Common use of Tax Exemption; Payment in Lieu of Real Property Taxes Clause in Contracts

Tax Exemption; Payment in Lieu of Real Property Taxes. (A) Pursuant to RPTL Section 487 the Parties hereto agree that the Project Improvement shall be placed by the School District as exempt upon the assessment rolls of the School District. A Real Property Tax Exemption Form (RP 487) has or will be filed with the Assessor responsible for the School District and the Project is eligible for exemption pursuant to RPTL 487. (B) The Owner agrees to make annual payments to the School District in lieu of real property taxes for the Project Improvement for a period of fifteen (15) consecutive fiscal tax years, after which time the Project Improvement will be subject to full taxes. Annual payments hereunder may not exceed the amounts that would otherwise be payable but for the RPTL Section 487 exemption. Pursuant to RPTL Section 487, the Parties agree that the Project Improvement shall be placed by the School District as exempt upon the 2020 assessment rolls (tax status date March 1, 2020) of the School District. The term of the exemption shall be fifteen (15) years and shall automatically terminate following the 2034 assessment roll (tax status date March 1, 2034) unless terminated earlier pursuant to the Agreement. During the term of this Agreement, the Owner agrees to make an “Annual Payment” calculated as follows: “Per Megawatt Charge” shall mean for the first annual payment, an amount of $19,000.00 per Megawatt AC of Capacity ($4,500), and for each subsequent year, an amount equal to the immediate prior per Megawatt AC of Capacity amount increased by two percent (2%) per Megawatt, as set forth in Exhibit B. Each Annual Payment will be paid to the School District in accordance with Section 5 of this Agreement; and the annual payment amount and payment date will be noted on an annual xxxx issued by the School District to the Owner, provided that any failure of the School District to issue such a xxxx shall not relieve the Owner of its obligation to make timely payments under this section.

Appears in 2 contracts

Samples: Payment in Lieu of Taxes Agreement, Payment in Lieu of Taxes Agreement

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Tax Exemption; Payment in Lieu of Real Property Taxes. (Aa) Tax-Exempt Status of the Project Facility. Pursuant to RPTL Section 487 the Parties hereto agree that the Project Improvement shall be placed by the School District Taxing Jurisdiction as exempt upon the assessment rolls of the School DistrictTaxing Jurisdiction. A Real Property Tax Exemption Form (RP 487) has or will be filed with the Assessor responsible for the School District Taxing Jurisdiction and the Project is eligible for exemption pursuant to RPTL 487487 (4). (Bb) The Owner agrees to make annual payments to the School District Taxing Jurisdiction in lieu of real property taxes for the Project Improvement for a period of fifteen (15) consecutive fiscal tax years, after which time the Project Improvement will be subject to full taxes. Annual ; annual payments hereunder may not exceed the amounts that would otherwise be payable but for the RPTL Section 487 exemption. Pursuant to RPTL Section 487Such 15-year term shall commence on January 1, 2025 (the Parties agree that “Commencement Date”), and shall end the Project Improvement fifteenth fiscal year following the Commencement Date. The first annual payment shall be placed by in the School District as exempt upon the 2020 assessment rolls (tax status date March 1, 2020) of the School District. The term of the exemption shall be fifteen (15) years and shall automatically terminate following the 2034 assessment roll (tax status date March 1, 2034) unless terminated earlier pursuant to the Agreement. During the term of this Agreement, the Owner agrees to make an “Annual Payment” calculated as follows: “Per Megawatt Charge” shall mean for the first annual payment, an amount of $19,000.00 779.20 per Megawatt AC of Capacity ($4,500the “Annual Payment”). Based on the Capacity of 4.25 Megawatts AC, and for each subsequent year, an amount equal Annual Payments to be made by Owner during the immediate prior per Megawatt AC term of Capacity amount increased by this Agreement shall be as listed in Exhibit B. Exhibit B includes a two percent (22.0%) per Megawatt, as set forth in Exhibit B. annual increase of each Annual Payment. Each Annual Payment will be paid to the School District Taxing Jurisdiction in accordance with Section 5 6 of this Agreement; and the annual payment amount and payment date will be noted on an annual xxxx bill issued by the School District Taxing Jurisdiction to the Owner, provided that any failure of the School District Taxing Jurisdiction to issue such a xxxx bill shall not relieve the Owner of its obligation to make timely payments under this section. (c) Owner agrees that the payments in lieu of taxes under this Agreement will not be reduced on account of a depreciation factor or reduction in the Taxing Jurisdiction tax rate, and the Taxing Jurisdiction agrees that the payments in lieu of taxes will not be increased on account of an inflation factor or increase in the Taxing Jurisdiction tax rate, all of which factors have been considered in arriving at the payment amounts reflected in this Agreement.

