Property Tax Exemption. To the extent the property tax exemption provisions of section 214 of the Revenue and Taxation Code are applicable to the Borrower and the Development, Borrower shall take all actions necessary to qualify the Development for the maximum exemption from property taxes available pursuant to said section 214 of the Revenue and Taxation Code. Such actions may include, but are not limited to the following:
a. Modify, add to or delete from the articles of incorporation, bylaws or other organizational documents of Borrower or of the managing general partner of Xxxxxxxx;
b. Apply for nonprofit, tax-exempt status to the appropriate state or federal agency;
c. Provide the certifications and assurances required by section 214 of the Revenue and Taxation Code; and
d. Comply with the procedures and requirements imposed by local government agencies as a condition of receiving the property tax exemption.
Property Tax Exemption. Subject to Council approval being obtained, the City shall exempt the Project from taxation for municipal and school purposes for a term of XX years;
Property Tax Exemption. Borrower shall not apply for a property tax exemption for the Property under any provision of law except California Revenue and Taxation Section 214(g) without the prior written consent of the County.
Property Tax Exemption. The Borrower covenants to timely apply and re-apply for, and pursue, property tax-exemption for all qualifying spaces in the Project.
Property Tax Exemption. Unless expressly waived in writing by the Department, Sponsor shall provide evidence of eligibility for property tax exemption for the Development and a copy of the tax exemption application to the local tax assessor(s).
Property Tax Exemption. The City and the Company expect that while the Project is owned by the City and is subject to this Lease, the Project will be exempt from all ad valorem real and personal property taxes by reason of such ownership, and the City agrees that it will (at the expense of the Company) cooperate with the Company to defend such exemption against all parties. The City and the Company further acknowledge and agree that the City’s obligations hereunder are contingent upon the Company making the payments due under and otherwise complying with the terms of the Performance Agreement during the term of this Lease. The terms and conditions of the Performance Agreement are incorporated herein as if fully set forth herein.
Property Tax Exemption. Xxxxxx agrees to cooperate with University and do all acts reasonably necessary and appropriate to secure and maintain tax exemption of the property leased hereunder pursuant to Article 13, section 3 of the California Constitution. Xxxxxx agrees to apply the amount of any reduction of tax resulting from such exemption as a credit against rental payments otherwise due by University to Lessor hereunder.
Property Tax Exemption. So long as the City owns the Project, the Project will be exempt from all ad valorem taxes assessed by all state and local governments and taxing districts (collectively “Property Taxes”) on real and personal property (the “Exemption”).
Property Tax Exemption. Grantee may not apply for a property tax exemption for the property under any provision of law except California Revenue and Taxation Section 214(g) or Section 214(h), without the prior written consent of the County.
Property Tax Exemption. So long as the County owns title to the Leased Property, the County expects that the Leased Property will be exempt from ad valorem taxes on real property. The first year of the exemption period shall begin on January 1, 2017. Notwithstanding any other provision of this Agreement to the contrary, the last year of such exemption period shall be 2028. The Company covenants and agrees that, during each year the Leased Property is exempt from ad valorem taxes by reason of the County owning title, the Company will make annual payments in lieu of taxes to the County (each such payment, a “PILOT Payment”) as described in this Article III relating to the Project. The County and the Company hereby agree that the tax abatement provided by this Agreement shall only apply to the Project Site and the Project Improvements financed with the proceeds of the Bonds (i.e., property constituting a part of the Project) and shall not apply to property not financed with proceeds of the Bonds.
