RIGHTS AND OBLIGATIONS OF CITY AND ZONE. A. Tax Increment Participation by the CITY Subject to the terms of this Agreement, the CITY agrees to participate in the ZONE by contributing to the Tax Increment Fund sixty percent (60%) of the revenue generated from the CITY M&O Tax Rate as levied and collected on the Captured Appraised Value each year during the term of this Agreement, beginning with the 2015 tax year. The CITY agrees to require the ZONE to implement the Project Plan. The CITY's contributions to the Tax Increment Fund shall end when the CITY has contributed the maximum total contribution provided for herein of Eight Million One Hundred Fifty One Thousand, Five Hundred Seventy and No/100 Dollars ($8,151,570.00), or when it has contributed all Tax Increments attributable to periods before the ZONE termination date in 2036, whichever occurs first. The CITY's continued contribution to the Tax Increment Fund is conditioned upon.
RIGHTS AND OBLIGATIONS OF CITY AND ZONE. A. Tax Increment Participation by the CITY DRAFT In addition to the agreement by CITY to participate in the Zone at a rate of 80% under the terms of the Interlocal Agreement and the Development Agreement, the CITY agrees to participate in the Supplemental Project and Finance Plan for the ZONE by contributing to the Tax Increment Fund an additional amount equal to twenty percent (20%) of the revenue generated from the CITY M&O Tax Rate as levied and collected on the Captured Appraised Value each year during the Term of the ZONE, beginning with the 2015 tax year (the “CITY’s Additional Pledge”). The CITY agrees to, and agrees to require the ZONE BOARD to, implement the Supplemental Project and Finance Plan. The CITY’s contributions to the Tax Increment Fund of the CITY’s Additional Pledge shall end upon the earlier of: (a) the CITY making all required principal and interest payments on the Supplemental Educational Facilities Contract Revenue Bonds using the CITY’s Additional Pledge, the DEVELOPER’s Pledge, and the COUNTY’s Additional Pledge (if required due to a Supplemental Debt Service Shortfall) until such bonds are paid in full; or (b) the ZONE termination date in 2044, whichever occurs first. As a condition of the COUNTY’s participation through the COUNTY’s Additional Pledge under this Amendment, the Supplemental Finance and Project Plan must be followed and implemented by the City and the ZONE BOARD. The CITY shall have an obligation to assure that the ZONE BOARD follows and implements the Supplemental Project and Finance Plan. In the event the CITY and/or ZONE fails to appropriately implement the Supplemental Project and Finance Plan, such failure will be considered a breach of the Interlocal Agreement, as amended by this Amendment, and such breach shall be subject to the cure provisions contained in Section IV.B.6. of the Interlocal Agreement.
RIGHTS AND OBLIGATIONS OF CITY AND ZONE. A. Tax Increment Participation by the CITY
