Payments in Lieu of Taxes. (a) In accordance with the provisions of Section 12-44-50 of the Act, during the Term of this Agreement the Company shall make with respect to the applicable portions of the Project annual FILOT Payments in the amounts set forth in this Section at the times and places, and in the same manner and subject to the same penalty assessments as prescribed by the County or the Department for ad valorem taxes. Such annual payments shall be made on or before each January 15 of each year during the term of this Agreement, commencing January 15 of the year following the year immediately after the year in which any Project Increment is first placed in service. Subject to the provisions of the Act, each annual FILOT Payment shall be equal to the Project Increment Payment with respect to each Project Increment, including, subject to the provisions of the Act, Replacement Property for the Project originally included in such Project Increment, calculated as set forth in Section 5.02(b) hereof, for each of twenty (20) consecutive years (except to the extent that any portion of such Project Increment ceases to qualify for a negotiated fee in lieu of taxes under the Act) commencing with the year following the year in which the respective Project Increments are placed in service.
(b) Each Project Increment Payment shall be in an amount not less than the ad valorem taxes that would be due with respect to the applicable Project Increment if the same were taxable, but, to the extent such Project Increment constitutes Economic Development Property, using the following formula: each such Project Increment Payment shall be in an amount equal to the product which would result from multiplying the Project Millage Rate by an assessment ratio of six and one-half percent (6.5%) of the fair market value of the portion of the Project included within such Project Increment. Such fair market value shall be that determined by the Department on the basis provided in Section 12-44-50(A) of the Act, and shall, subject to the provisions of the Act, include all Replacement Property and deductions for depreciation or diminution in value allowed by the Act or by the tax laws generally, and shall be subject to any reductions provided herein under Sections 5.01 and 6.01 hereof, and includes all applicable ad valorem tax exemptions except the exemption allowed pursuant to Section 3(g) of Article X of the South Carolina Constitution and the exemptions allowed pursuant to Section 12-37-220(B) (32) and (3...
Payments in Lieu of Taxes. Mobile Home Privilege Tax Payments from Local Housing Authority Corporate Personal Property Replacement Taxes13 Other Payments in Lieu of Taxes (Xxxxxxxx & Itemize) Regular Tuition from Pupils or Parents (In State) Regular Tuition from Other Districts (In State) Regular Tuition from Other Sources (In State) Regular Tuition from Other Sources (Out of State) Summer School Tuition from Pupils or Parents (In State) Summer School Tuition from Other Districts (In State) Summer School Tuition from Other Sources (In State) Summer School Tuition from Other Sources (Out of State) CTE Tuition from Pupils or Parents (In State) CTE Tuition from Other Districts (In State) CTE Tuition from Other Sources (In State) CTE Tuition from Other Sources (Out of State) Special Education Tuition from Pupils or Parents (In State) Special Education Tuition from Other Districts (In State) Special Education Tuition from Other Sources (In State) Special Education Tuition from Other Sources (Out of State) Adult Tuition from Pupils or Parents (In State) Adult Tuition from Other Districts (In State) Adult Tuition from Other Sources (In State) Adult Tuition from Other Sources (Out of State) Regular Transportation Fees from Pupils or Parents (In State) Regular Transportation Fees from Other Districts (In State) Regular Transportation Fees from Other Sources (In State) Regular Transportation Fees from Co-curricular Activities (In State) Regular Transportation Fees from Other Sources (Out of State) Summer School Transportation Fees from Pupils or Parents (In State) Summer School Transportation Fees from Other Districts (In State) Summer School Transportation Fees from Other Sources (In State) Summer School Transportation Fees from Other Sources (Out of State) CTE Transportation Fees from Pupils or Parents (In State) CTE Transportation Fees from Other Districts (In State) CTE Transportation Fees from Other Sources (In State) CTE Transportation Fees from Other Sources (Out of State) Special Education Transportation Fees from Pupils or Parents (In State) 1140 1150 1160 1170 1190 1210 1220 1230 1290 1311 1312 1313 1314 1321 1322 1323 1324 1331 1332 1333 1334 1341 1342 1343 1344 1351 1352 1353 1354 1411 1412 1413 1415 1416 1421 1422 1423 1424 1431 1432 1433 1434 1441 0 0 0 Description: Enter Whole Numbers Only Acct # (10) (20) (30) (40) (50) (60) (70) (80) (90) Special Education Transportation Fees from Other Districts (In State) 1442 Special Education Transportation Fees from Other Sources (In Sta...
Payments in Lieu of Taxes. A. Tax Increment Financing was established for the Redevelopment Area by Ordinance No. 9694 on November 17, 2008. Therefore, the real property located therein is subject to assessment for annual Payments in Lieu of Taxes. Payments in Lieu of Taxes shall be due November 30 of each year in which said amount is required to be paid and will be considered delinquent if not paid by December 31 of each such year or as otherwise determined by applicable law. The obligation to make said Payments in Lieu of Taxes shall be a covenant running with the land and shall create a lien in favor of City on each such tax parcel as constituted from time to time.
