Common use of Duration of Abatement Program Clause in Contracts

Duration of Abatement Program. The Tax Abatement Program shall exist for a period of up to fifteen (15) years beginning with real estate taxes payable in 2024 through 2038. On or before February 1 and August 1 of each year commencing August 1, 2024 until the earlier of the date that the Developer shall have received the Reimbursement Amount or February 1, 2039, the City shall pay the Developer the amount of the Tax Abatements received by the City in the previous six month period. The City may terminate the Tax Abatement Program and this Agreement at an earlier date if an Event of Default occurs and the City rescinds or cancels this Agreement as more fully set forth in Article IV herein.

Duration of Abatement Program. The Tax Abatement Program shall exist for a period of up to fifteen twenty (1520) years beginning with real estate taxes payable in 2024 2022 through 20382041. On or before February 1 and August 1 of each year commencing August 1, 2024 2022 until the earlier of the date that the Developer shall have received the Reimbursement Amount or February 1, 2039, 2042 the City shall pay the Developer the amount of the Tax Abatements received by the City in the previous six month period. The City may terminate the Tax Abatement Program and this Agreement at an earlier date if an Event of Default occurs and the City rescinds or cancels this Agreement as more fully set forth in Article IV herein.

Duration of Abatement Program. The Tax Abatement Program shall exist for a period of up to fifteen twelve (1512) years beginning with real estate taxes payable in 2024 2025 through 20382036. On or before February 1 and August 1 of each year commencing August 1, 2024 2025 until the earlier of the date that the Developer shall have received the Reimbursement Amount or February 1, 20392037, the City shall pay the Developer the amount of the Tax Abatements received by the City in the previous six month period. The City may terminate the Tax Abatement Program and this Agreement at an earlier date if an Event of Default occurs and the City rescinds or cancels this Agreement as more fully set forth in Article IV herein.

Duration of Abatement Program. The Tax Abatement Program shall exist for a period of up to fifteen twenty (1520) years beginning with real estate taxes payable in 2024 through 20382043. On or before February 1 and August 1 of each year commencing August 1, 2024 until the earlier of the date that the Developer shall have received the Reimbursement Amount or February 1, 2039, 2044 the City shall pay the Developer the amount of the Tax Abatements received by the City in the previous six month period. The City may terminate the Tax Abatement Program and this Agreement at an earlier date if an Event of Default occurs and the City rescinds or cancels this Agreement as more fully set forth in Article IV herein.