Common use of Property Tax Exemption Clause in Contracts

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 from First Occupancy;

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 from First Occupancyninety-nine (99) years;

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 the duration of XX years from First Occupancythe Affordability Period (the "Tax Exemption"). The Tax Exemption cannot be implemented until the City has received all the information and documentation set out in 4.3, as well as further information and documentation as it may reasonably require in order to provide the Municipal Property Assessment Corporation with the information it requires;