B. If the Company is required to pay Payments in Lieu of Taxes as to the property the Company owns within the Redevelopment Project Area, then failure to pay Payments in Lieu of Taxes shall constitute a default by the owner of such property subject to the provisions of Section 34, and shall entitle City, the County Collector or any other government official or body charged with the collection of any such sums (any one or more of such persons hereinafter individually or collectively referred to as the "Collection Commission") to proceed against such property and/or the owner thereof as in other delinquent property tax cases or otherwise as permitted at law or in equity, and, if applicable, such failure shall entitle the Collection Commission to seek all other legal and equitable remedies it may have to ensure the timely payment of all such sums or of the principal of and interest on any outstanding Obligations secured by such payments; provided, however, that the failure of any property in any of the Redevelopment Project Area to yield sufficient Payments in Lieu of Taxes because the increase in the current equalized assessed value of such property is or was not as great as expected, shall not constitute a breach or default. In the event the Collection Commission seeks the remedies authorized in this Section, the costs incurred shall be deemed Administrative Costs of the City reimbursable pursuant to Section 42.
C. Notwithstanding anything to the contrary, herein, the lien on property within any of the Redevelopment Project Area shall be deemed subordinate to the lot lines, utility easements and other similar matters granted to City or any public utility for public facilities or utilities or connection(s) thereto.
Payments in Lieu of Taxes. The parties acknowledge that under Article I, Section 3 of the South Carolina Constitution, the Project is exempt from ad valorem property taxes assuming a Fee Agreement is signed. However, the Company shall be required to make the Payments-in-Lieu-of-Taxes with respect to the Project as provided in this Section 5.1. In accordance with the Act, and unless this Fee Agreement is sooner terminated, the Company shall make annual Payments-in-Lieu-of-Taxes with respect to the Project, said payments being due and payable and subject to penalty assessments in the manner prescribed by the Act. Such amounts shall be calculated and payable as follows:
(a) The Company has agreed to make annual Payments-in-Lieu-of-Taxes with respect to the Project in an amount equal to the property taxes that would be due with respect to such property, if it were taxable, but using an assessment ratio of 6 % and a millage rate of 350.647. Subject in all events to the provisions of the Act, the fair market value estimate determined by the DOR will be as follows:
(i) for real property (although no real property investment is anticipated at the Project), using the original income tax basis for South Carolina income tax purposes without regard to depreciation; provided, however, if real property is constructed for the fee or is purchased in an arm’s length transaction, fair market value equals the original income tax basis; otherwise, the DOR will determine fair market value by appraisal; and
(ii) for personal property, using the original income tax basis for South Carolina income tax purposes less depreciation allowable for property tax purposes, except that the Company is not entitled to extraordinary obsolescence.
(b) The Payments-in-Lieu-of-Taxes must be made on the basis that the Project property, if it were otherwise subject to ad valorem property taxes, would be subject to no other tax exemptions, including, but not limited to the exemptions allowed under Section 3(g) of Article X of the South Carolina Constitution and Section 12-37-220(B)(32) and (34) of the Code of Laws of South Carolina, as amended.
(c) The Company shall make Payments-in-Lieu-of-Taxes for each year during the term hereof beginning with the tax year following the year property is first placed in service. The Payments-in-Lieu-of-Taxes shall be made to the County Treasurer on the due dates which would otherwise be applicable for ad valorem property taxes for the Project, with the first payment being due on the first...
Payments in Lieu of Taxes. Special Source Revenue Credit. 7
Payments in Lieu of Taxes. (a) Because ownership of the Project Site will be transferred to the County in 2017, the real property would not be subject to ad valorem taxation for 2017 and 2018, and, therefore, the Company is required to make a PILOT payment equal to 100% of the taxes that would otherwise be due for years 2017 and 2018. The County acknowledges that the Project Improvements will be made by the Company in calendar years 2017 and 2018 and agrees that the Company shall receive 10 years of 50% ad valorem real property tax abatement beginning in 2019. In addition to the 100% PILOT payment for years 2017 and 2018, the Company covenants and agrees to make PILOT Payments to the County on or before each December 31, commencing December 31, 2019, in an amount equal to the applicable percentage shown below times the amount of ad valorem real property taxes which would otherwise be due with respect to the Project Improvements: Warehouse, Distribution, and Office Building Real Property 2019 – 2028 2018 and 2029 and thereafter
(b) The Developer shall exercise its option pursuant to Section 11.4 of the Lease to purchase the Project no later than December 31, 2028. If title to the Project or the applicable portion thereof as described in the preceding sentence has not been transferred by the County to the Developer before December 31, 2028, then on December 31, 2029, and each year thereafter until title to the Project or the applicable portion thereof as described in the preceding sentence is transferred to the Developer, the Company shall pay to the County a PILOT Payment equal to 100% of the amount that would otherwise be payable to each taxing jurisdiction but for the County’s ownership thereof.
