FILOT PAYMENTS. Pursuant to Section 12-44-50 of the FILOT Act, the Company and any Sponsor Affiliates, as applicable, are required to make payments in lieu of ad valorem taxes to the County with respect to the Economic Development Property. Inasmuch as the Company anticipates an initial investment of sums sufficient for the Project to qualify for a fee in lieu of tax arrangement under Section 12-44-50(A)(1) of the FILOT Act, the County and the Company have negotiated the amount of the FILOT Payments in accordance therewith. The Company and any Sponsor Affiliates, as applicable, shall make payments in lieu of ad valorem taxes on all Economic Development Property which comprises the Project and is placed in service, as follows: the Company and any Sponsor Affiliates, as applicable, shall make payments in lieu of ad valorem taxes during the Exemption Period with respect to the Economic Development Property or, if there are Phases of the Economic Development Property, with respect to each Phase of the Economic Development Property, said payments to be made annually and to be due and payable and subject to penalty assessments on the same dates and in the same manner as prescribed by the County for ad valorem taxes. The determination of the amount of such annual FILOT Payments shall be in accordance with the following procedure (subject, in any event, to the procedures required by the FILOT Act):
FILOT PAYMENTS. Section 4.01
FILOT PAYMENTS. SECTION 4.01 FILOT PAYMENTS 10 SECTION 4.02 SPECIAL SOURCE REVENUE CREDITS 11 SECTION 4.03 FAILURE TO ACHIEVE MINIMUM INVESTMENT REQUIREMENTS 12 SECTION 4.04 REMOVAL OF EQUIPMENT 12 SECTION 4.05 FILOT PAYMENTS ON REPLACEMENT PROPERTY 12 SECTION 4.06 REDUCTIONS IN PAYMENT OF TAXES UPON DIMINUTION IN VALUE; INVESTMENT MAINTENANCE REQUIREMENT 13 SECTION 5.01 CESSATION OF OPERATIONS 14 SECTION 5.02 RIGHTS TO INSPECT 14 SECTION 5.03 CONFIDENTIALITY 14 SECTION 5.04 LIMITATION OF COUNTY’S LIABILITY 14 SECTION 5.05 MERGERS, REORGANIZATIONS AND EQUITY TRANSFERS 15 SECTION 5.06 INDEMNIFICATION COVENANTS 15 SECTION 5.07 QUALIFICATION IN STATE 16 SECTION 5.08 NO LIABILITY OF COUNTY’S PERSONNEL 16 SECTION 5.09 ASSIGNMENT, LEASES OR TRANSFERS 16 SECTION 5.10 ADMINISTRATION EXPENSES 17 SECTION 5.11 PRIORITY LIEN STATUS 17 SECTION 5.12 INTEREST; PENALTIES 17 SECTION 5.13 SPONSOR AFFILIATES 17
FILOT PAYMENTS. Section 4.01 FILOT Payments 10 Section 4.02 Special Source Revenue Credits 11 Section 4.03 Failure to Achieve Minimum Investment Requirements 12 Section 4.04 Removal of Equipment 12 Section 4.05 FILOT Payments on Replacement Property 13 Section 4.06 Reductions in Payment of Taxes Upon Diminution in Value; Investment Maintenance Requirement 13 Section 5.01 Cessation of Operations 14 Section 5.02 Rights to Inspect 14 Section 5.03 Confidentiality 14 Section 5.04 Limitation of County’s Liability 14 Section 5.05 Mergers, Reorganizations and Equity Transfers 15 Section 5.06 Indemnification Covenants 15 Section 5.07 Qualification in State 16 Section 5.08 No Liability of County’s Personnel 16 Section 5.09 Assignment, Leases or Transfers 16 Section 5.10 Administration Expenses 17 Section 5.11 Priority Lien Status 17 Section 5.12 Interest; Penalties 17 Section 5.13 Sponsor Affiliates 17
FILOT PAYMENTS. Section 4.01 FILOT Payments
(a) Pursuant to Section 12-44-50 of the FILOT Act, the Company and any Sponsor Affiliates, as applicable, are required to make payments in lieu of ad valorem taxes to the County with respect to the Economic Development Property. Inasmuch as the Company anticipates an initial investment of sums sufficient for the Project to qualify for a fee in lieu of tax arrangement under Section 12-44-50(A)(1) of the FILOT Act, the County and the Company have negotiated the amount of the FILOT Payments in accordance therewith. The Company and any Sponsor Affiliates, as applicable, shall make payments in lieu of ad valorem taxes on all Economic Development Property which comprises the Project and is placed in service, as follows: the Company and any Sponsor Affiliates, as applicable, shall make payments in lieu of ad valorem taxes during the Exemption Period with respect to the Economic Development Property or, if there are Phases of the Economic Development Property, with respect to each Phase of the Economic Development Property, said payments to be made annually and to be due and payable and subject to penalty assessments on the same dates and in the same manner as prescribed by the County for ad valorem taxes. The determination of the amount of such annual FILOT Payments shall be in accordance with the following procedure (subject, in any event, to the procedures required by the FILOT Act):
Step 1: Determine the fair market value of the Economic Development Property (or Phase of the Economic Development Property) placed in service during the Exemption Period using original income tax basis for State income tax purposes for any real property and Improvements without regard to depreciation (provided, the fair market value of real property, as the FILOT Act defines such term, that the Company and any Sponsor Affiliates obtains by construction or purchase in an arms-length transaction is equal to the original income tax basis, and otherwise, the determination of the fair market value is by appraisal) and original income tax basis for State income tax purposes for any personal property less depreciation for each year allowable for property tax purposes, except that no extraordinary obsolescence shall be allowable. The fair market value of the real property for the first year of the Exemption Period remains the fair market value of the real property and Improvements for the life of the Exemption Period. The determination of these values shall ...
FILOT PAYMENTS. Section 4.01 FILOT Payments 10 Section 4.02 Special Source Revenue Credits 11 Section 4.03 Failure to Achieve Minimum Investment Requirements 12 Section 4.04 Removal of Equipment 13 Section 4.05 FILOT Payments on Replacement Property 13 Section 4.06 Reductions in Payment of Taxes Upon Diminution in Value; Investment Maintenance Requirement 13
FILOT PAYMENTS. FILOT Payments
FILOT PAYMENTS. Section 4.01 FILOT Payments 9 Section 4.02 Special Source Credits 10 Section 4.03 Failure to Achieve Minimum Investment Requirement 11 Section 4.04 Removal of Equipment 11 Section 4.05 FILOT Payments on Replacement Property 11 Section 4.06 Reductions in Payment of Taxes Upon Diminution in Value; Investment Maintenance Requirement 12
FILOT PAYMENTS. Section 4.01 FILOT Payments 9 SECTION 4.02 [INTENTIONALLY OMITTED] ERROR! BOOKMARK NOT DEFINED.
FILOT PAYMENTS. SECTION 4.01 FILOT PAYMENTS 9 SECTION 4.02 SPECIAL SOURCE REVENUE CREDITS ERROR! BOOKMARK NOT DEFINED.
