Common use of Property Tax Payment Certification Clause in Contracts

Property Tax Payment Certification. Furthermore, the Developer agrees to certify to the City by no later than October 15 of each year, commencing October 15, 2016, an amount (the “Developer’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. In submitting each Developer’s Estimate, the Developer will complete and submit the worksheet attached hereto as Exhibit D. The City reserves the right to review and request revisions to each such Developer’s Estimate to ensure the accuracy of the figures submitted. For purposes of this Agreement, Incremental Property Tax Revenues are produced by multiplying the consolidated property tax levy (city, county, school, etc.) times the incremental taxable valuation of the Property, then subtracting debt service levies of all taxing jurisdictions, subtracting the school district instructional support and physical plant and equipment levies and subtracting any other levies which may be exempted from such calculation by action of the Iowa General Assembly. Upon request, the City staff shall provide reasonable assistance to the Developer in completing the worksheet required under this Section.

Property Tax Payment Certification. Furthermore, the Developer Company agrees to certify to the City by no later than October 15 of each year, commencing October 15, 20162015, an amount (the “DeveloperCompany’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. In submitting each Developerdetermining such Company’s Estimate, the Developer Company will complete and submit the worksheet attached hereto as Exhibit D. B. The City reserves the right to review and request revisions to each such DeveloperCompany’s Estimate to ensure the accuracy of the figures submitted. For purposes of this Agreement, Incremental Property Tax Revenues are produced by multiplying the consolidated property tax levy (city, county, school, etc.) times the incremental taxable valuation of the Property, then subtracting debt service levies of all taxing jurisdictions, subtracting the school district instructional support and physical plant and equipment levies and subtracting any other levies which may be exempted from such calculation by action of the Iowa General Assembly. Upon request, the City staff shall provide reasonable assistance to the Developer Company in completing formulating the worksheet annual estimates required under this SectionSection A.3.

Property Tax Payment Certification. Furthermore, the Developer Company agrees to certify to the City by no later than October 15 of each year, commencing October 15, 2016201 , an amount (the “DeveloperCompany’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 Property relative to new value added as a result of the Propertyproperty tax assessment of the Project (which amount shall not be less than the Minimum Assessed Valuation). In submitting each Developer’s Estimate, the Developer will complete and submit the worksheet attached hereto as Exhibit D. The City reserves the right to review and request revisions to each such DeveloperCompany’s Estimate to ensure the accuracy of the figures submitted. For purposes of this Agreement, Incremental Property Tax Revenues are produced by multiplying the consolidated property tax levy (city, county, school, etc.) times the incremental taxable valuation of the Property, then subtracting debt service levies of all taxing jurisdictions, subtracting the school district instructional support and physical plant and equipment levies and subtracting any other levies which may be exempted from such calculation by action of the Iowa General Assembly. Upon request, the City staff shall provide reasonable assistance to the Developer Company in completing formulating the worksheet annual estimates required under this SectionSection A.5.