Common use of Payment in Lieu of Taxes Clause in Contracts

Payment in Lieu of Taxes. The Lessee shall be responsible for the following payments or for payments in lieu of taxes (“PILOT”) during the use period in the event the Property is deemed exempt from ad valorem real estate taxes; in which case, Lessee will pay the City an annual PILOT in an amount initially equal to one hundred and six thousand two hundred and eighty-two and 52/100 ($106,282.52) per year. The PILOT will increase on each anniversary of the Lease Date at a rate equal to three percent (3%). If Lessee is required to pay ad valorem taxes on the Property, it shall not be required to pay the PILOT.

Payment in Lieu of Taxes. The Lessee shall be responsible for the following payments or for payments in lieu of taxes (“PILOT”) during the use period in the event the Property is deemed exempt from ad valorem real estate taxes; in which case, Lessee will pay the City an annual PILOT in an amount initially equal to one hundred and six thousand two hundred and eighty-two and 52/100 ($106,282.52) per the last year’s taxes due prior to the exempt status. The PILOT will increase on each anniversary of the Lease Date at a rate equal to three percent (3%). If Lessee is required to pay ad valorem taxes on the Property, it shall not be required to pay the PILOT.

Payment in Lieu of Taxes. The Lessee shall be responsible for the following payments or for payments in lieu of taxes (“PILOT”) during the use period in the event the Property is deemed exempt from ad valorem real estate taxes; , in which case, Lessee will pay the City an annual PILOT in an amount initially equal to one three hundred and six thousand two hundred and eightyseventy-two and 52/100 five dollars ($106,282.52375) per yearmonth. The PILOT will increase on each anniversary of the Lease Date at a rate equal to the greater of the CPI Adjustment or three percent (3%). If Lessee is required to pay ad valorem taxes on the Property, it shall not be required to pay the PILOT.

Payment in Lieu of Taxes. The Lessee shall be responsible for the following payments or for payments in lieu of taxes (“PILOT”) during the use period in the event the Property is deemed exempt from ad valorem real estate taxes; in which case, Lessee will pay the City an annual PILOT in an amount initially equal to one hundred and six thousand two hundred and eighty-two and 52/100 sixty cents ($106,282.52.60) per yearfoot, per boat slip. The PILOT will increase on each anniversary of the Lease Date at a rate equal to three percent (3%). If Lessee is required to pay ad valorem taxes on the Property, it shall not be required to pay the PILOT.