Common use of Property Tax Payment Certification Clause in Contracts

Property Tax Payment Certification. Furthermore, the Company agrees to certify to the City by no later than October 15 of each year, commencing October 15, 2019, an amount (the “Company’s Estimate”) equal to the estimated Incremental Property Tax Revenues anticipated to be paid in the fiscal year immediately following such certification with respect to the taxable valuation of the Property factored by the Annual Percentage (as hereinafter defined). In submitting each such Company’s estimate, the Company will complete and submit the worksheet attached hereto as Exhibit C. The City reserves the right to review and request revisions to each such Company’s Estimate to ensure the accuracy of the figures submitted. For purposes of this Agreement, Incremental Property Tax Revenues are calculated by: (1) determining the consolidated property tax levy (city, county, school, etc.) then in effect with respect to taxation of the Property; (2) subtracting (a) the debt service levies of all taxing jurisdictions, (b) the school district instructional support and physical plant and equipment levies and (c) any other levies which may be exempted from such calculation by action of the Iowa General Assembly; (3) multiplying the resulting modified consolidated levy rate times any incremental growth in the taxable valuation of the Property, as shown on the property tax rolls of Delaware County, above and beyond the Base Valuation; and (4) deducting any property tax credits which shall be available with respect to the incremental valuation of the Property. Upon request, the City staff shall provide reasonable assistance to the Company in completing the worksheet required under this Section A.4.

Property Tax Payment Certification. Furthermore, the Company agrees to certify to the City by no later than October 15 of each year, year during the Term (as hereinafter defined) commencing October 15, 20192021, an amount (the “Company’s Estimate”) equal to eighty-five percent (85%) (the “Annual Percentage”) of the estimated Incremental Property Tax Revenues anticipated to be paid in the fiscal year immediately following such certification with respect to the taxable valuation of the Property factored by the Annual Percentage (as hereinafter defined)Property. In submitting each such Company’s estimateEstimate, the Company will complete and submit the worksheet attached hereto as Exhibit C. B. The City reserves the right to review and request revisions to each such Companythe Developer’s Estimate to ensure the accuracy of the figures submitted. Any disagreement with regard to the calculations used to arrive at the Developer’s Estimate, and/or the final estimate itself, that cannot be resolved by the Parties, shall be decided by and in the sole discretion of the City. The City will provide reasonable assistance to the Developer in the completion of this worksheet upon request. For purposes of this Agreement, Incremental Property Tax Revenues are calculated by: (1) determining the consolidated property tax levy (city, county, school, etc.) then in effect with respect to taxation of the Property; (2) subtracting (a) the debt service levies of all taxing jurisdictions, (b) the school district instructional support and physical plant and equipment levies levies, and (c) any other levies which may be exempted from such calculation by action of the Iowa General Assembly; (3) multiplying the resulting modified consolidated levy rate times any incremental growth in the taxable valuation of the Property, as shown on the property tax rolls of Delaware Dubuque County, above and beyond the Base Valuation; and (4) deducting any property tax credits which shall be available with respect to the taxable incremental valuation of the Property. Upon request, the City staff shall provide reasonable assistance to the Company in completing the worksheet required under this Section A.4.

Property Tax Payment Certification. Furthermore, the Company The Bank agrees to certify to the City by no later than October 15 of each yearyear during the Term, as hereinafter defined, commencing October 15, 20192020, an amount (the “CompanyBank’s Estimate”) equal to the estimated Incremental Property Tax Revenues anticipated to be paid in the fiscal year immediately following such certification with respect to the taxable valuation of the Property factored by fifty percent (50%) (the “Annual Percentage (as hereinafter definedPercentage”). In submitting each such CompanyBank’s estimateEstimate, the Company Bank will complete and submit the worksheet attached hereto as Exhibit C. The City reserves the right to review and request revisions to each such CompanyBank’s Estimate to ensure the accuracy of the figures submitted. For purposes of this Agreement, Incremental Property Tax Revenues are calculated by: (1) determining the consolidated property tax levy (city, county, school, etc.) then in effect with respect to taxation of the Property; (2) subtracting (a) the debt service levies of all taxing jurisdictions, (b) the school district instructional support and physical plant and equipment levies levies, and (c) any other levies which may be exempted from such calculation by action of the Iowa General Assembly; (3) multiplying the resulting modified consolidated levy rate times any incremental growth in the taxable valuation of the Property, as shown on the property tax rolls of Delaware County, above and beyond the Base Valuation; and (4) deducting any property tax credits which shall be available with respect to the taxable incremental valuation of the Property. Upon request, the City staff shall provide reasonable assistance to the Company Bank in completing the worksheet required under this Section A.4.

