Tax Abatement: Northern Illinois University Research Park Area Sample Clauses

Tax Abatement: Northern Illinois University Research Park Area. The duration for tax abatement, for projects described as the Northern Illinois University Research Park Area in the above, shall be for ten 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: 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%
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Related to Tax Abatement: Northern Illinois University Research Park Area

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