Special Source Credits Sample Clauses

Special Source Credits. ‌ (a) In accordance with and pursuant to Section 12-44-70 of the FILOT Act and Section 4-1- 175 of the MCIP Act, in order to reimburse the Company for qualifying capital expenditures incurred for costs of the Infrastructure during the Standard Investment Period, the Company shall be entitled to receive, and the County agrees to provide, annual Special Source Credits against the Company’s FILOT Payments for a period of five (5) consecutive years in an amount equal to twenty percent (20%) of that portion of FILOT Payments payable by the Company with respect to the Project (that is, with respect to investment made by the Company in the Project during the Standard Investment Period), calculated and applied after payment of the amount due the non-host county under the MCIP Agreement. (b) Notwithstanding anything herein to the contrary, under no circumstances shall the Company be entitled to claim or receive any abatement of ad valorem taxes for any portion of the investment in the Project for which a Special Source Credit is taken. (c) In no event shall the aggregate amount of all Special Source Credits claimed by the Company exceed the amount expended with respect to the Infrastructure at any point in time. The Company shall be responsible for making written annual certification as to compliance with the provisions of the preceding sentence through the delivery of a certification in substantially the form attached hereto as Exhibit C. (d) Should the Contract Minimum Investment Requirement not be met by the end of the Standard Investment Period, any Special Source Credits otherwise payable under this Fee Agreement shall no longer be payable by the County, and the Company shall be retroactively liable to the County for the amount of the Special Source Credits previously received by the Company, plus interest at the rate payable for late payment of taxes. Any amounts determined to be owing pursuant to the foregoing sentence shall be payable to the County on or before the one hundred twentieth (120th) day following the last day of the Investment Period. (e) As provided in Section 4-29-68 of the Code, to the extent any Special Source Credit is taken against fee in lieu of tax payment on personal property, and the personal property is removed from the Project at any time during the term of this Fee Agreement (and not replaced with qualifying replacement property), the amount of the fee in lieu of taxes due on the personal property for the year in which the personal ...

Special Source Credits. (a) In accordance with and pursuant to the Infrastructure Credit Act, in order to reimburse the Company for qualifying capital expenditures incurred for Costs of the Infrastructure during the Investment Period, the Company shall be entitled to receive, and the County agrees to provide, annual Special Source Credits against the Company’s Fee Payments for a period of twenty (20) consecutive years commencing with the Fee Payment to be paid with respect to the property tax year following the year in which the Project or one or more Phases thereof have been placed in service representing an investment in Costs of the Infrastructure which, in the aggregate, exceeds the Minimum Investment Requirement as certified in accordance with the provisions of subsection (d) below (the “Credit Period”). For all property tax years with respect to which the Special Source Credits are applicable as provided herein, the amount of such Special Source Credits shall be fifty percent (50%) of that portion of the Fee Payments payable by the Company with respect to the real property and improvements constituting the Project (that is, with respect to investment made by the Company in real property and improvements, but not in personal property, comprising all or part of the Project during the Investment Period) for such property tax year, calculated and applied after payment of the amount due the non-host county under the Park Agreement. (b) Notwithstanding anything herein to the contrary, under no circumstances shall the Company be entitled to claim or receive any statutory abatement, credit against, exemption or other reduction of ad valorem taxes (a “Tax Reduction”) for any portion of the investment in the Project for which a Special Source Credit is taken, other than as may be approved by County Council. The Company hereby waives the right, if any, to receive any Tax Reduction for any portion of the investment in the Project for which a Special Source Credit is taken. The Company agrees that notwithstanding such waiver, if it receives any Tax Reduction for any portion of the investment in the Project for which a Special Source Credit is taken, the amount of the Special Source Credit that the Company is otherwise eligible to receive shall be reduced by the amount of the Tax Reduction for the portion of the investment in the Project for which a Special Source Credit is taken. (c) In no event shall the aggregate amount of all Special Source Credits claimed by the Company exceed the a...