Property Tax Payment Certification. Furthermore, the Company Developer agrees to certify to the City by no later than October 15 of each yearyear during the Term, as hereinafter defined, commencing October 15, 20192018, an amount (the “CompanyDeveloper’s Estimate”) equal to ninety percent (90%) (the “Annual Percentage”) of the estimated Incremental Property Tax Revenues anticipated to be paid in the fiscal year immediately following such certification with respect to the taxable valuation of the Property factored by the Annual Percentage (as hereinafter defined)Property. In submitting each such CompanyDeveloper’s estimateEstimate, the Company Developer will complete and submit the worksheet attached hereto as Exhibit C. B. The City reserves the right to review and request revisions to each such CompanyDeveloper’s Estimate to ensure the accuracy of the figures submitted. For purposes of this Agreement, Incremental Property Tax Revenues are calculated by: (1) determining the consolidated property tax levy (city, county, school, etc.) then in effect with respect to taxation of the Property; (2) subtracting (a) the debt service levies of all taxing jurisdictions, (b) the school district instructional support and physical plant and equipment levies levies, and (c) any other levies which may be exempted from such calculation by action of the Iowa General Assembly; (3) multiplying the resulting modified consolidated levy rate times any incremental growth in the taxable valuation of the Property, as shown on the property tax rolls of Delaware Linn County, above and beyond the Base Valuation; and (4) deducting any property tax credits which shall be available with respect to the taxable incremental valuation of the Property. Upon request, the City staff shall provide reasonable assistance to the Company Developer in completing the worksheet required under this Section A.4A.5.

Property Tax Payment Certification. Furthermore, the Company Property Owner agrees to certify to the City by no later than October 15 of each yearyear during the Term, as hereinafter defined, commencing October 15, 20192020, an amount (the “CompanyProperty Owner’s Estimate”) equal to the estimated Incremental Property Tax Revenues anticipated to be paid in the fiscal year immediately following such certification with respect to the taxable valuation of the Property factored by the Annual Percentage (as hereinafter defined)Property. In submitting each such CompanyProperty Owner’s estimateEstimate, the Company Property Owner will complete and submit the worksheet attached hereto as Exhibit C. B. The City reserves the right to review and request revisions to each such CompanyProperty Owner’s Estimate to ensure the accuracy of the figures submitted. For purposes of this Agreement, Incremental Property Tax Revenues are calculated by: (1) determining the consolidated property tax levy (city, county, school, etc.) then in effect with respect to taxation of the Property; (2) subtracting (a) the debt service levies of all taxing jurisdictions, (b) the school district instructional support and physical plant and equipment levies levies, and (c) any other levies which may be exempted from such calculation by action of the Iowa General Assembly; (3) multiplying the resulting modified consolidated levy rate times any incremental growth in the taxable valuation of the Property, as shown on the property tax rolls of Delaware Muscatine County, above and beyond the Base Valuation; and (4) deducting any property tax credits which shall be available with respect to the taxable incremental valuation of the Property. Upon request, the City staff shall provide reasonable assistance to the Company Property Owner in completing the worksheet required under this Section A.4.

Property Tax Payment Certification. Furthermore, the Company agrees to certify to the City by no later than October 15 of each year, year during the Term (as hereinafter defined) commencing October 15, 20192021, an amount (the “Company’s Estimate”) equal to eighty-five percent (85%) (the “Annual Percentage”) of the estimated Incremental Property Tax Revenues anticipated to be paid in the fiscal year immediately following such certification with respect to that portion of the taxable valuation of the Property factored by tied to all commercial improvements, including site improvements associated therewith and excluding any consideration of the Annual Percentage (as hereinafter defined)Incremental Property Tax Revenues tied to the 2nd and 3rd floor residential improvements and site improvements associated therewith. In submitting each such Company’s estimateEstimate, the Company will complete and submit the worksheet attached hereto as Exhibit C. B. The City reserves the right to review and request revisions to each such Companythe Developer’s Estimate to ensure the accuracy of the figures submitted. Any disagreement with regard to the calculations used to arrive at the Developer’s Estimate, and/or the final estimate itself, that cannot be resolved by the Parties, shall be decided by and in the sole discretion of the City. The City will provide reasonable assistance to the Developer in the completion of this worksheet upon request. For purposes of this Agreement, Incremental Property Tax Revenues are calculated by: (1) determining the consolidated property tax levy (city, county, school, etc.) then in effect with respect to taxation of the Property; (2) subtracting (a) the debt service levies of all taxing jurisdictions, (b) the school district instructional support and physical plant and equipment levies levies, and (c) any other levies which may be exempted from such calculation by action of the Iowa General Assembly; (3) multiplying the resulting modified consolidated levy rate times any incremental growth in the taxable valuation of the PropertyProperty (tied to commercial improvements as noted above), as shown on the property tax rolls of Delaware Dubuque County, above and beyond the Base Valuation; and (4) deducting any property tax credits which shall be available with respect to the taxable incremental valuation of the Property. Upon request, the City staff shall provide reasonable assistance to the Company in completing the worksheet required under this Section A.4.