Economic Incentive Agreements. The City has entered to the following four economic incentive agreements (the "Existing 380 Agreements"), pursuant to which the City has agreed to rebate all or some of the property tax paid by the parties thereto (the "Existing Tax Rebates"): Corporation Reimbursement Calculation Expiration Date Samsung In years 1-10, 100% of tax on new equipment and machinery purchased and real property improvements made after 1/1/2006 for the 300 mm Fab; in years 11- 20, 75% of taxes on same. 12/31/2027 Domain 25% of the City's incremental property tax, based on 5/1/2003 property valuation of $235,228 per acre. Baseline value is $12,504,720 12/31/2028 Apple 100% of the City's incremental property tax on improvements and on business personal property. 12/31/2026 HDI 100% of the City’s incremental property tax on improvements and on business personal property 12/31/2024 For purposes of calculating the Proposition A Revenue, the Existing Tax Rebates to be paid to the corporations described above shall first be deducted from the total property tax revenue received by the City. If any Existing 380 Agreement is amended to extend or increase the Existing Tax Rebates, or any new Chapter 380 agreement is created by the City granting new tax rebates, such additional tax rebates shall not be deducted prior to calculating the Proposition A Revenue, unless ATP shall first have agreed to such deduction in writing.
Economic Incentive Agreements. The right, title and interest of Borrower in any and all agreements or understandings with any Governmental Authorities, whether now existing or hereafter in effect pursuant to which any Economic Incentives are provided or are to be provided to Borrower or relative to the Land to any affiliate of Borrower including, without limitation, any agreements relative to Tax Increment Financing.
Economic Incentive Agreements. Borrower has provided Lender with a true, correct and complete copy of all Economic Incentive Agreements including, without limitation, all agreements relative to the Tax Increment Financing, which documents are specified on Exhibit F attached hereto and made a part hereof for all purposes. All of the Economic Incentive Agreements are in full force and effect and have not been modified or amended in any manner whatsoever, except as described on Exhibit F. Furthermore, to Borrower's knowledge, there are no defaults under the Economic Incentive Agreements and no event has occurred which, but for the passage of time or notice or both would constitute a default under the Economic Incentive Agreements; and to Borrower's knowledge, no action has commenced and no notice has been given or received for the purpose of terminating, amending, or diminishing in any respect the benefits or interests purported to be conferred unto Borrower pursuant to the Economic Incentive Agreements.
Economic Incentive Agreements. Borrower shall perform and observe diligently and timely each and every covenant, term, and condition required pursuant to the Economic Incentive Agreements. Borrower shall give immediate notice to Lender of any default within Borrower's knowledge by Borrower or any other party under the Economic Incentive Agreements and of receipt by Borrower of any written notice of default under the Economic Incentive Agreements, and shall furnish to Lender all information and documentation that it may require with respect to the performance or nonperformance by Borrower under the terms, conditions and covenants of the Economic Incentive Agreements. Without limiting the foregoing, Borrower shall provide to Lender periodic reports of any nature including, without limitation, reports relative to the timing of anticipated fundings of the proceeds of the Tax Increment Financing. Borrower shall not amend or terminate any of the Economic Incentive Agreements absent obtaining the prior written consent of Lender with respect thereto, and Borrower shall not assign or pledge to any party other than Lender any right or interest in or to the Economic Incentives. Borrower shall use reasonable, good-faith efforts to, from time to time, obtain from, as requested, the Apple Valley Master Development District and/or the City of Apple Valley, Minnesota, such certificates of estoppel with respect to compliance by Borrower with the terms of the Economic Incentive Agreements as may be requested by Lender.
