Special Source Revenue Credits Sample Clauses

Special Source Revenue 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 Revenue Credits against the Company’s FILOT Payments for a period of eight (8) 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 Revenue Credit is taken. (c) In no event shall the aggregate amount of all Special Source Revenue 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 or should the Contract Minimum Investment Requirement not be maintained the three (3) years following the Standard Investment Period, any Special Source Revenue Credits otherwise payable under this 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 Revenue 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 Revenue 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 thi...

Special Source Revenue Credits. (A) After the identification of qualifying public infrastructure located solely within Charleston County and the costs thereof to the satisfaction of the County, the County will provide to the Company an infrastructure or special source revenue incentive (the “SSRCs”) in the amount of 65% of the annual PILOT Payments and Negotiated FILOT payments due with respect to the Expansion Project in property tax years one (1) through eight (8) of the term of the Amended and Restated FILOT Agreement, but not to exceed a cumulative total SSRCs for all years of $500,000. (B) The documents providing for the SSRCs shall include customary terms providing: (i) for the recovery by the County, on a pro rata basis, of certain moneys if certain thresholds are not achieved (a “clawback” provision); (ii) that the Company will pay the County’s administrative expenses associated with the approval and administration of the SSRC; (iii) that under certain terms and conditions, the County will have access to certain information of the Company; and (iv) that the Company will indemnify and hold the County harmless for claims, losses, and damages with respect to the Project.

Special Source Revenue Credits. (a) Commencing with the first Fee Payment by the Company due with respect to the 2015 property tax year (due to be sent in tax bills from the County in the fall of 2016, and payable, without penalty, by January 15, 2017), , and continuing for up to nine (9) consecutive annual Fee Payments thereafter (for a potential total of up to ten (10) annual Fee Payments), the County shall hereby provide a Special Source Revenue Credit (“SSRC”) of twenty percent (20%) of the Net Fee Payments made by or on behalf of the Company on behalf of the entire Project and adjacent parcels of real property presently owned by the Company in the Park pursuant to the Park Agreement, subject to the following limitations and requirements: (1) as of any date during the term of this Agreement, the cumulative dollar amount expended by the Company on Costs of Infrastructure shall equal or exceed the cumulative dollar amount of the SSRC received by the Company, (2) the Company shall not claim total or partial abatement of ad valorem property taxes as to any property for which an SSRC is given, and (3) once the Company has realized and received the SSRC for a total of ten (10) consecutive annual fee payments the SSRC provided hereunder shall end. THIS AGREEMENT AND THE CREDITS PROVIDED FOR HEREUNDER ARE LIMITED OBLIGATIONS OF THE COUNTY PROVIDED BY THE COUNTY SOLELY FROM THE NET FEE PAYMENTS RECEIVED AND RETAINED BY THE COUNTY, AND DO NOT AND SHALL NEVER CONSTITUTE AN INDEBTEDNESS OF THE COUNTY WITHIN THE MEANING OF ANY CONSTITUTIONAL PROVISION (OTHER THAN THE PROVISIONS OF ARTICLE X, SECTION 14(10) OF THE SOUTH CAROLINA CONSTITUTION) OR STATUTORY LIMITATION, AND DO NOT AND SHALL NEVER CONSTITUTE OR GIVE RISE TO A PECUNIARY LIABILITY OF THE COUNTY OR A CHARGE AGAINST ITS GENERAL CREDIT OR TAXING POWER. THE FULL FAITH, CREDIT, AND TAXING POWER OF THE COUNTY ARE NOT PLEDGED FOR THE CREDITS.