Appears in 1 contract

Samples: Payment in Lieu of Taxes Agreement

Tax Exemption; Payment in Lieu of Real Property Taxes. (Aa) Tax-Exempt Status of the Project Facility. Pursuant to RPTL Section 487 the Parties hereto agree that the Project Improvement shall be placed by the School District Taxing Jurisdiction as exempt upon the assessment rolls of the School DistrictTaxing Jurisdiction. A Real Property Tax Exemption Form (RP 487) has or will be filed with the Assessor responsible for the School District Taxing Jurisdiction and the Project is eligible for exemption pursuant to RPTL 487487 (4). (Bb) The Owner agrees to make annual payments to the School District Taxing Jurisdiction in lieu of real property taxes for the Project Improvement for a period of fifteen (15) consecutive fiscal tax years, after which time the Project Improvement will be subject to full taxes. Annual ; annual payments hereunder may not exceed the amounts that would otherwise be payable but for the RPTL Section 487 exemption. Pursuant to RPTL Section 487, Such 15-year term shall commence on the Parties agree that first taxable status date selected by Owner following commencement of the construction of the Project Improvement (the “Commencement Date”), and shall end the fifteenth fiscal year following the Commencement Date. The first annual payment shall be placed by in the School District as exempt upon the 2020 assessment rolls (tax status date March 1, 2020) of the School District. The term of the exemption shall be fifteen (15) years and shall automatically terminate following the 2034 assessment roll (tax status date March 1, 2034) unless terminated earlier pursuant to the Agreement. During the term of this Agreement, the Owner agrees to make an “Annual Payment” calculated as follows: “Per Megawatt Charge” shall mean for the first annual payment, an amount of $19,000.00 0,000.00 per Megawatt AC of Capacity ($4,500the “Annual Payment”). Based on the Capacity of 4.25 Megawatts AC, and for each subsequent year, an amount equal Annual Payments to be made by Owner during the immediate prior per Megawatt AC term of Capacity amount increased by two percent (2%) per Megawatt, this Agreement shall be as set forth listed in Exhibit B. Each Annual Payment will be paid to the School District Taxing Jurisdiction in accordance with Section 5 of this Agreement; and the annual payment amount and payment date will be noted on an annual xxxx bill issued by the School District Taxing Jurisdiction to the Owner, provided that any failure of the School District Taxing Jurisdiction to issue such a xxxx bill shall not relieve the Owner of its obligation to make timely payments under this section. (c) Owner agrees that the payments in lieu of taxes under this Agreement will not be reduced on account of a depreciation factor or reduction in the Taxing Jurisdiction tax rate, and the Taxing Jurisdiction agrees that the payments in lieu of taxes will not be increased on account of an inflation factor or increase in the Taxing Jurisdiction tax rate, all of which factors have been considered in arriving at the payment amounts reflected in this Agreement.

