Developer Payments. 24.1 In this Clause 24:
Developer Payments. (a) The Town agrees to pay Developer, within thirty (30) days following the Tax Payment Date, or the date on which the payment is actually received by the Town from the Developer, whichever is later, an amount equal to 75% of the Property Tax paid on the Increased Assessed Value of the Developer Property for each Tax Year beginning on the April 1 following completion of the Project, but in no event later than April 1, 2023 2025, and continuing for a period of fifteen (15) Tax Years, not to exceed the term of the District until March 31, 2038; provided, however, that such payment shall not exceed a total dollar value of $78,636 in any one Tax Year.
(b) Notwithstanding Section 3.1(a), the amounts payable thereunder shall be due and payable only if: (i) all real property taxes and assessments and all personal property taxes that are due and payable with respect to all of the property in the District have been paid in full, and (ii) all real property taxes and assessments and all personal property taxes that are due and payable with respect to any other real and personal property owned by the Developer, its successors and assigns, in the Town have been paid in full. If such property taxes and assessments and other amounts are not paid when due, the Town may withhold and suspend all payments under this Agreement until such property taxes and assessments and other amounts due hereunder are paid in full. In addition, if the Developer institutes any tax abatement proceeding with respect to any property in the District, the Town may withhold and suspend all payments to Developer required under this Agreement with respect to the amount of value of the items of property subject to the abatement proceeding, and upon final action and completion of such abatement proceeding, the proper amount (based on the results of the abatement proceedings) shall be deposited in the proper accounts and the appropriate amount, as required hereunder, disbursed to the Developer.
(c) If, with respect to any Tax Payment Date, any portion of the property taxes assessed against Developer Property remain unpaid, because of a valuation dispute or otherwise, the property taxes actually paid with respect to such Tax Payment Date shall, first, be applied to taxes due on account of Original Assessed Value; second to any personal property taxes with respect to any personal property located in the District; third, to any real property taxes and personal property taxes on the Increased Assessed Valu...
Developer Payments. (a) On an annual basis, the City agrees to pay Developer, within thirty (30) days of the end of each fiscal year (ends June 30 each year), all amounts then on deposit in the Project Cost Account.
(b) Notwithstanding anything to the contrary contained herein, if, with respect to any Tax Payment Date, any portion of the property taxes assessed against real or personal property located in the District remain unpaid, because of a bona fide valuation dispute being pursued by Xxxxxxxxx, the property taxes actually paid with respect to such Tax Payment Date shall, first, be applied to taxes due on account of Original Assessed Value and deposited into the City’s general fund; and second, shall constitute payment of Property Taxes with respect to Non-Captured Increased Assessed Value and deposited into the City’s general fund; and third, shall constitute payment of Property Taxes with respect to Captured Assessed Value, to be applied to payment of Developer 's share of the Tax Increment Revenues for the year concerned and deposited into the Project Cost Account.
(c) Notwithstanding anything to the contrary contained herein, if, with respect to any Tax Payment Date, any portion of the property taxes assessed against real or personal property located in the District remain unpaid, for any reason other than a bona fide valuation dispute, or if any portion of any other fee or charge due to the City by Developer including but not limited to sewer or stormwater fees, ambulance fees, or assessments, remain unpaid, no payment of Developer 's share of the Tax Increment Revenues for the year concerned will be deposited into the Project Cost Account until such property taxes assessed against real or personal property located in the District, and other fees, charges, and assessments are paid in full.
(d) Annually, Developer will provide statements as back-up documentation of Project Costs for its TIF payments, which documentation will be kept confidential by the City.
(e) Prior to receiving the first payment under this Agreement, Developer shall provide evidence reasonably satisfactory to the City of the Developer’s ability to complete the Project in accordance with State law. Reasonably satisfactory evidence shall include documentation that the Developer has closed on complete financing for the Project.
(f) On a bi-weekly basis during the course of construction of the Project, Developer must provide documentation in a form reasonably satisfactory to the City demonstrating tha...
Developer Payments. (a) So long as no event described in Section 14 hereof shall have occurred and be continuing, the Village shall pay to the Developer a Sales Tax Rebate with respect to each Applicable Project for the Sales Tax Participation Period that pertains to each such Applicable Project, an amount equal to forty percent (40%) of the Sales Tax Revenue received by the Village with respect to sales made from each such Applicable Project (the “Sales Tax Rebate”) during the Sales Tax Participation Period applicable to such project, which Sales Tax Rebate shall be calculated by the Village only from the portions of the said Sales Taxes generated by each Applicable Project approved by the Village Board and actually received by the Village after any deductions made by the Illinois Department of Revenue (“IDOR”).
(i) Assume that a total of $1,000 of sales subject to the Sales Taxes as defined in Section (b)(ii) occur on the Subject Property during a calendar year within the term of this Agreement.
(ii) The Village is entitled to receive from the State of Illinois 3.75% of Sales Tax Revenues, resulting in a total of $37.50 as to the aforesaid $1,000 in taxable sales, less deductions made by the IDOR.
(iii) The $37.50 of Sales Tax Revenues that the Village would receive would be derived by the Village from the following sources: $10 from State of Illinois sales tax; $20 from the Village’s Home Rule tax; and, $7.50 from the Village’s BDD tax.
(iv) The Developer would be entitled to 40% of the Sales Tax Revenues actually received by the Village = $37.50 x 40% = $15.00. It is agreed that if such $37.50 is reduced by any lawful IDOR deductions, then only 40% of the amount actually received by the Village, after deductions, shall be due to the Developer. less any deductions made by the IDOR. The $15.00 shall be paid from any source of the Sales Tax Revenues as determined by the Village.