Special Source Revenue Credits. (a) Commencing with the first Fee Payment by the Company due with respect to the 2015 property tax year (due to be sent in tax bills from the County in the fall of 2016, and payable, without penalty, by January 15, 2017), or such Fee Payment for a later tax year, selected by the Company in its sole discretion, and continuing for up to nine (9) consecutive annual Fee Payments thereafter (for a potential total of up to ten (10) consecutive annual Fee Payments), the County shall hereby provide a Special Source Revenue Credit (“SSRC”) of twenty percent (20%) of the Net Fee Payments made by or on behalf of the Company on behalf of the entire Project and adjacent parcels of real property presently owned by the Company in the Park pursuant to the Park Agreement, subject to the following limitations and requirements: (1) as of any date during the term of this Agreement, the cumulative dollar amount expended by the Company on Costs of Infrastructure shall equal or exceed the cumulative dollar amount of the SSRC received by the Company, (2) the Company shall not claim total or partial abatement of ad valorem property taxes as to any property for which an SSRC is given, and (3) once the Company has realized and received the SSRC for a total of ten (10) consecutive annual fee payments the SSRC provided hereunder shall end. Further, in order to induce the Company to continue investing in the Project during the extended Investment Period, the County has added the following performance provisions to the Infrastructure Credits: 1. If Honeywell International, Inc., formerly known as Project Edison/Conan, invests greater than $50 Million in the Project, during the extended Investment Period, inclusive of all investment since January 2011, the Infrastructure Credits will be increased to thirty percent (30%) against FILOT payments for the Project in the Park, for ten (10) years, with the increase becoming effective with the first FILOT payment following reporting of achievement of the $50 Million investment goal on the Company’s annual property tax returns and lasting for the remainder of the original ten (10) year term of the Infrastructure Credits; 2. If Honeywell International, Inc., formerly known as Project Edison/Conan, invests greater than $80 Million in the Project, during the extended Investment Period, inclusive of all investment since January 2011, the Infrastructure Credits will be increased to forty percent (40%) against FILOT payments for the Project in the Park...

Special Source Revenue Credits. (a) In order to reimburse the Company for its investment in Project Property, commencing with the payment of the fee in lieu of tax payments for the Project in the Park finally due from the Company to the County on January 15, 2015, and continuing for a period of five (5) years thereafter (for a total of five (5) payment periods), the County hereby promises to and does hereby provide to the Company, but solely from the Greenville Fee Payments a credit equal to 25% of the Greenville Fee Payments. The Special Source Revenue Credit shall be taken as an offset against the Greenville Fee Payments in each of the years due. The Special Source Revenue Credits taken by the Company shall be deemed applied, first, to expenditures for land, buildings and other improvements to real property, and, to the extent such expenditures, in the aggregate, are less than the amount of aggregate Special Source Revenue Credits received by the Company, shall then be deemed applied to expenditures for personal property. In the event of such application to personal property, the provisions of Section 4-29-68(A)(2)(ii) of the Act shall apply with respect to any removal of such property from the Project. (b) In the event the Company shall have failed to invest, based on original cost, at least $4,400,000 in the Project by December 31, 2016, the Special Source Revenue Credits authorized herein shall terminate and the Company shall thereafter no longer be entitled to such credits, and the Company shall, by June 30, 2017, make payment to the County of an amount equal to the aggregate amount of Special Source Revenue Credits received hereunder, plus interest thereon at a rate equal to the rate for late payment of ad valorem taxes. In these regards, it shall be a condition of continued enjoyment of the Special Source Revenue Credits that the Company provide a written certification to the County, in form reasonably acceptable to the County, as of December 31, 2016 the amount of its investment in the Project, including the amount of investment in land, buildings and improvements to real estate, relative to the amount of investment in personal property. THIS AGREEMENT AND THE SPECIAL SOURCE REVENUE CREDIT AGREEMENTS BECOMING DUE HEREON ARE LIMITED OBLIGATIONS OF THE COUNTY PROVIDED BY THE COUNTY SOLELY FROM THE GREENVILLE FEE PAYMENTS DERIVED BY THE COUNTY PURSUANT TO THE PARK AGREEMENT, AND DO NOT AND SHALL NEVER CONSTITUTE AN INDEBTEDNESS OF THE COUNTY WITHIN THE MEANING OF ANY CONSTITUTIONAL...

