Tax Exemption; Payment in Lieu of Taxes. In consideration of the issuance by the City of its industrial revenue bonds in the principal amount of $8,400,000 (the “Bonds”) to finance the cost of acquiring, constructing, equipping and furnishing an office facility and maintenance and storage facility, including buildings, improvements and equipment as described on Exhibit A (the “Project Improvements”), located on real property in the City as described on Exhibit B (the “Project Site,” and together with the Project Improvements, the “Project”), to be leased by the City to the Company, and in consideration of Company’s execution of the Lease dated as of __________1, 2020 (the “Lease”), as may be amended from time to time, between the City and the Company, pursuant to which the Project is leased to the Company, and in further consideration of the laws of the State of Kansas granting an exemption from real and personal property taxation for the portion of the Project purchased with the proceeds of the Bonds for the period of up to 10 years, commencing with the first calendar year after the calendar year in which the Bonds are issued, the Company agrees to make payments in lieu of ad valorem property taxes in the amount specified herein and in the manner provided for herein, and the City agrees to apply for an ad valorem property tax exemption for such portion of the Project for the 10 year period herein described.
Tax Exemption; Payment in Lieu of Taxes. In consideration of the issuance by the City of its industrial revenue bonds in the principal amount of not to exceed $17,265,000 (the “Bonds”) to finance the cost of acquiring, constructing and equipping a commercial facility in the City as described on Exhibit A (the “Project”) to be leased by the City to the Tenant, and in consideration of Tenant’s execution of the Lease dated as of December 1, 2019 (the “Lease”), as may be amended from time to time, between the City and the Tenant, pursuant to which the Project purchased with the proceeds of the Bonds is leased to the Tenant, and in further consideration of the laws of the State of Kansas granting an exemption from real and personal property taxation for the Project for the period of up to 10 years, commencing with the first calendar year after the calendar year in which the Bonds are issued, the Tenant agrees to make payments in lieu of ad valorem property taxes in the amount specified herein and in the manner provided for herein, and the City agrees to apply for an ad valorem property tax exemption for the portion of the Project described on Exhibit A to this Agreement for the 10 year period herein described.
Tax Exemption; Payment in Lieu of Taxes. In consideration of (i) the issuance by the Issuer of its Taxable Industrial Revenue Bonds, Series 2022 (Ark City Warehouse), in the principal amount of $2,700,000 (the "Bonds") to finance the acquisition, construction and equipping of a commercial facility (the "Project") to be leased by the Issuer to the Tenant, (ii) the Tenant's execution of the lease of the Project financed with the proceeds of the Bonds, (iii) the laws of the State of Kansas affording exemption from ad valorem property taxation for the portion of the Project acquired, purchased or constructed with the proceeds of the Bonds for a period commencing with the year after calendar year in which bonds are issued, and (iv) the agreement by the Issuer to apply for the exemption if the payments provided for herein are made, the Tenant agrees to make payments in lieu of ad valorem property taxes in the amounts specified herein, in the manner provided for herein.
Tax Exemption; Payment in Lieu of Taxes. In consideration of the issuance by the City of Industrial Revenue Bonds pursuant to K.S.A. 12-1740 et seq. in the aggregate principal amount not to exceed $20,000,000 (the “Bonds”) to finance the acquisition, construction and equipping of the Project to be leased by the City to Company, or its successors and assigns with City consent, in consideration of Company’s execution of a Lease Agreement, and in further consideration of the laws of the State of Kansas granting an exemption from ad valorem real and personal property taxation for the period of up to ten (10) years, commencing with the first calendar year after the calendar year in which the applicable series of Bonds are issued (“Abatement Period”) for the portion of the Project acquired or constructed with up to $20,000,000 in Bond proceeds and described in the Trust Indenture, dated as of November 1, 2015, by and between the City and BOKF, N.A., authorizing said Bonds, as amended by the First Supplemental Trust Indenture, dated as of August 1, 2016, and the Second Supplemental Trust Indenture, dated as of November 1, 2016, the Company agrees to make payments in lieu of ad valorem real and personal property taxes (a “PILOT”) in the amounts specified herein for the term of the Abatement Period in the manner provided for herein. Each portion of the Project acquired or constructed with the proceeds of the Bonds up to an aggregate amount of approximately $20,000,000 is referred to herein as the “Tax Abated Project Portion”.
Tax Exemption; Payment in Lieu of Taxes. In consideration of the issuance by the City of its Federally Taxable Private Activity Revenue Bonds, Series 2009 (the “2009 Bonds”) in the principal amount of $60,000,000 to finance a portion of the cost of the acquisition, purchase, expansion, renovation, construction and improvement of the Company’s corporate headquarters facility, including real estate (the “Project Site”) and buildings and improvements (collectively, the “Project Improvements”) (the Project Site and the Project Improvements, collectively, the “Project”), to be leased by the City to the Company, and in further consideration of the laws of the State of Kansas granting an exemption from ad valorem real property taxation for the portion of the Project financed with the proceeds of the 2009 Bonds for a period of up to ten (10) years (the “Tax Abatement”), commencing with the first calendar year after the calendar year in which the 2009 Bonds are issued (the “Abatement Period”), the Company agrees to make aggregate payments in lieu of ad valorem real property taxes (each a “PILOT”) in the amounts specified herein and in the manner provided for herein. The portion of the Project acquired, purchased, expanded, renovated, constructed or improved with the proceeds of the 2009 Bonds is referred to herein as the “2009 Tax Abated Project.”
Tax Exemption; Payment in Lieu of Taxes. In consideration of (i) the issuance by the Issuer of its Taxable Industrial Revenue Bonds, Series 2021 (Xxxx Industrial Project), in the principal amount not to exceed $4,500,000 (the "Bonds") to finance the acquisition, construction and equipping of two speculative office and warehouse facilities (the "Project") to be leased by the Issuer to the Tenant,
Tax Exemption; Payment in Lieu of Taxes. In consideration of the issuance by the City of Industrial Revenue Bonds pursuant to K.S.A. 12-1740 et seq. in the aggregate principal amount not to exceed $13,200,000 (the “Bonds”) to finance the acquisition, construction and equipping of an approximately 58,106 S.F. commercial office building and associated site infrastructure on approximately 6.26 acres (the “Project”) within the Pine Ridge West Business Park to be leased by the City to Company, or its successors and assigns with City consent, (the “Lessee”) in consideration of Lessee’s execution of a Lease Agreement. In further consideration of the laws of the State of Kansas granting an exemption from ad valorem real and personal property taxation for the period of up to ten (10) years, commencing with the first calendar year after the calendar year in which the Bonds are issued (“Abatement Period”) for the portion of the Project acquired or constructed with up to $13,200,000 in Bond proceeds and described in the Indenture, by and between the City and the applicable bond trustees, authorizing said Bonds, Company agrees to make payments in lieu of ad valorem real and personal property taxes (also referred to as a “PILOT”) in the amounts specified herein for the term of the Abatement Period in the manner provided for herein. Each portion of the Project acquired or constructed with the proceeds of the Bonds up to an aggregate amount of approximately $13,200,000 is referred to herein as the “Tax Abated Project Portion”.
