PILOT Payments for Forty (40) Year Ordinary Term Sample Clauses

PILOT Payments for Forty (40) Year Ordinary Term. The Ordinary Term begins on the Commercial Operations Date. Subject to possible adjustments under Section 5 below, annual PILOT payments to the Town for the forty (40) year Ordinary Term shall begin at the rate of Forty-Eight Thousand and 00/100 Dollars ($48,000.00) per year in the tax year that begins April 1 following the Commercial Operations Date. The rate for annual PILOT payments will increase 2% (two percent) cumulatively in each successive year of the Ordinary Term. MS’s payments to the Town in lieu of taxes during the Ordinary Term covered by this Section 4 will be as follows: 1 48,000.00 2 48,960.00 3 49,939.20 4 50,937.98 5 51,956.74 6 52,995.87 7 54,055.79 8 55,136.91 9 56,239.65 10 57,364.44 11 58,511.73 12 59,681.96 13 60,875.60 14 62,093.11 15 63,334.97 16 64,601.67 17 65,893.70 18 67,211.57 19 68,555.80 20 69,926.92 21 71,325.46 22 72,751.97 23 74,207.01 24 75,691.15 25 77,204.97 26 78,749.07 27 80,324.05 28 81,930.53 29 83,569.14 Year Payments in lieu of Taxes 30 85,240.52 31 86,945.33 32 88,684.24 33 90,457.92 34 92,267.08 35 94,112.42 36 95,994.67 37 97,914.56 38 99,872.85 39 101,870.31 40 103,907.72 5. Potential Adjustment of PILOT Payments.
Sample 1
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Related to PILOT Payments for Forty (40) Year Ordinary Term

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