Appears in 1 contract

Samples: Payment in Lieu of Taxes Agreement

Tax Exemption; Payment in Lieu of Real Property Taxes. (Aa) Tax-Exempt Status of the Project Facility. Pursuant to RPTL Section 487 the Parties hereto agree that the Project Improvement shall be placed by the School District Taxing Jurisdiction as exempt upon the assessment rolls of the School DistrictTaxing Jurisdiction. A Real Property Tax Exemption Form (RP 487) has or will be filed with the Assessor responsible for the School District Taxing Jurisdiction and the Project is eligible for exemption pursuant to RPTL 487487 (4). (Bb) The Owner agrees to make annual payments to the School District Taxing Jurisdiction in lieu of real property taxes for the Project Improvement for a period of fifteen (15) consecutive fiscal tax years, after which time the Project Improvement will be subject to full taxes. Annual ; annual payments hereunder may not exceed the amounts that would otherwise be payable but for the RPTL Section 487 exemption. Pursuant to RPTL Section 487Such 15-year term shall commence on the first applicable tax year of the Town following the taxable status date (March 1 of such year) for which Real Property Tax Exemption Form (RP-487) was filed with the Town assessor (the “Commencement Date”), and shall end the Parties agree that fifteenth fiscal year following the Project Improvement Commencement Date. The first annual payment shall be placed by in the School District as exempt upon the 2020 assessment rolls (tax status date March 1, 2020) of the School District. The term of the exemption shall be fifteen (15) years and shall automatically terminate following the 2034 assessment roll (tax status date March 1, 2034) unless terminated earlier pursuant to the Agreement. During the term of this Agreement, the Owner agrees to make an “Annual Payment” calculated as follows: “Per Megawatt Charge” shall mean for the first annual payment, an amount of $19,000.00 779.20 per Megawatt AC of Capacity ($4,500the “Annual Payment”). Based on the Capacity of 4.25 Megawatts AC, and for each subsequent year, an amount equal Annual Payments to be made by Owner during the immediate prior per Megawatt AC term of Capacity amount increased by this Agreement shall be as listed in Exhibit B. Exhibit B includes a two percent (22.0%) per Megawatt, as set forth in Exhibit B. annual increase of each Annual Payment. Each Annual Payment will be paid to the School District Taxing Jurisdiction in accordance with Section 5 6 of this Agreement; and the annual payment amount and payment date will be noted on an annual xxxx bill issued by the School District Taxing Jurisdiction to the Owner, provided that any failure of the School District Taxing Jurisdiction to issue such a xxxx bill shall not relieve the Owner of its obligation to make timely payments under this section. (c) Owner agrees that the payments in lieu of taxes under this Agreement will not be reduced on account of a depreciation factor or reduction in the Taxing Jurisdiction tax rate, and the Taxing Jurisdiction agrees that the payments in lieu of taxes will not be increased on account of an inflation factor or increase in the Taxing Jurisdiction tax rate, all of which factors have been considered in arriving at the payment amounts reflected in this Agreement.