(c) The County Assessor will, until this Agreement is terminated, determine an assessed valuation with respect to the Project in accordance with Article X, Section 4(b) of the Missouri Constitution and Section 137.115 of the Revised Statutes of Missouri, as amended, as if title to the Project were in the name of the Company or an Affiliate and not the County. Such assessment shall be performed as of January 1 of each year. To facilitate the assessment, the Company agrees to provide to the County Assessor each year, by the same date on which property declarations are required by law to be made, a report that includes the following information:
(1) a list of the Project Improvements completed during the calendar year; and
(2) such other information as the County Assessor may reasonably requir...
Payments in Lieu of Taxes. Negotiated Payments 11 Section 4.2 Certain Payment Adjustments 15 Section 4.3 Payments in Lieu of Taxes on Replacement Property 16
Payments in Lieu of Taxes. PILOT revenues pledged by the CAB Districts to the CAB pursuant to a pledge agreement or pledge agreements shall be collected by the CAB and applied as set forth under such pledge agreements to the repayment of the obligations secured under the pledge agreements.
Payments in Lieu of Taxes. (A) It is recognized that, under the provisions of the Act, the Issuer is required to pay no taxes or assessments upon any of the property acquired by it or under its jurisdiction, control or supervision or upon its activities. It is not the intention, however, of the parties hereto that the Project Facility be treated as exempt from real property taxation. Accordingly, the parties acknowledge that a Payment In Lieu of Tax Agreement (the "PILOT Agreement") has been executed with respect to the Project Facility. Until the expiration date of the PILOT Agreement, the Issuer and the Company hereby agree that the Company (or any subsequent user of the Project Facility under this Installment Sale Agreement) shall be required to make or cause to be made payments in lieu of real estate taxes in the amounts and in the manner set forth in the PILOT Agreement.
(B) In the event that (1) the Project Facility would be subject to real property taxation if owned by the Company but shall be deemed exempt from real property taxation due to the involvement of the Issuer therewith, and (2) the PILOT Agreement shall not have been entered into by the Issuer and the Company, or, if entered into, the PILOT Agreement shall for any reason no longer be in effect, the Issuer and the Company hereby agree that the Company, or any subsequent user of the Project Facility under this Installment Sale Agreement, shall in such event be required to make or cause to be made payments in lieu of taxes to the school district or school districts, city, town, county, village and other political units wherein the Project Facility is located having taxing powers (such political units are hereinafter collectively referred to as the "Taxing Entities") in such amounts as would result from taxes being levied on the Project Facility by the Taxing Entities if the Project Facility were privately owned by the Company and not deemed owned by or under the jurisdiction, control or supervision of the Issuer, but with appropriate reductions similar to the real property tax exemptions and credits, if any, which would be afforded to the Company if it were the owner of the Project Facility. It is agreed that the Company, in cooperation with the Issuer, (a) shall cause the Project Facility to be valued for purposes of determining the amounts due hereunder as if owned by the Company as aforesaid by the appropriate officer or officers of any of the Taxing Entities as may from time to time be charged with responsibility...
Payments in Lieu of Taxes. (a) In accordance with the Act, the parties hereby agree that, during the Term of the Agreement, the Company shall pay with respect to the Project annually a fee in lieu of taxes (a “FILOT”) in the amount calculated as set forth in paragraph (b) below, on or before January 15 of the year following the first calendar year after the close of the accounting period regularly employed by the Company for income tax purposes and in which accounting period a portion of the Project was first placed in service, and at the places, in the manner, and subject to the penalty assessments prescribed by the County or the Department of Revenue for ad valorem taxes.
(b) The FILOT Payment due with respect to each property tax year shall equal the sum of (i) with respect to any portion of the Project consisting of undeveloped land or Non- Economic Development Property, a payment equal to the taxes that would otherwise be due on such undeveloped land or Non-Economic Development Property were it taxable; (ii) with respect to those portions of the Project (other than undeveloped land and Non-Economic Development Property) placed in service during the Investment Period, for each of the 20 consecutive years following the year in which such portion of the Project is placed in service, a Negotiated Filot Payment calculated each year as set forth in paragraphs (c) through (e) below; and (iii) with respect to increments of the Project constituting Economic Development Property after such 20- year period, a payment equal to the ad valorem taxes that would otherwise be due on such property were it taxable, with appropriate reductions with respect to the property described in clauses (i) and (ii) above, similar to the tax exemption, if any, which would be afforded to the Company if ad valorem taxes were paid, only to the extent permitted by the Act for Economic Development Property. For the purposes of clause (ii) above, there shall be excluded any Released Property and any other portion of the Project which ceases to qualify for a FILOT hereunder or under the Act.
(i) So long as the Company invests at least Forty-Five Million Dollars ($45,000,000) in the Project in excess of the cost of the acquisition of the Existing Property before the end of the Investment Period, the Existing Property shall be included in the Project and subject to the FILOT. In the event that the Corporation fails to invest at least Forty-Five Million Dollars ($45,000,000) in the Project in excess of the cost of the...