Special Source Credits. Annual Percentage: 50% No. of Years 20 years; Credit Period does not commence until at least $7,500,000 has been invested in Costs of Infrastructure. See Section 3.02(a). Clawback information: Failure to invest at least $7,500,000 in Costs of Infrastructure during the Investment Period results in prospective loss of the Special Source Credits. Failure to continuously satisfy the Affordable Housing Requirements results in prospective (and retroactive if applicable) loss of the Special Source Credits. See Section 3.02(e).

Special Source Credits. In accordance with and pursuant to Section 12-44-70 of the FILOT Act and Section 4-1-175 of the MCIP Act, in order to reimburse for qualifying capital expenditures incurred for costs of the Infrastructure and in the event the Level 1 Minimum Investment Threshold is satisfied by the end of the Standard Investment Period, the Company and each Sponsor Affiliate (each, a “Credit Eligible Entity”) shall be entitled to receive, and the County agrees to provide, annual special source revenue credits against each FILOT Payment due from each such Credit Eligible Entity with respect to the Project for a period of ten (10) consecutive tax years in an amount equal to twenty-five percent (25%) of such FILOT Payment (that is, with respect to investment made by such Credit Eligible Entity in the Project), calculated and applied after payment of the amount due the non-host county under the MCIP Agreement (the “Level 1 Special Source Credits”), beginning with the FILOT Payment due from such Credit Eligible Entity for the tax year corresponding to the property tax year in which the Level 1 Minimum Investment Threshold is satisfied (the “Special Source Credit Commencement Year”); provided, however, that in the event that the Level 2 Minimum Investment Threshold is satisfied by the end of the Investment Period, such special source revenue credit percentage shall automatically increase from twenty-five percent (25%) to thirty percent (30%), beginning with the FILOT Payment due from such Credit Eligible Entity for the tax year corresponding to the property tax year in which Level 2 Minimum Investment Threshold is satisfied, and the existing special source revenue credit term of ten (10) tax years shall automatically extend from ten (10) consecutive tax years beginning with the Special Source Credit Commencement Year to fifteen (15) consecutive tax years beginning with the Special Source Credit Commencement Year (the “Level 2 Special Source Credits”); provided further, that in the event that the Level 3 Minimum Investment Threshold is satisfied by the end of the Investment Period, such special source revenue credits percentage shall automatically increase from thirty percent (30%) to thirty-five percent (35%) for the remainder of the fifteen tax years comprising the period referenced above (the “Level 3 Special Source Credits”), beginning with the FILOT Payment due from such Credit Eligible Entity for the tax year corresponding to the property tax year in which the Level 3 Minim...

Special Source Credits. (a) Except as otherwise provided in this Section 3.02, in order to reimburse the Company for a portion of the Cost of the Infrastructure with respect to each Phase of the Project, the County shall provide Special Source Credits to the Company and to any Project Affiliate on an annual basis in the amount equal to the Special Source Credits Percentage for a period of thirty (30) consecutive tax years for each Phase of the Project beginning with the tax year immediately following the year in which the applicable Phase of the Project is first placed in service and continuing for each of the twenty-nine (29) tax years thereafter (“Credit Period”). The Special Source Credits granted in this Section 3.02(a) shall be calculated by multiplying the applicable Special Source Credit Percentage set forth in Section 3.02(d) below by the Net Fee Payments with respect to the Project (that is, with respect to investment made by the Company or any Project Affiliates in the Project during the Investment Period) for the respective tax year. The Company may elect, with respect to any parcel of land constituting the Project, to defer the start date of the Credit Period until the improvements upon the land have been placed in service by providing written notice to this effect through the delivery of a certification in substantially the form attached hereto as Exhibit B to the County Assessor’s Office. (b) Notwithstanding anything herein to the contrary, under no circumstances shall the Company or any Project Affiliates be entitled to claim or receive any abatement of ad valorem taxes pursuant to Sections 12-37-220(A)(7), 12-37-220(B)(32), or 12-37-220(B)(34) of the Code for any portion of the investment in the Project for which a Special Source Credit is taken. Each of the Company and any Project Affiliate hereby waive the right, if any, to receive any abatement of ad valorem taxes for any portion of the investment in the Project for which a Special Source Credit is taken. The Company and the Company agree that notwithstanding such waiver, if they receive any abatement of ad valorem taxes for any portion of the investment in the Project for which a Special Source Credit is taken, the amount of the Special Source Credit that the Company and any Project Affiliate are otherwise eligible to receive shall be reduced by the amount of the abatement ad valorem taxes for the portion of the investment in the Project for which a Special Source Credit is taken. (c) In no event shall the agg...

