Municipal Revenue Obligation Sample Clauses

Municipal Revenue Obligation. Following the completion of construction and the issuance of an occupancy permit for the Project, and within forty-five (45) days after submittal of a written request for issuance of the Municipal Revenue Obligation, the Village shall issue a Municipal Revenue Obligation to Developer. The Village shall only be obligated to make payments under the Municipal Revenue Obligation to the extent that the Project generates sufficient Excess Tax Increment to make installment payments. The Municipal Revenue Obligation shall be in the form attached hereto as Attachment C. The Village’s obligations under this Section shall be subject to the following terms and conditions:
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Municipal Revenue Obligation. Pursuant to the terms of this Agreement, the City agrees to issue to Developer, within ninety (90) calendar days after the City’s receipt of the Commencement Notice, a non-interest bearing municipal revenue obligation (the “MRO”). The amount paid under the MRO shall equal the lesser of: (a) Three Hundred Fifty Thousand Dollars ($350,000.00), and (b) the sum of all payments made by the City on the MRO during the life of the District but in no event after the Final Payment Date (as defined below).
Sample 1
Municipal Revenue Obligation. Pursuant to the terms of this Agreement, the City agrees to issue to Developer and Seller, within sixty (60) calendar days after the City’s receipt the Commencement Notice, a non-interest bearing municipal revenue obligation (the “MRO”). The amount of the MRO shall equal the lesser of: (a) twenty percent (20%) of the Available Tax Increment generated on the Apartment Parcel and all other Spirit Lake Development Parcels during the life of the District, and (b) Four Million Nine Hundred Fifty Thousand Dollars ($4,950,000.00) with up to Four Million Dollars ($4,000,000.00) payable to Developer and up to Nine Hundred Fifty Thousand Dollars ($950,000.00) payable to Seller.
Sample 1
Municipal Revenue Obligation. Following the completion of and the issuance of an occupancy permit for the Project, and within forty-five (45) days after submittal of the written request for issuance of the Municipal Revenue Obligation, the Village shall issue a Municipal Revenue Obligation to Developer, in the principal amount up to Seven Hundred Six Thousand, Six Hundred Seventy Dollars ($706,670), and only to the extent that the Project generates sufficient Excess Tax Increment to make installment payments, in the form attached hereto as Attachment C, under the following terms and conditions:
Sample 1
Municipal Revenue Obligation. Following the completion of the Site Grading, Developer may provide to the City a written request for issuance of a Municipal Revenue Obligation, which request shall include Developer's certification of the cost of the Site Grading and documentation of Developer's payments to contractors for the Site Grading work. Within forty-five days after submittal of a complete written request for issuance of the Municipal Revenue Obligation with the required certification and documentation, the City shall issue a Municipal Revenue Obligation to Developer, in the principal amount of the lesser of (1) the cost of the Site Grading work or (2) Five Hundred Fifty Thousand Dollars ($550,000), in the form attached hereto as Attachment E, under the following terms and conditions:
Sample 1
Municipal Revenue Obligation. An annual payment from the Village to Developer in an amount equal to Excess Tax Increment paid by Developer from the execution of the Agreement to the TID Closure Date up to $300,000.00, and payable solely from Excess Tax Increment.
Sample 1

Related to Municipal Revenue Obligation

  • Real Estate Taxes All taxes and installments for special assessments will be prorated for the calendar year based on taxes levied. If taxes have not been levied, then they will be prorated based upon taxes for the previous year, adjusted for the most recent mill levy, if known.

  • Local Church’s Payment Obligations At Closing or otherwise prior to or on the Disaffiliation Date, Local Church shall pay to the Annual Conference, in a manner specified by Annual Conference, the following:

  • State Sales and Use Taxes The Owner qualifies for exemption from certain State and Local Sales and Use Taxes pursuant to the provisions of Tex. Tax Code, Chapter 151. The Contractor may claim exemption from payment of applicable State taxes by complying with such procedures as prescribed by the State Comptroller of Public Accounts. Contractor shall not be entitled to reimbursement for taxes paid on items that are exempt from taxation.

  • Real Property Taxes Taxes, assessments and charges now or hereafter levied or assessed upon, or with respect to, the Project, or any personal property of Landlord used in the operation thereof or located therein, or Landlord's interest in the Project or such personal property, by any federal, state or local entity, including: (i) all real property taxes and general and special assessments; (ii) charges, fees or assessments for transit, housing, day care, open space, art, police, fire or other governmental services or benefits to the Project, including assessments, taxes, fees, levies and charges imposed by governmental agencies for such purposes as street, sidewalk, road, utility construction and maintenance, refuse removal and for other governmental services; (iii) service payments in lieu of taxes; (iv) any tax, fee or excise on the use or occupancy of any part of the Project, or on rent for space in the Project; (v) any other tax, fee or excise, however described, that may be levied or assessed as a substitute for, or as an addition to, in whole or in part, any other Real Property Taxes; and (vi) reasonable consultants' and attorneys' fees and expenses incurred in connection with proceedings to contest, determine or reduce Real Property Taxes. Real Property Taxes do not include: (A) franchise, transfer, inheritance or capital stock taxes, or income taxes measured by the net income of Landlord from all sources, unless any such taxes are levied or assessed against Landlord as a substitute for, in whole or in part, any Real Property Tax; (B) Impositions and all similar amounts payable by tenants of the Project under their leases; and (C) penalties, fines, interest or charges due for late payment of Real Property Taxes by Landlord. If any Real Property Taxes are payable, or may at the option of the taxpayer be paid, in installments, such Real Property Taxes shall, together with any interest that would otherwise be payable with such installment, be deemed to have been paid in installments, amortized over the maximum time period allowed by applicable law. If the tax statement from a taxing authority does not allocate Real Property Taxes to the Building, Landlord shall make the determination of the proper allocation of such Real Property Taxes based, to the extent possible, upon records of the taxing authority and, if not so available, then on an equitable basis. Real Property Taxes also do not include any increases in the taxes, assessments, charges, excises and levies assessed against the Project due solely to the construction or installation of tenant improvements or other alterations by tenants of the Project other than Tenant and any other tenants or occupants of the Building; provided, however, that if any Real Property Taxes are imposed or increased due to the construction or installation of tenant improvements or other alterations in the Building, such Real Property Taxes shall be equitably prorated in Landlord's reasonable judgment between Tenant and any other tenants of the Building.

  • State Interest Liabilities 8.6.1 The State shall be liable for interest on Federal funds from the date Federal funds are credited to a State account until the date those funds are paid out for program purposes.

  • REAL PROPERTY GAINS TAX a) Pursuant to the provision of the Real Property Gains Tax Act, 1976 (hereinafter referred to as “the said Act”) and for the purpose of this sale, the Purchaser shall deduct a sum of equivalent to 3% of the Purchase Price and shall pay the said 3% of the Purchase Price to the Director General of Inland Revenue Malaysia within sixty (60) days from the date of disposal of the Property.

  • Basic Obligations (1) The Authority shall carry out international search and international preliminary examination in accordance with, and perform such other functions of an International Searching Authority and International Preliminary Examining Authority as are provided under, the Treaty, the Regulations, the Administrative Instructions and this Agreement.

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