Tax Abatement. The City hereby agrees to xxxxx the Excise Tax as provided herein in the amount set forth in Section 3 for the Property, provided that the terms and conditions set forth herein are timely met. Upon satisfactory timely completion of the Project Schedule and Scope of Work as set out in Section 2 and in accordance with other requirements of this Agreement, the City will issue a letter confirming the permanent abatement of the Excise Tax, which shall be in recordable form as shown in Exhibit B.
Tax Abatement. Industrial, Logistic(s) and Knowledge-based Companies Outside the ICM Area, including the CITY OF SYCAMORE. The duration for tax abatement, for projects described as Outside the ICM Area in the above, shall be for 5 years or until the expiration, termination or decertification of the DeKalb County Enterprise Zone or the termination of the abatement based upon non-compliance with this Agreement or the MOU, whichever is sooner. The following abatement schedule shall be followed:
i. For taxes levied in the first year of abatement: 90%
ii. For taxes levied in the second year of abatement: 80%
iii. For taxes levied in the third year of abatement: 70%
iv. For taxes levied in the fourth year of abatement: 60%
v. For taxes levied in the fifth year of abatement: 50%
Tax Abatement. Landlord and Tenant acknowledge and agree that ------------- Landlord and Tenant have entered into or will enter into a Tax Abatement Agreement among the City of Irving, Texas (the "City"), Landlord and Tenant (the "Tax Abatement Agreement") which shall provide for a tax abatement for a period of ten (10) years upon certain terms and conditions set forth therein. Landlord and Tenant further acknowledge that the Tax Abatement Agreement provides that upon the occurrence of a default under the Tax Abatement Agreement (after the expiration of the applicable notice and cure periods set forth therein), the City is entitled to receive from the "Owner" thereunder as liquidated damages all taxes and penalties which otherwise would have been paid to the City without benefit of abatement, for the entire period of abatement. Tenant hereby agrees that Tenant shall be solely responsible for the payment of any sums or amounts payable to the City by Landlord as "Owner" under the Tax Abatement Agreement, including the timely payment of any liquidated damages or other amounts payable to the City under such Tax Abatement Agreement as a result of a default or breach thereunder. Tenant agrees that Tenant shall timely and fully comply with all obligations of Tenant under the Tax Abatement Agreement, the breach of which could result in any such liquidated damages being payable by the "Owner" under the Tax Abatement Agreement. Tenant does hereby agree to indemnify and hold Landlord harmless from and against any and all loss, cost, damage and expense, including court costs and reasonable attorneys' fees, suffered or incurred by Landlord and caused by or resulting from any breach or default by Tenant of its obligations under such Tax Abatement Agreement or caused by or resulting from any breach or default by Tenant of any of Tenant's obligations under this Lease which constitute a breach or default by the "Owner" under the Tax Abatement Agreement.
Tax Abatement. Knowledge-based Companies within the ICM Area. The duration for tax abatement, within the ICM Area described above, shall be for 10 years or until the expiration, termination or decertification of the DeKalb County Enterprise Zone or the termination of the abatement based upon non-compliance with this Agreement or the MOU, whichever is sooner. The following abatement schedule shall be followed:
i. For taxes levied in the first year of abatement: 90%
ii. For taxes levied in the second year of abatement: 90%
iii. For taxes levied in the third year of abatement: 80%
iv. For taxes levied in the fourth year of abatement: 70%
v. For taxes levied in the fifth year of abatement: 60%
vi. For taxes levied in the sixth year of abatement: 40%
vii. For taxes levied in the seventh year of abatement: 30%
viii. For taxes levied in the eighth year of abatement: 20%
ix. For taxes levied in the ninth year of abatement: 10%
x. For taxes levied in the tenth year of abatement: 5%
Tax Abatement. Except as previously disclosed to Purchasers, there are no tax abatements, exemptions or special assessments affecting the Property.
Tax Abatement. Industrial companies within the ICM Area. The duration for tax abatement, within the ICM Area described above, shall be for 9 years or until the expiration, termination or decertification of the DeKalb County Enterprise Zone or the termination of the abatement based upon non-compliance with this Agreement or the MOU, whichever is sooner. The following abatement schedule shall be followed:
i. For taxes levied in the first year of abatement: 90%
ii. For taxes levied in the second year of abatement: 80%
iii. For taxes levied in the third year of abatement: 70%
iv. For taxes levied in the fourth year of abatement: 60%
v. For taxes levied in the fifth year of abatement: 50%
vi. For taxes levied in the sixth year of abatement: 40%
vii. For taxes levied in the seventh year of abatement: 30%
viii. For taxes levied in the eighth year of abatement: 20%
ix. For taxes levied in the ninth year of abatement: 10%
x. For taxes levied in the tenth year of abatement: 0%
Tax Abatement. The Authority approved 100% tax abatement (above current predevelopment taxes) for the Project for the Tax Abatement Period. Subject to the terms and conditions of this Contract (specifically including, without limitation, the Redeveloper’s substantial completion of the Project), the Authority shall issue its Certificate of Qualification for Tax Abatement on or about the Completion Date, or such earlier date at the request of the Redeveloper as the Authority may deem necessary or desirable. The Authority and the Redeveloper acknowledge that, upon issuance of the Certificate of Qualification for Tax Abatement, the Jackson County Assessor will issue a statement as to the then current assessed valuation of the Property, which valuation shall be the maximum total assessed value of the Property during the Tax Abatement period (“Maximum Assessed Value”).
Tax Abatement. Industrial, Logistic(s) and Knowledge-based Companies Outside the ICM Area, including the CITY OF GENOA. The duration for tax abatement, for projects described as Outside the ICM Area in the above, shall be for 5 years or until the expiration, termination or decertification of the DeKalb County Enterprise Zone, whichever is sooner. The following abatement schedule shall be followed:
i. For taxes levied in the first year of abatement: 90%
ii. For taxes levied in the second year of abatement: 80%
iii. For taxes levied in the third year of abatement: 70%
iv. For taxes levied in the fourth year of abatement: 60%
v. For taxes levied in the fifth year of abatement: 50%
Tax Abatement. If and when requested by the Developer, the Town agrees to designate the Project Site as an economic revitalization area pursuant to the Abatement Act prior to the issuance of any EDC Bonds, subject to compliance with applicable statutory requirements. Further, the Town acknowledges that individual users or tenants of any building constructed within the Project shall have the right to apply directly to the Town for real and/or personal property tax abatement. The Town shall review and consider all applications for abatement in accordance with its then applicable standards for such requests for abatement.
Tax Abatement. Tax abatement for the Development Property shall be addressed in a separate agreement between Developer and the City.
