $ 225,000 $ 150,000 $ 383,500 February 1, 2027 $ 233,500 $ 375,000 50% $ 187,500 $ 187,500 $421,000 February I, 2028 $ 233,500 $ 375,000 40% $ 150,000 $ 225,000 $458,500 February I, 2029 $ 233,500 $ 375,000 30% $ 112,500 $ 262,500 $496,000 February 1, 2030 $ 233,500 $ 375,000 20% $ 75,000 $ 300,000 $533,500 February l, 2031 $ 233,500 $ 375,000 10% $ 37,500 $ 337,500 $571,000 February 1, 2032 $ 233,500 $ 375,000 0% $ 0 $ 375,000 $608,500
(b) Calculation of Annual PILOT Payment. The calculation of the annual PILOT Payments shall be made as follows:
(i) The TVSP shall be multiplied by the equalization rate as defined in ,rI .3(c) hereof; and
(ii) The annual PILOT Payment shall be determined by multiplying the amount derived in ill.3(b)(i) hereof by the tax rates identified in il1.3(d) hereof.
Computation of PILOT Payments. PILOT Payments shall be made in the amounts and in the manner contemplated by this �3 on account of the following premises located in the Town: Section - Block - ▇▇▇ ▇▇-▇-▇▇.▇ ▇▇ - ▇ - ▇▇ ▇▇- ▇ -▇▇.▇
(▇) Total Value Subject to PILOT. The total value subject to PILOT ("TVSP"') shall be the following amounts for the following years: School Town Tax Tax Current Improvement Exemi;1tion Exemi;1tion TVSP ear Period Year FY Value % Amount I 2020/2021 2021 $ 186,000.00 $ 560,000.00 100% $ 560,000.00 $ 186,000.00 2 2021/2022 2022 $ 186,000.00 $ 560,000.00 100% $ 560,000.00 $ 186,000.00 ,., .) 2022/2023 2023 $ 186,000.00 $ 560,000.00 100% $ 560,000.00 $ 186.000.00 4 2023/2024 2024 $ 186,000.00 $ 560,000.00 100% $ 560,000.00 $ 186,000.00 5 2024/2025 2025 $ 186,000.00 $ 560,000.00 100% $ 560,000.00 $ 186.000.00 6 2025/2026 2026 $ 186,000.00 $ 560,000.00 90.0% $ 504,000.00 $ 242,000.00 7 2026/2027 2027 $ 186,000.00 $ 560,000.00 80.0% $ 448,000.00 $ 298.000.00 8 2027/2028 2028 $ 186,000.00 $ 560,000.00 70.0% $ 392,000.00 $ 354.000.00 9 2028/2029 2029 $ 186,000.00 $ 560,000.00 60.0% $ 336,000.00 $ 410.000.00 10 2029/2030 2030 $ 186,000.00 $ 560,000.00 50.0% $ 280,000.00 $ 466.000.00 11 2030/2031 2031 $ 186,000.00 $ 560,000.00 40.0% $ 224,000.00 $ 522.000.00 12 2031/2032 2032 $ 186,000.00 $ 560,000.00 30.0% $ 168,000.00 $ 578.000.00 13 2032/2033 2033 $ 186,000.00 $ 560,000.00 20.0% $ I 12,000.00 $ 63-1.000.00 14 2033/2034 2034 $ 186,000.00 $ 560,000.00 10.0% $ 56,000.00 $ 690.000.00 15 2034/2035 2035 $ 186,000.00 $ 560,000.00 0.0% $ 0.00 $ 746.000.00
(b) Calculation of Annual PILOT Payment. The calculation of the annual PILOT Payments shall be made as follows:
(i) The TVSP shall be multiplied by the equalization rate as defined in �3(c) hereof; and
(ii) The annual PILOT Payment shall be determined by multiplying the amount derived in �3(b)(i) hereof by the tax rates identified in iIJ(d) hereof.
Computation of PILOT Payments. The PILOT Payment shall be tnade in the amount:
(a) Years 1 - 10. For the Years 2015 and 2016, the total value subject to PILOT ("TVSP") shall be $8,500,000. For the years 2017 through and including 2024, TVSP shall be $5,950,000.