Common use of Minimum Annual Payment Clause in Contracts

Minimum Annual Payment. Commencing on the earlier of (i) December 31, 2029 or (ii) the year following the year in which NTIFA files a Certificate of Completion for the Anchor Project (both as defined in the EDA), the Anchor Property shall be subject to a minimum annual ad valorem payment (whether classified, in whole or in part, as a tax payment or an in lieu of payment) obligation in the amount of not less than the amount calculated by multiplying $290,000,000.00 (or, if individual components are not assessed, $263,000,000.00 for the arena component of the Anchor Project or $27,000,000.00 for the parking garage component of the Anchor Project, individually) by an assessment ratio of 12%, then increasing the resulting product by 1.5% for every 12 month period that has passed since NTIFA issued a Certificate of Completion for the Anchor Project, and then multiplying that resulting product by the annual ad valorem tax levy millage rate in effect within TIF 5 for that tax year (“Minimum Annual Payment”), which shall continue in effect for each year thereafter through the duration of Increment District No. 5 (“Minimum Annual Payment Period”).

Minimum Annual Payment. Commencing on the earlier of (i) December 31, 2029 or (ii) the year following the year in which NTIFA files a Certificate of Completion for the Anchor Project (both as defined in the EDA), the Anchor Property shall be subject to a minimum annual ad valorem payment (whether classified, in whole or in part, as a tax payment or an in lieu of payment) obligation in the amount of not less than the amount calculated by multiplying Tenataive $290,000,000.00 (or, if individual components are not assessed, $263,000,000.00 for the arena component of the Anchor Project or $27,000,000.00 for the parking garage component of the Anchor Project, individually) by an assessment ratio of 12%, then increasing the resulting product by 1.5% for every 12 month period that has passed since NTIFA issued a Certificate of Completion for the Anchor Project, and then multiplying that resulting product by the annual ad valorem tax levy millage rate in effect within TIF 5 for that tax year (“Minimum Annual Payment”), which shall continue in effect for each year thereafter through the duration of Increment District No. 5 (“Minimum Annual Payment Period”).

Minimum Annual Payment. Commencing on the earlier of (i) December 31, 2029 or (ii) the year following the year in which NTIFA files a Certificate of Completion for the Anchor Project (both as defined in the EDA), the Anchor Property shall be subject to a minimum annual ad valorem payment (whether classified, in whole or in part, as a tax payment or an in lieu of payment) obligation in the amount of not less than the amount calculated by multiplying Tentative $290,000,000.00 (or, if individual components are not assessed, $263,000,000.00 for the arena component of the Anchor Project or $27,000,000.00 for the parking garage component of the Anchor Project, individually) by an assessment ratio of 12%, then increasing the resulting product by 1.5% for every 12 month period that has passed since NTIFA issued a Certificate of Completion for the Anchor Project, and then multiplying that resulting product by the annual ad valorem tax levy millage rate in effect within TIF 5 for that tax year (“Minimum Annual Payment”), which shall continue in effect for each year thereafter through the duration of Increment District No. 5 (“Minimum Annual Payment Period”).