Special Source Credits. (a) In accordance with and pursuant to Section 12-44-70 of the FILOT Act and Section 4-1- 175 of the MCIP Act, if the Company invests at least $10,000,000 during the Standard Investment Period, the Company shall be entitled to receive, and the County agrees to provide, annual Special Source Credits against the Company’s FILOT Payments for a period of seven (7) consecutive years in an amount equal to ten percent (10%) of that portion of FILOT Payments payable by the Company with respect to the Project (that is, with respect to investment made by the Company in the Project during the Standard Investment Period); if the Company invests at least $15,000,000 during the Standard Investment Period, the Company shall be entitled to receive annual Special Source Credits against the Company’s FILOT Payments for three

Special Source Credits. (a) In accordance with and pursuant to Section 12-44-70 of the FILOT Act and Section 4-1- 175 of the MCIP Act, in order to reimburse the Company for qualifying capital expenditures incurred for costs of the Infrastructure during the Investment Period, the Company shall be entitled to receive, and the County agrees to provide, annual special source revenue credits against the Company’s FILOT Payments (the “Special Source Credits”) for a period of fifteen (15) consecutive years, subject to and in an amount determined as follows: i. If the Company and any Sponsor Affiliates make an aggregate investment during the Investment Period of at least $20,000,000 but less than $50,000,000 as certified to the County by the Company pursuant to Section 4.03 hereof, then, commencing with the FILOT Payments due with respect to the calendar year immediately following the year in which such investment threshold is met, the Company and any Sponsor Affiliates shall be entitled to annual Special Source Credits equal to 25% of the FILOT Payments otherwise due. ii. If the Company and any Sponsor Affiliates make an aggregate investment during the Investment Period of at least $50,000,000 but less than $70,000,000 as certified to the County by the Company pursuant to Section 4.03 hereof, then, commencing with the FILOT Payments due with respect to calendar year immediately following the year in which such investment threshold is met, the Company and any Sponsor Affiliates shall be entitled to annual Special Source Credits equal to 30% of the FILOT Payments otherwise due. iii. If the Company and any Sponsor Affiliates make an aggregate investment during the Investment Period of at least $70,000,000 as certified to the County by the Company pursuant to Section 4.03 hereof, then, commencing with the FILOT Payments due with respect to the calendar year immediately following the year in which such investment threshold is met, the Company and any Sponsor Affiliates shall be entitled to annual Special Source Credits equal to 35% of the FILOT Payments otherwise due. The Special Source Credits shall not extend beyond 15 years in total, commencing with the year in which the Company first claims a Special Source Revenue Credit pursuant to subparagraphs (i) – (iii) above, and shall be calculated and applied after payment of the amount due to the non-host county under the MCIP Agreement. (b) Notwithstanding anything herein to the contrary, under no circumstances shall the Company or any Sponsor...

