Common use of Fiscal Impacts Clause in Contracts

Fiscal Impacts. G.9.1. The University and Town agree that the University, the State, or Carolina North tenants shall bear the cost of Town services required by Carolina North. The Carolina North development shall be either revenue positive or revenue neutral for the Town. G.9.2. The Fiscal Impact Analysis on Carolina North (submitted March 3, 2009) shall be used as a guide to identify the costs and the revenues associated with Carolina North. G.9.3. The University shall conduct an annual accounting of the operational and capital fiscal impacts to the Town of the Carolina North project approved pursuant to this Agreement and shall include that report in the annual report. The fiscal impact report shall use a mutually agreed upon methodology and process. If that report indicates there are substantial negative fiscal impacts for the Town, the Town may suspend approval of additional individual site development permits until an agreement is reached with the University regarding resolution of negative fiscal impacts to the Town. The report shall specifically address University and State payments for fire services provided by the Town, contributions for capital facilities identified in Section G-13, and transportation costs identified in Section G-8. G.9.4. Any buildings or improvements at Carolina North that are privately owned shall be subject to ad valorem taxation per North Carolina General Statutes. In addition, in the event any such building reverts to public ownership and subsequently is transferred back to private ownership, it shall again be subject to ad valorem taxation for any periods in which it is held in private ownership. G.9.5. For any buildings or improvements at Carolina North that are privately owned by a for-profit entity, and that entity is, under future taxation law, considered to be eligible to apply for tax-exempt status, the entity shall not apply for tax-exempt status during the term of this Agreement. The University shall inform the Manager and the Orange County Tax Assessor annually as to who owns each building at Carolina North and whether the owner is tax exempt.

Fiscal Impacts. G.9.1. The University and Town agree that the University, the State, or Carolina North tenants shall bear the cost of Town services required by Carolina North. The Carolina North development shall be either revenue positive or revenue neutral for the Town. G.9.2. The Fiscal Impact Analysis on Carolina North (submitted March 3, 2009) shall be used as a guide to identify the costs and the revenues associated with Carolina North. G.9.3. The University shall conduct an annual accounting of the operational and capital fiscal impacts to the Town of the Carolina North project projectProject approved pursuant to this Agreement and shall include that report in the annual report. The fiscal impact report shall use a mutually agreed upon methodology and process. If that report indicates there are substantial negative fiscal impacts for the Town, the Town may suspend approval of additional individual site development permits until an agreement is reached with the University regarding resolution of negative fiscal impacts to the Town. The report shall specifically address University and State payments for fire services provided by the Town, contributions for capital facilities identified in Section G-13, and transportation costs identified in Section G-8. G.9.4. Any buildings or improvements at Carolina North that are privately owned shall be subject to ad valorem taxation per North Carolina General Statutes. In addition, in the event any such building reverts to public ownership and subsequently is transferred back to private ownership, it shall again be subject to ad valorem taxation for any periods in which it is held in private ownership. G.9.5. For any buildings or improvements at Carolina North that are privately owned by a for-profit entity, and that entity is, under future taxation law, considered to be eligible to apply for tax-exempt status, the entity shall not apply for tax-exempt status during the term of this Agreement. The University shall inform the Manager and the Orange County Tax Assessor annually as to who owns each building at Carolina North and whether the owner is tax exempt.

Fiscal Impacts. G.9.15.9.1. The University and Town agree that the University, the State, or Carolina North tenants shall bear the cost of Town services required by Carolina North. The Carolina North development Project shall be either revenue positive or revenue neutral for the Town. G.9.25.9.2. The Fiscal Impact Analysis on Carolina North (submitted March 3, 2009) shall be used as a guide to identify the costs and the revenues associated with Carolina North. G.9.35.9.3. The University shall conduct an annual accounting of the operational and capital fiscal impacts to the Town of the Carolina North project Project approved pursuant to this Agreement and shall include that report in the annual report. The fiscal impact report shall use a mutually agreed upon methodology and process. If that report indicates there are substantial negative fiscal impacts for the Town, the Town may suspend approval of additional individual site development permits until an agreement is reached with the University regarding resolution of negative fiscal impacts to the Town. The report shall specifically address University and State payments for fire services provided by the Town, contributions for capital facilities identified in Section G-135.13, and transportation costs identified in Section G-85.8. G.9.45.9.4. Any buildings portion of buildings, improvements, or improvements personal property at Carolina North that are privately owned shall be subject to ad valorem taxation per North Carolina General Statutes. In addition, in the event any such building reverts to public ownership and subsequently is transferred back to private ownership, it shall again be subject to ad valorem taxation for any periods in which it is held in private ownership. G.9.55.9.5. For any buildings portion of buildings, improvements, or improvements personal property at Carolina North that are privately owned by a for-profit entity, and that entity is, under future taxation law, considered to be eligible to apply for tax-exempt status, the entity shall not apply for tax-exempt status during the term of this Agreement. The University shall inform the Manager and the Orange County Tax Assessor annually as to who owns each building at Carolina North and whether the owner is tax exempt. 5.9.6. Any portion of buildings or improvements at Carolina North that are privately owned shall be subject to Town fire and building permitting and inspection fees.

Fiscal Impacts. Draft Standard: G.9.1. The University and Town agree that the University, the State, or Carolina North tenants shall bear the cost of Town services required by Carolina North. The Carolina North development shall be either revenue positive or revenue neutral for the Town. G.9.2. The Fiscal Impact Analysis on Carolina North (submitted March 3, 2009) shall be used as a guide to identify the costs and the revenues associated with Carolina North. G.9.3. The University shall conduct an annual accounting of the operational and capital fiscal impacts to the Town of the Carolina North project approved pursuant to this Agreement and shall include that report in the annual report. The fiscal impact report shall use a mutually agreed upon methodology and process. If that report indicates there are substantial negative fiscal impacts for the Town, the Town may suspend approval of additional individual site development permits until an agreement is reached with the University regarding resolution of negative fiscal impacts to the Town. The report shall specifically address University and State payments for fire services provided by the Town, contributions for capital facilities identified in Section G-13, and transportation costs identified in Section G-8. G.9.4. Any buildings or improvements at Carolina North that are privately owned shall be subject to ad valorem taxation per North Carolina General Statutes. In addition, in the event any such building reverts to public ownership and subsequently is transferred back to private ownership, it shall again be subject to ad valorem taxation for any periods in which it is held in private ownership. G.9.5. For any buildings or improvements at Carolina North that are privately owned by a for-profit entity, and that entity is, under future taxation law, considered to be eligible to apply for tax-exempt status, the entity shall not apply for tax-exempt status during the term of this Agreement. The University shall inform the Manager and the Orange County Tax Assessor annually as to who owns each building at Carolina North and whether the owner is tax exempt.