Appears in 1 contract

Samples: Payment in Lieu of Taxes Agreement

Tax Exemption; Payment in Lieu of Real Property Taxes. (Aa) Tax-Exempt Status of the Project Facility. Pursuant to RPTL Section 487 the Parties hereto agree that the Project Improvement shall be placed by the School District Taxing Jurisdictions as exempt upon the assessment rolls of the School DistrictTaxing Jurisdictions. A Real Property Tax Exemption Form (RP 487) has or will be filed with the Assessor responsible for the School District Taxing Jurisdictions and the Project is eligible for exemption pursuant to RPTL 487487 (4). (Bb) The Owner agrees to make annual payments to the School District Taxing Jurisdictions in lieu of real property taxes for the Project Improvement for a period of fifteen (15) consecutive fiscal tax years, after which time the Project Improvement will be subject to full taxes. Annual ; annual payments hereunder may not exceed the amounts that would otherwise be payable but for the RPTL Section 487 exemption. Pursuant to RPTL Section 487, Such 15-year term shall commence on the Parties agree that first taxable status date selected by Owner following commencement of the construction of the Project Improvement (the “Commencement Date”), and shall end the fifteenth fiscal year following the Commercial Operations Date. The first annual payment shall be placed by in the School District as exempt upon the 2020 assessment rolls (tax status date March 1, 2020) of the School District. The term of the exemption shall be fifteen (15) years and shall automatically terminate following the 2034 assessment roll (tax status date March 1, 2034) unless terminated earlier pursuant to the Agreement. During the term of this Agreement, the Owner agrees to make an “Annual Payment” calculated as follows: “Per Megawatt Charge” shall mean for the first annual payment, an amount of $19,000.00 _________ per Megawatt AC of Capacity ($4,500the “Annual Payment”), and for each subsequent year, an amount equal to the immediate prior per Megawatt AC of Capacity amount increased . Thereafter Annual Payments will escalate by two ____ percent (2___%) per Megawattyear. Based on the Capacity of ____ Megawatts AC, Annual Payments to be made by Owner during the term of this Agreement shall be as set forth listed in Exhibit B. Each Annual Payment will be paid to the School District Taxing Jurisdictions in accordance with Section 5 of this Agreement; and the annual payment amount and payment date will be noted on an annual xxxx bill issued by the School District Taxing Jurisdictions to the Owner, provided that any failure of the School District Taxing Jurisdictions to issue such a xxxx bill shall not relieve the Owner of its obligation to make timely payments under this section. (c) Owner agrees that the payments in lieu of taxes under this Agreement will not be reduced on account of a depreciation factor or reduction in the Taxing Jurisdictions’ tax rate, and the Taxing Jurisdictions agree that the payments in lieu of taxes will not be increased on account of an inflation factor or increase in the Taxing Jurisdictions’ tax rate, all of which factors have been considered in arriving at the payment amounts reflected in this Agreement. (d) The Taxing Jurisdictions shall be paid their portion of the Annual Payment based on their respective share of the total tax rate that would have been applicable to the Project if it were taxable on the Commencement date, and each anniversary of the Commencement date thereafter.

Appears in 1 contract

Samples: Payment in Lieu of Taxes Agreement

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Tax Exemption; Payment in Lieu of Real Property Taxes. (Aa) Tax-Exempt Status of the Project. Pursuant to RPTL Section 487 the Parties hereto agree that the Project Improvement shall be placed by the School District Taxing Jurisdictions as exempt upon the assessment rolls of the School DistrictTaxing Jurisdictions. A Real Property Tax Exemption Form (RP 487) has or will be filed with the Assessor responsible for the School District Taxing Jurisdictions and the Project is eligible for exemption pursuant to RPTL 487487 (4). (Bb) The Owner agrees to make annual payments to the School District Taxing Jurisdictions in lieu of real property taxes for the Project Improvement for a period of fifteen (15) consecutive fiscal tax years, after which time the Project Improvement will be subject to full taxes. Annual ; annual payments hereunder may not exceed the amounts that would otherwise be payable but for the RPTL Section 487 exemption. Pursuant to RPTL Section 487, Such 15-year term shall commence on the Parties agree that first taxable status date selected by Owner following commencement of the construction of the Project Improvement (the “Commencement Date”), and shall end the fifteenth fiscal year following the Commercial Operations Date. The first annual payment shall be placed by in the School District as exempt upon the 2020 assessment rolls (tax status date March 1, 2020) of the School District. The term of the exemption shall be fifteen (15) years and shall automatically terminate following the 2034 assessment roll (tax status date March 1, 2034) unless terminated earlier pursuant to the Agreement. During the term of this Agreement, the Owner agrees to make an “Annual Payment” calculated as follows: “Per Megawatt Charge” shall mean for the first annual payment, an amount of $19,000.00 $ 5,500.00 per Megawatt AC of Capacity ($4,500the “Annual Payment”), and for each subsequent year, an amount equal to the immediate prior per Megawatt AC of Capacity amount increased . Thereafter Annual Payments will escalate by two 2 percent (2%) per Megawattyear. Based on the Capacity of Two (2.0_) Megawatts AC, Annual Payments to be made by Owner during the term of this Agreement shall be as set forth listed in Exhibit B. Each Annual Payment will be paid to the School District Taxing Jurisdictions in accordance with Section 5 of this Agreement; and the annual payment amount and payment date will be noted on an annual xxxx issued by the School District Taxing Jurisdictions to the Owner, provided that any failure of the School District Taxing Jurisdictions to issue such a xxxx shall not relieve the Owner of its obligation to make timely payments under this section. (c) Owner agrees that the payments in lieu of taxes under this Agreement will not be reduced on account of a depreciation factor or reduction in the Taxing Jurisdictions’ tax rate, and the Taxing Jurisdictions agree that the payments in lieu of taxes will not be increased on account of an inflation factor or increase in the Taxing Jurisdictions’ tax rate, all of which factors have been considered in arriving at the payment amounts reflected in this Agreement. (d) The Taxing Jurisdictions shall be paid their portion of the Annual Payment based on their respective share of the total tax rate that would have been applicable to the Project if it were taxable on the Commencement date, and each anniversary of the Commencement date thereafter.

