PILOT Payment Sample Clauses
The PILOT Payment clause establishes the obligation for a party, typically a property owner or developer, to make "Payments In Lieu Of Taxes" (PILOT) to a governmental authority. Instead of paying traditional property taxes, the party agrees to pay a predetermined amount or follow a specific formula for payments, often as part of an economic development agreement or when property is tax-exempt. This arrangement ensures that the local government receives revenue to support public services, even when the property would otherwise not generate tax income, thereby balancing public funding needs with development incentives.
PILOT Payment. (i) From and after the first PILOT payment period after the first of the earlier of January 1 or July 1 to occur after the Lease Assignment Date, PILOT shall be payable in advance, in equal semi-annual installments, on or prior to January 1 and July 1 of each and every Lease Year. Upon the Expiration Date or earlier termination of this Lease, Landlord shall repay or provide an appropriate credit for any prepaid PILOT in respect of the period after such Expiration Date or earlier termination of this Lease.
(ii) Except as qualified by the immediately following sentence, for so long as any portion of Landlord’s obligation to reimburse Excess Site Acquisition Costs (Allocated) to Tenant shall remain owing and unpaid, Tenant’s payment of PILOT shall be in the form of (x) a credit against eighty-five percent (85%) of the PILOT then due and payable pursuant to Section 3.1 hereof, in reimbursement of the Excess Site Acquisition Costs (Allocated) and (y) a payment of the remaining fifteen percent (15%) as otherwise required in accordance with the provisions of this Lease. The offset described in the immediately preceding sentence is available to Tenant if, and only if: (A) no Event of Default has occurred and is continuing hereunder (but such right shall be immediately reinstated, on a prospective basis only, upon Tenant’s curing of such Event of Default); (B) the PILOT payment required by this Section 3.1 is made in a timely manner; and (C) notice is provided to Landlord with each payment of PILOT setting forth the outstanding balance of the unreimbursed Excess Site Acquisition Costs (Allocated), such notice to be substantially in the form set forth in Exhibit H attached hereto. If such conditions are not fulfilled, then Tenant shall pay 100% of the PILOT then due and payable and the provisions of Section 3.04 of the Site 8 South LADA shall apply to Landlord’s obligation to reimburse the Excess Site Acquisition Costs (Allocated).
PILOT Payment. (a) If PILOT Charges for any PILOT Year (or portion thereof), including the PILOT Year in which any Commencement Date occurs, shall exceed the Base PILOT Amount, Tenant shall pay to Landlord a sum (“Tenant’s PILOT Payment”) equal to Tenant’s Proportionate Tax Share of the amount by which PILOT Charges payable for or allocable to such PILOT Year (the first and last of such payments to be prorated in accordance with Section 4.07(b)) are greater than the Base PILOT Amount.
(b) Landlord may furnish Tenant, prior to the commencement of each PILOT Year, with a written statement (a “PILOT Statement”) setting forth Landlord’s reasonable estimate of Tenant’s PILOT Payment for such PILOT Year. Tenant shall pay to Landlord on each Payment Date during such PILOT Year, an amount equal to 1/12th of Landlord’s estimate of Tenant’s PILOT Payment for such PILOT Year. If Landlord has not furnished Tenant with a PILOT Statement for a particular PILOT Year or if Landlord shall furnish any such estimate for a PILOT Year subsequent to the commencement thereof, then (i) until the first Payment Date following the date on which a PILOT Statement is furnished for such PILOT Year to Tenant, Tenant shall pay to Landlord on each Payment Date an amount equal to the monthly installment payable by Tenant to Landlord under
PILOT Payment. (a) Commencing on the Rent Commencement Date, if PILOT Charges for any PILOT Year (or portion thereof) shall exceed the Base PILOT Amount, Tenant shall pay to Landlord a sum (“Tenant’s PILOT Payment”) equal to Tenant’s PILOT Share of the amount by which PILOT Charges payable for such PILOT Year (the first and last of such payments to be prorated in accordance with Section 4.07(b)) are greater than the Base PILOT Amount.
PILOT Payment. The PILOT Payment shall be determined as provided in Addendum B (PILOT Payment Determination) of this agreement. ▇▇▇▇ shall determine the payment amount by considering costs for providing the listed services and prorating that cost over the number of units in the community. Review of these costs will be done regularly (at least annually) by ▇▇▇▇ and the payment shall be subject to change over the term of the Agreement based on changing costs or distribution.
PILOT Payment. In tax years in which the Exhibit A Property is tax- exempt, and no ad valorem taxes are paid, AFSA agrees to pay to the City a PILOT payment calculated by the formula contained in Exhibit C.
PILOT Payment. Landowner operates on a July 1 to June 30 fiscal year. On or before July 1 of each year of the term of this Agreement, the Landowner shall annually make a contribution to the Taxing Authorities equal to $663,922.78, the total PILOT Payment set forth in Exhibit “B” attached to this Agreement (“PILOT Payment”). For fiscal year 2015 to 2016, the total PILOT Payment will be calculated as set forth in Exhibit B. For the period of January 1 through June 30, 2015, Landowner will make a “short year” contribution at the time of execution of this Agreement in the amount of $331,961.39. All payments under this Agreement shall be remitted to the Lower ▇▇▇▇▇▇ Township tax collector for the Property for the most recently completed fiscal year, which will be divided among the Taxing Authorities in proportion to their respective millage rates applicable during the tax year. The annual contribution of the PILOT Payment by Landowner to the Taxing Authorities shall be appropriately adjusted by the Taxing Authorities based on any addition, construction or other improvement to the Property by Landowner or County-wide reassessment of the Property. Should Landowner institute a tax assessment appeal proceeding during the Term or any extended term of this Agreement, Landowner shall remain obligated to make the total PILOT Payment when due. If Landowner should develop the vacant fifth floor of the Acute Care Hospital and occupy it for exempt hospital purposes, that floor will revert to exempt status and the PILOT payment will be adjusted accordingly.