King County Finance and Business Operations will distribute to the City the City’s portion of the Local Property Tax Allocation Revenue, consistent with Section IV.B, at least twice a year on dates determined at the discretion of the County, except that the parties may agree to change to daily distribution if they agree to a method for sharing the cost of necessary IT programming changes. To the extent practical, as determined by the County after considering the costs to be incurred and personnel time necessary to perform the reporting, at the same time as distribution, the County will report to the City the amount of Local Property Tax Allocation Revenue resulting separately from new construction under section IV.A.1.a and from other improvements under section IV.A.1.b, as well as increases in assessed value in the initial year under section IV.A.2 and increases in the assessed value of new construction consisting of an entire building in the LIPA occurring in the years following the initial year under section IV.A.3.
King County Finance and Business Operations will distribute to the City the City’s portion of the Local Property Tax Allocation Revenue, consistent with Section IV.B, at least twice a year on dates determined at the discretion of the County, except that the parties may agree to change to daily distribution if they agree to a method for sharing the cost of necessary IT programming changes. To the extent practical, at the same time as distribution, the County will report to the City the amount of Local Property Tax Allocation Revenue resulting separately from new construction under section IV.A.1.a and from other improvements under section IV.A.1.b, as well as increases in assessed value in the initial year under section IV.A.2 and increases in the assessed value of new construction consisting of an entire building in the LIPA occurring in the years following the initial year under section IV.A.3.