Appears in 1 contract

Samples: Payment in Lieu of Taxes Agreement

Tax Exemption; Payment in Lieu of Real Property Taxes. (Aa) Tax-Exempt Status of the Project Facility. Pursuant to RPTL Section 487 the Parties hereto agree that the Project Improvement shall be placed by the School District Taxing Jurisdiction as exempt upon the assessment rolls of the School DistrictTaxing Jurisdiction. A Real Property Tax Exemption Form (RP 487) has or will be filed with the Assessor responsible for the School District Taxing Jurisdiction and the Project is eligible for exemption pursuant to RPTL 487487 (4). (Bb) The Owner agrees to make annual payments to the School District Taxing Jurisdiction in lieu of real property taxes for the Project Improvement for a period of fifteen (15) consecutive fiscal tax years, after which time the Project Improvement will be subject to full taxes. Annual ; annual payments hereunder may not exceed the amounts that would otherwise be payable but for the RPTL Section 487 exemption. Pursuant to RPTL Section 487, Such 15-year term shall commence on the Parties agree that first taxable status date selected by Owner following commencement of the construction of the Project Improvement (the “Commencement Date”), and shall end the fifteenth fiscal year following the Commercial Operations Date. The first annual payment shall be placed by in the School District as exempt upon the 2020 assessment rolls (tax status date March 1, 2020) of the School District. The term of the exemption shall be fifteen (15) years and shall automatically terminate following the 2034 assessment roll (tax status date March 1, 2034) unless terminated earlier pursuant to the Agreement. During the term of this Agreement, the Owner agrees to make an “Annual Payment” calculated as follows: “Per Megawatt Charge” shall mean for the first annual payment, an amount of $19,000.00 _________ per Megawatt AC of Capacity ($4,500the “Annual Payment”), and for each subsequent year, an amount equal to the immediate prior per Megawatt AC of Capacity amount increased . Thereafter Annual Payments will escalate by two ____ percent (2___%) per Megawattyear. Based on the Capacity of ____ Megawatts AC, Annual Payments to be made by Owner during the term of this Agreement shall be as set forth listed in Exhibit B. Each Annual Payment will be paid to the School District Taxing Jurisdiction in accordance with Section 5 of this Agreement; and the annual payment amount and payment date will be noted on an annual xxxx bill issued by the School District Taxing Jurisdiction to the Owner, provided that any failure of the School District Taxing Jurisdiction to issue such a xxxx bill shall not relieve the Owner of its obligation to make timely payments under this section. (c) Owner agrees that the payments in lieu of taxes under this Agreement will not be reduced on account of a depreciation factor or reduction in the Taxing Jurisdiction tax rate, and the Taxing Jurisdiction agrees that the payments in lieu of taxes will not be increased on account of an inflation factor or increase in the Taxing Jurisdiction tax rate, all of which factors have been considered in arriving at the payment amounts reflected in this Agreement.

Appears in 1 contract

Samples: Payment in Lieu of Taxes Agreement

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