Special Source Revenue Credits. (a) To defray or reimburse the Costs of Special Source Improvements, the Company shall be entitled to receive, and the County shall provide, subject to the provisions of Section 3.01(h) hereof, special source revenue credits against each Darlington Fee Payment due with respect to the Project from the Company for a period of twenty (20) consecutive tax years, commencing with the initial tax year for which a Darlington Fee Payment is due from the Company, in an amount sufficient to reduce the amount of each such Darlington Fee Payment due for each such tax year, so that the resulting net Darlington Fee Payment due equals the amount of such payment if calculated using an assessment ratio of 6% and a fixed millage rate equal to 289 xxxxx, and not applying any exemption that would otherwise be allowed pursuant to Section 3(g), Article X of the Constitution of South Carolina and the exemptions allowed pursuant to Section 12- 37-220(B)(32) and (34) of the Code (the “Tier 1 Special Source Credits”). (b) To further induce acquisition and location of the Project in the County and to defray or reimburse the costs of Special Source Improvements, the County shall provide, and the Company shall be entitled to receive, Special Source Credits against each Darlington Fee Payment due with respect to the Project from the Company, after application of the Tier 1 Special Source Credits, for a period of twenty

Special Source Revenue Credits. (a) To defray or reimburse the Costs of Special Source Improvements, the County agrees to provide, and the Company shall be entitled to receive, special source revenue credits against the portion of each Darlington Fee Payment due as a result of County Base millage, School District millage, and other Countywide millage (collectively, the “County Millage”), but excluding the City of Hartsville millage, with respect to the Project for a period of ten (10) consecutive tax years, commencing with the initial tax year for which a Darlington Fee Payment is due with respect to the Project, in an amount sufficient to reduce the amount of each such Darlington Fee Payment due for each such tax year with respect to the County Millage, so that the resulting Darlington Fee Payment due as a result of the County Millage equals the amount of such payment if calculated using an assessment ratio of 6% and a fixed millage rate equal to 302.3 xxxxx. The fee calculation must be made so that the property, if taxable, is allowed all applicable property tax exemptions except the exemption allowed under Section 3(g), Article X of the Constitution of this State and the exemption allowed pursuant to Section 12-37-220(B)(32) and (34). In no event shall the Special Source Revenue Credits provided by the County and calculated in accordance with this Section 3.01(a) operate to reduce the amount of any Darlington Fee Payment due as a result of applicable City of Hartsville millage rates. (b) The Special Source Revenue Credits to which the Company is entitled with respect to each tax year set forth above in Section 3.01(a) hereof shall be reflected by the County Auditor or other authorized County official or representative on each xxxx for the Darlington Fee Payment sent to each such entity by the County for each such tax year, by reducing the Darlington Fee Payment otherwise due from each such entity for such tax year by the amount of Special Source Revenue Credits to be provided to such entity for such tax year. (c) The City of Hartsville, by Resolution No. 06-15-01, has previously consented to the inclusion of certain property within the corporate limits of the City in the Darlington-Marlboro Park by Amending the Darlington-Marlboro Park Agreement, and the ratification of an Infrastructure Credit Agreement. This Special Source Credit Agreement does not apply to the City of Hartsville millage and does not alter or amend Resolution 06-15-01, and specifically, the Infrastructure Credit Agr...

Special Source Revenue Credits. After the identification of qualifying Infrastructure Improvements located solely within the County and the costs thereof to the satisfaction of the County, the County will provide to the Company special source revenue or infrastructure improvement credits (“SSRCs”) under the MCIP Act in the amount of 78% of fee- in-lieu payments made under the FILOT Agreement not exceeding a period of five years but subject to a cumulative cap of Three Hundred Fifty Thousand Dollars ($350,000.00).

Special Source Revenue Credits. It is hereby agreed that the entry by Darlington County into any one or more special source revenue credit agreements pursuant to Title 4 of the Code or any successor or comparable statutes (“Special Source Revenue Credit Agreements”), with respect to the property located within the Darlington County portion of the Park and the terms of such agreements shall be at the sole discretion of Darlington County. It is further agreed that entry by Marlboro County into any one or more Special Source Revenue Credit Agreements with respect to property located within the Marlboro County portion of the Park and the terms of such agreements shall be at the sole discretion of Marlboro County.