Special Source Credits. ‌ (a) In accordance with and pursuant to Section 12-44-70 of the FILOT Act and Section 4-1- 175 of the MCIP Act, in order to reimburse the Company and any Sponsor Affiliate for qualifying capital expenditures incurred for costs of the Infrastructure during the Standard Investment Period, the Company and any Sponsor Affiliate shall be entitled to receive, and the County agrees to provide, annual Special Source Credits against the Company’s and any Sponsor Affiliate’s FILOT Payments for a period of five

Special Source Credits. (a) In accordance with and pursuant to Section 12-44-70 of the FILOT Act and Section 4-1- 175 of the MCIP Act, in order to reimburse the Company for qualifying capital expenditures incurred for costs of the Infrastructure during the Standard Investment Period, the Company shall be entitled to receive, and the County agrees to provide, annual Special Source Credits against the Company’s FILOT Payments as follows: i. upon the Company’s certification to the County that the Company has invested at least $36,000,000 in Economic Development Property in the Project during the Investment Period, then, commencing with the next succeeding property tax year, and continuing for a period of nine consecutive years thereafter, for a total of ten consecutive years (the “Credit Period”), the County agrees to provide annual Special Source Credits equal to forty percent (40%) of that portion of the FILOT Payments payable by the Company with respect to the Project (that is, with respect to investment made by the Company in the Project during the Investment Period), calculated and applied after payment of the amount due the non-host county under the MCIP Agreement. Notwithstanding the foregoing, the Company shall not be entitled to receive the Special Source Credits with respect to any year during the Credit Period in which the Company’s investment in the Project (without regard to depreciation) is less than $22,000,000, and, in such event, the Credit Period shall not be extended or stayed; and ii. upon the Company’s certification to the County that the Company has invested at least $46,000,000 in Economic Development Property in the Project during the Investment Period, then, commencing with the next succeeding property tax year, the amount of the Special Source Credits provided by the County shall increase from forty percent (40%) to forty-five percent (45%) of that portion of the FILOT Payments payable by the Company with respect to the Project (that is, with respect to the investment made by the Company in the Project during the Investment Period), calculated and applied after payment of the amount due the non-host county under the MCIP Agreement, and the Credit Period shall be extended from a total of ten

Special Source Credits. (a) In order to reimburse the Companies for a portion of the Cost of the Infrastructure with respect to the Project, commencing with the annual Fee Payment to be first payable on or before the January 15 immediately following the year immediately following the first year in which any portion of the Project is first placed in service, the County shall provide to the Operating Company and the Landlord Special Source Credits for a period of five (5) consecutive years in an amount equal to twenty-five percent (25%) of that portion of Fee Payments payable by the Operating Company and the Landlord with respect to the Project (that is, with respect to investment made by the Companies in the Project during the Investment Period), calculated and applied after payment of the amount due the non-host county under the Park Agreement. (b) Notwithstanding anything herein to the contrary, under no circumstances shall the Operating Company or the Landlord be entitled to claim or receive any abatement of ad valorem taxes for any portion of the investment in the Project for which a Special Source Credit is taken. Each of the Operating Company and the Landlord hereby waive the right, if any, to receive any abatement of ad valorem taxes for any portion of the investment in the Project for which a Special Source Credit is taken. The Operating Company and the Landlord agree that notwithstanding such waiver, if they receive any abatement of ad valorem taxes for any portion of the investment in the Project for which a Special Source Credit is taken, the amount of the Special Source Credit that the Operating Company and the Landlord are otherwise eligible to receive shall be reduced by the amount of the abatement ad valorem taxes for the portion of the investment in the Project for which a Special Source Credit is taken. (c) In no event shall the aggregate amount of all Special Source Credits claimed by the Operating Company and the Landlord exceed the amount expended by them collectively with respect to the Infrastructure at any point in time. The Operating Company shall be responsible for making written annual certification as to compliance with the provisions of the preceding sentence through the delivery of a certification in substantially the form attached hereto as Exhibit B. Further, any amount of reimbursement of the Operating Company or the Landlord for Infrastructure expenditure by way of a Special Source Credit may not be duplicated through a Special Source Credit to the...