Common use of Real Property Tax Exemption Clause in Contracts

Real Property Tax Exemption. The City hereby grants a fifteen (15) year, 100% real property tax exemption pursuant to R.C. Section 3735.67 for the assessed value of each Building constructed at the Project Site, including, but not limited to, expansions of existing Buildings that increase the square footage of such Buildings. For each separately identifiable real property improvement, the exemption commences the first year such real property improvement would first be taxable were that property not hereby exempted from taxation. Unless subsequently extended by the City, no exemption shall commence after the earlier of (i) the tax year after the Completion Month, or (ii) tax year 2041 (i.e., tax lien date January 1, 2041). Unless subsequently extended by the City, no exemption shall extend beyond tax year 2055 (i.e., tax lien date January 1, 2055). Although exemption under this Agreement for any separately identifiable real property improvement lasts for only fifteen years at most, the real property exemption period for the Project as a whole may last more than fifteen years. The exemptions set forth in this Section shall apply irrespective of whether the real property is owned by an Owner, or, in accordance with Section 17 of this Agreement, Section 21 of this Agreement, or both Sections 17 and 21 of this Agreement, by another entity or other entities.

Real Property Tax Exemption. The City hereby grants a fifteen (15) year, 100% real property tax exemption pursuant to R.C. Section 3735.67 for the assessed value of each Building new structure constructed at the Project Site, including, but not limited to, expansions of existing Buildings structures that increase the square footage of such Buildingsstructures. For each separately identifiable real property improvement, the exemption commences the first year such real property improvement would first be taxable were that property not hereby exempted from taxation. Unless subsequently extended by the City, no exemption shall commence after the earlier of (i) the tax year after the Completion Month, or (ii) tax year 2041 2027 (i.e., tax lien date January 1, 20412027). Unless subsequently extended by the City, no exemption shall extend beyond tax year 2055 2041 (i.e., tax lien date January 1, 20552041). Although exemption under this Agreement for any separately identifiable real property improvement lasts for only fifteen years at most, the real property exemption period for the Project as a whole may last more than fifteen years. The exemptions set forth in this Section shall apply irrespective of whether the real property is owned by an OwnerOwnerCompany, or, in accordance with Section 17 of this Agreement, Section 21 of this Agreement, or both Sections 17 and 21 of this Agreement, by another entity or other entities.

Real Property Tax Exemption. The City Village hereby grants grants: (i) a fifteen (15) year, 100% real property tax exemption pursuant to R.C. Section 3735.67 for the assessed value of each new Building constructed at the Project SiteSite and (ii) a fifteen (15) year, including100% real property tax exemption pursuant to R.C. Section 3735.67 for the increase in assessed value after remodeling of any Building on the Project Site (each a “CRA Exemption” and collectively, but not limited to, expansions of existing Buildings that increase the square footage of such Buildings“CRA Exemptions”). For each separately identifiable real property improvement, the exemption commences the first year such real property improvement would first be taxable were that property not hereby exempted from taxation. Unless subsequently extended by the City, no No exemption shall commence after the earlier of (i) the tax year after the Completion Month, or (ii) tax year 2041 2036 (i.e., tax lien date January 1, 2041). Unless subsequently extended by the City, no exemption shall 2036) nor extend beyond tax year 2055 2050 (i.e., tax lien date January 1, 20552050). In addition, no exemption for remodeling of a particular building may extend beyond the fifteen (15) year exemption term for construction of that building. Although exemption under this Agreement for any separately identifiable real property improvement lasts for only fifteen (15) years at the most, the real property exemption period for the Project as a whole may last more than fifteen (15) years. The exemptions set forth in this Section section shall apply irrespective of whether the real property is owned by an Company, a later Owner, or, in accordance with Section 17 16 of this Agreement, Section 21 20 of this Agreement, or both Sections 17 16 and 21 20 of this Agreement, by another entity or other entities.

Real Property Tax Exemption. The City hereby grants a fifteen (15) year, one hundred percent (100% %) real property tax exemption pursuant to R.C. Section 3735.67 for the assessed value of each Building constructed new structures at the Project Site, including, but not limited to, expansions of existing Buildings that increase Site (the square footage of such Buildings"Exemption"). For each separately identifiable real property improvementimprovement associated with the Project, the exemption Exemption commences the first year such real property improvement would first be taxable were that property not hereby exempted from taxation. Unless subsequently extended by the City, no exemption No Exemption shall commence after the earlier of (i) the tax year after the Completion Month, or (ii) tax year 2041 2040 (i.e., tax lien date January 1, 2041). Unless subsequently extended by the City, no exemption shall 2040) nor extend beyond tax year 2055 2054 (i.e., tax lien date January 1, 20552054). Although exemption Exemption under this Agreement for any separately identifiable real property improvement lasts for only up to fifteen years at mostyears, the real property exemption period for the Project as a whole (or a Building to the extent portions of a Building become taxable in different years) may last more than fifteen years. The exemptions Exemptions set forth in this Section shall apply irrespective of whether the real property is owned by the Company, an OwnerAffiliate, or, in accordance with Section 17 16 of this Agreement, Section 21 20 of this Agreement, or both Sections 17 16 and 21 20 of this Agreement, by a transferee, another entity related entity, or other related entities.

Real Property Tax Exemption. The City hereby grants a fifteen (15) year, 100% real property tax exemption pursuant to R.C. Section 3735.67 for the assessed value of each Building new structure constructed at the Project Site, including, but not limited to, expansions of existing Buildings structures that increase the square footage of such Buildingsstructures. For each separately identifiable real property improvement, the exemption commences the first year such real property improvement would first be taxable were that property not hereby exempted from taxation. Unless subsequently extended by the City, no exemption shall commence after the earlier of (i) the tax year after the Completion Month, or (ii) tax year 2041 2027 (i.e., tax lien date January 1, 20412027). Unless subsequently extended by the City, no exemption shall extend beyond tax year 2055 2041 (i.e., tax lien date January 1, 20552041). Although exemption under this Agreement for any separately identifiable real property improvement lasts for only fifteen years at most, the real property exemption period for the Project as a whole may last more than fifteen years. The exemptions set forth in this Section shall apply irrespective of whether the real property is owned by an Owner, or, in accordance with Section 17 of this Agreement, Section 21 of this Agreement, or both Sections 17 and 21 of this Agreement, by another entity or other entities.