Special Source Revenue Credit. The County hereby grants to the Sponsor, subject to the provisions herein, and the Sponsor hereby accepts from the County, a Special Source Revenue Credit, in reimbursement of investment in Qualifying Infrastructure Costs as described below, to be applied to its annual fee-in-lieu of taxes liability equal to an amount equal to the FILOT Payments due under this Fee Agreement, to be calculated as set forth in Section 4.2 (but excluding any FILOT Payments due under Section 4.1(d) or Section 4.2(d) hereof), minus the Net FILOT Payment.
1 The Development Standards Ordinance as of the date of this Fee Agreement requires that a solar energy project: “Submit and maintain an updated facility decommission plan. The latest facility decommission plan shall be recorded in the county's clerk of courts office. An applicant must include a decommissioning plan that describes the anticipated life of the solar energy system. Following a continuous six (6) month period in which no electricity is generated, the permit holder will have six (6) months to complete decommissioning of the solar energy system. Decommissioning includes removal of solar panels, buildings, cabling, electrical components and any other associated facilities below grade as described in the decommissioning plan. No later than thirty (30) days following the sixth (6th) anniversary of the operation date of the solar energy system, the owner of the solar energy system must provide Darlington County with a $50,000 surety or performance bond to be maintained by the solar energy system owner or subsequent owner(s) until the solar energy system is decommissioned. Prior to the issuance of any electrical permit, the owner of the solar energy system must submit a notarized affidavit acknowledging the above decommissioning obligations. Decommissioning Plan must be passed by conveyance to successive owner(s).”
(a) The Special Source Revenue Credit shall be effective starting with the first Net FILOT Payment due hereunder and shall remain effective for the entire Fee Term. For purposes of this Fee Agreement, “Qualifying Infrastructure Costs” shall include but not be limited to, the cost of designing, acquiring, constructing, improving, or expanding the infrastructure serving the Project and for improved or unimproved real estate and machinery and equipment in connection with the Project, and any other expenditures authorized by Section 4-29-68 of the Code.
(b) In order to receive the Special Source Revenue Credit on th...
Special Source Revenue Credit. The County hereby grants to the Sponsor, subject to the provisions herein, and the Sponsor hereby accepts from the County, a Special Source Revenue Credit, in reimbursement of investment in Qualifying Infrastructure Costs as described below, to be applied to its annual fee-in-lieu of taxes liability equal to an amount equal to the FILOT Payments due under this Fee Agreement, to be calculated as set forth in Section 4.2 (but excluding any FILOT Payments due under Section 4.1(d) or Section 4.2(d) hereof), minus the Net FILOT Payment.
(a) The Special Source Revenue Credit shall be effective starting with the first Net FILOT Payment due hereunder and shall remain effective for the entire Fee Term. For purposes of this Fee Agreement, “Qualifying Infrastructure Costs” shall include but not be limited to, the cost of designing, acquiring, constructing, improving, or expanding the infrastructure serving the Project and for improved or unimproved real estate and machinery and equipment in connection with the Project, and any other expenditures authorized by Section 4-29-68 of the Code.
(b) In order to receive the Special Source Revenue Credit on the Non-Qualifying Property, the Sponsor agrees to waive the tax exemptions that otherwise may be applicable if the Non-Qualifying Property were subject to ad valorem taxes, including the exemptions allowed pursuant to Section 3(g) of Article X of the Constitution of the State of South Carolina, and the exemptions allowed pursuant to Sections 12-37-220(B)(32) and (34) of the Code.
(c) If for any reason the FILOT Payment to be made with respect to any year is less than the Net FILOT Payment, thus resulting in an SSRC that is a negative number, and if a court of competent jurisdiction holds or determines that a negative SSRC is not permitted under the Park Act, the Company shall not be entitled to receive the SSRC with respect to such year and shall make an additional payment to the County that is equal to the difference between the Net FILOT Payment and the FILOT Payment of that given year (excluding any FILOT Payments due under Section 4.1(d) or Section 4.2(d) hereof, which shall also be due). Any payment made under the foregoing sentence shall be due at the time the corresponding FILOT Payment is due, shall be treated as a FILOT Payment under this Fee Agreement and shall be subject to statutory interest if not paid when due pursuant to Section 12-54-25, Code of Law of South Carolina 1976, as amended, as allowed under the F...
Special Source Revenue Credit. As an inducement for the Investment and in accordance with Section 12-44-70 of the Act, the County grants to the Company a Special Source Revenue Credit (“SSRC”) equal to twenty percent (20%) of the value of the annual Payments-in-Lieu-of-Taxes due for property tax years one (1) through five (5) (the “Credit Period”) beginning with the first property tax year for which a Payment-in-Lieu-of-Taxes becomes due. With respect to the SSRC, the County shall automatically reflect the SSRC against the Payment-in-Lieu-of-Taxes on those invoices provided by the County to the Company. The Company shall be permitted to utilize the SSRC to offset any qualifying expenditures as provided under the Code, including but not limited to provisions of the Act and the Infrastructure Credit Act.
Special Source Revenue Credit. As an inducement for the Investment and pursuant to the SSRC Act, the County grants to the Company a SSRC equal to twenty-five percent (25%) of the value of the annual Payments-in-Lieu-of-Taxes due for property tax years one (1) through five (5) and twenty percent (20%) of the value of the annual Payments-in-Lieu- of-Taxes due for property tax years six (6) through ten (10) (the “Credit Period”) beginning with the first property tax year for which a Payment-in-Lieu-of-Taxes becomes due, in order to offset the costs of the Infrastructure.
Special Source Revenue Credit. (A) The parties acknowledge and agree that under Section 13, Article VIII of the Constitution of South Carolina, a property, by virtue of being located in a joint county industrial and business park, is exempt from ad valorem property taxes but the property owner, the Company, pays an annual fee-in-lieu of taxes on the property in an amount equal to the annual ad valorem property taxes as if it were taxable, with such fee-in-lieu of taxes payments being due and payable and subject to interest and penalties as set forth in the Acts. The County hereby grants to the Company, subject to the provisions herein, and the Company hereby accepts from the County, a Special Source Revenue Credit, in reimbursement of investment in Qualifying Infrastructure Costs as described below, to be applied to its annual fee-in-lieu of taxes liability in an amount required so that the payments-in-lieu-of taxes, for a term of twenty (20) years from the date the property is put into service, are fixed at One Hundred Fifty-Three Thousand and 00/100 Dollars ($153,000.00) per year.
(B) The County Auditor is hereby directed to apply the credit amount annually to reduce the Company’s annual fees-in-lieu of tax liability for the real and personal properties located in the Park to reflect the fixed payment described in paragraph (A) for a term of twenty
Special Source Revenue Credit. As an inducement for the Investment and pursuant to the SSRC Act, the County grants to the Company and any Sponsor Affiliate, as applicable, a SSRC equal to ten percent (10%) of the value of the annual Payments-in-Lieu-of- Taxes due for property tax years one (1) through five (5) (the “Credit Period”) beginning with the first property tax year for which a Payment-in-Lieu-of-Taxes becomes due, in order to offset the costs of the Infrastructure. With respect to the SSRC, the County shall automatically reflect the SSRC against the Payment-in-Lieu-of-Taxes on those invoices provided by the County to the Company. The Company shall be permitted to utilize the SSRC to offset any qualifying expenditures as provided under the Code, including but not limited to provisions of the Act and the SSRC Act.