(v) The Village agrees that it shall not pledge or assign to any other person any of the Sales Tax Revenues generated from the Subject Property, or request that IDOR make any deductions from the portion of such revenues that would otherwise be remitted by IDOR to the Village.
(b) Every Sales Tax Rebate due hereunder shall first be applied to reduce the outstanding principal balance due on any outstanding Developer Notes (but only during such time as said Developer Notes remain valid and payable under the terms of the TIF Agreement), beginning with the oldest Developer Note first, and then (after all ...
Developer Payments a. Subject to the Expense Cap, as hereinafter defined, the Developer shall reimburse the City for the fees, out-of-pocket costs, all charges for counsel and consultants and all other expenses incurred by the City in providing the City Services (the “Charges”), Charges incurred prior to the Effective Date (“Prior Charges”) shall be reimbursed solely in accordance with Section 3.b and 3.d of this Agreement and Charges incurred after the Effective Date (“Subsequent Charges”) in accordance with Section 3.e of this Agreement. The City shall not be required to obtain the Developer’s approval for payment of any of the Charges incurred within the Expense Cap.
b. The City acknowledges receipt of Fifteen Thousand Dollars ($15,000) (the "Deposit") from the Developer, representing the City's TIF Application Fee to be applied to reduce the Prior Charges incurred by the City and authorized for reimbursement hereunder.
c. The City shall submit an itemized statement for actual attorneys' and outside consultants' time and out-of-pocket expenses necessary to perform its obligations hereunder or for any additional obligations or expenditures incurred by the City after the Effective Date. Such statements shall be submitted no more often than monthly. The Developer shall pay the City the amounts set forth on such statements (the "Additional Funds") within thirty (30) days of receipt thereof. Both parties agree to a pre-authorized expense budget of $10,000 for Subsequent Charges (the "Expense Cap"). If City determines that the Subsequent Charges shall exceed the Expense Cap, the City shall provide the Developer with at least sixty (60) days advance written notice, prior to incurring any Subsequent Charges in access of the Expense Cap, and justification for additional expense items and deposits that may be required to obtain the Developer’s approval for said additional Subsequent Charges. If Developer determines that it is unwilling to fund amounts in excess of the Expense Cap, it shall so notify City, and City and Developer shall meet and negotiate in good faith to determine if the City's consideration of the Plan can continue without incurring Subsequent Charges in excess of the Expense Cap. If the City determines that it is not reasonably able to complete review and consideration of the Plan without incurring Subsequent Charges in excess of the Expense Cap, it shall notify Developer, and Developer shall either (a) agree to pay such Subsequent Charges in excess of the Expense ...
Developer Payments. (a) The City agrees to pay Developer, within thirty (30) days following each Tax Payment Date, all amounts then on deposit in the LabelTech Project Cost Subaccount.
(b) Notwithstanding anything to the contrary contained herein, if, with respect to any Tax Payment Date, any portion of the property taxes assessed against District remain unpaid, because of a valuation dispute or otherwise, the property taxes actually paid with respect to such Tax Payment Date shall, first, be applied to taxes due on account of Original Assessed Value; and second, shall constitute payment of Property Taxes with respect to Increased Assessed Value, to be applied first to payment in full of the applicable City percent share of the Tax Increment Revenues for the year concerned; and third, to the extent of funds remaining, to payment of the Developer’s share of the Tax Increment Revenues for the year concerned, to be deposited into the LabelTech Project Cost Subaccount.
Developer Payments. (a) The Town agrees to pay Developer, within thirty (30) days following each Tax Payment Date, all amounts then on deposit in the Evergreen Project Cost Subaccount.
(b) If, with respect to any Tax Payment Date, any portion of the property taxes assessed against the Evergreen Tract remain unpaid, because of a valuation dispute or otherwise, the property taxes actually paid with respect to such Tax Payment Date shall, first, be applied to taxes due on account of Original Assessed Value – Evergreen Tract; and second, shall constitute payment of Property Taxes with respect to Increased Assessed Value – Evergreen Tract, to be applied first to payment in full of the applicable Town percent share of the Evergreen Wind Power Tax Increment Revenues for the year concerned and deposited into the Sinking Fund and/or the Town Project Cost Subaccount in accordance with Article II hereof; and third, to the extent of funds remaining, to payment of the Developer’s share of the Evergreen Wind Power Tax Increment Revenues for the year concerned, to be deposited into the Evergreen Project Cost Subaccount.
Developer Payments. (a) The City agrees to pay Developer all amounts then on deposit in the Developer Project Cost Subaccount, on or before thirty (30) days following the Tax Payment Date.
(b) Notwithstanding anything to the contrary contained herein, if, with respect to any Tax Payment Date, any portion of the property taxes assessed against real property located in the District remain unpaid due to a bona fide valuation dispute, the City shall be under no obligation to pay Developer’s share of the Tax Increment Revenues to Developer. In such a circumstance, the property taxes actually paid with respect to such Tax Payment Date shall, first, be applied to taxes due on account of Original Assessed Value; and second, shall constitute payment of Property Taxes with respect to Increased Assessed Value, to be applied first to payment in full of the applicable Town percent share of the Tax Increment Revenues for the year concerned and deposited into the Town Subaccount in accordance with Article II hereof.
Developer Payments. Reserved.
