Tax Increment Sample Clauses

Tax Increment a. Pursuant to Sections 17C-5-202(1) and 204 of the Act and Section 00-00-000 of the Cooperation Act, the District hereby agrees and consents that the Agency shall be paid seventy (70%) of the District Tax Increment generated within the Project Area, as described herein. Of the District Tax Increment paid to the Agency, the Agency anticipates allocating up to the ten percent (10%) of such funds for housing in accordance with UCA § 17C-5-307 and retaining up to three (3%) of such funds as an administration fee. The Agency is authorized to begin collection of the District Tax Increment from a particular parcel upon written notice to the District prior to the beginning of the tax year for which the Agency desires to collect the District Tax Increment. b. Notwithstanding anything to the contrary herein, the Agency may collect one hundred percent (100%) of the District Tax Increment generated from each tax parcel within the Project Area for a period of not more than twenty (20) years. For purposes of this Agreement, the Tax Increment generated from each tax parcel includes taxes generated from and assessed against the real property and any personal property located on such parcel. If the Agency collects one hundred percent (100%) of the District Tax Increment, the Agency shall transfer to the District an annual rebate amount equal to thirty percent (30%) of the District Tax Increment received by the Agency no later than three (3) months following the Agency’s receipt thereof from the County Treasurer. The years for which the Agency collects Tax Increment from a tax parcel must be consecutive; in other words, once the Agency begins collecting Tax Increment from a tax parcel (also known as “triggering” Tax Increment collection), the Agency may not cease collection of Tax Increment from such tax parcel and later resume the collection of Tax Increment from such tax parcel even if the total number of years for which the Agency would collect Tax Increment from such tax parcel would be less than the 20-year limit set forth herein. The initial and cessation of Tax Increment collection by the Agency under this Agreement shall always be at the beginning and end, respectively, of the calendar year. c. The Agency may trigger the collection of Tax Increment for any and all tax parcel(s) in the Project Area for any tax year for which the Agency is authorized to collect Tax Increment from the Project Area under this Agreement. Collection of Tax Increment may be triggered at d...

Tax Increment. The term Tax Increment shall mean, in accordance with Neb. Rev. Stat. § 18- 2147 of the Nebraska Community Development Law, the difference between the ad valorem tax which is produced by the tax levy (fixed each year by the County Board of Equalization) for the Project Site before the completion of the construction of the Private Improvements and the ad valorem tax which is produced by the tax levy for the Project Site after completion of construction of the Private Improvements as part of the Project. The “Anticipated Tax Increment" for this Project is calculated and set forth on Exhibit “B”.

Tax Increment. Xxxxxxxxx agrees and acknowledges that it has no rights to the tax increment generated by the TIF District. Reimbursement to Developer is limited solely to the TIF Bond Proceeds as set forth herein.

Tax Increment. The Project Area Plan is expected to be adopted after the date hereof, and the adoption of the Project Area Plan is a condition to the effectiveness of this Agreement. The Project Area Plan will be funded in part by tax increment pursuant to the provisions of the Act. Under the Act and the Interlocal Agreements between the Agency and the Participating Taxing Entities (as defined below), the Agency is entitled to receive, or anticipating on receiving, up to [ ] percent ([ ]%) of the Tax Increment (as defined below) over a maximum period of twenty (20) years. In accordance with the Interlocal Agreements, the Agency shall begin to receive Tax Increment for the [ ] tax year. A copy of each of the Interlocal Agreements is, or will be, attached hereto as Exhibit G. The amount of Tax Increment that the Agency is allowed to receive under the Interlocal Agreements is to be paid into a special fund of the Agency in accordance with the Act and shall be applied for the purposes described in the Project Area Plan, the Project Area Budget, the Interlocal Agreements and this Agreement.

Tax Increment a. Pursuant to Sections 17C-5-202(1) and 204 of the Act and Section 00-00-000 of the Cooperation Act, the County hereby agrees and consents that the Agency shall be paid one hundred percent (100%) of the County Tax Increment generated within the Project Area for up to eleven (11) consecutive years on Personal Property only. If required by law, the Agency anticipates allocating up to ten percent (10%) of such funds for housing in accordance with UCA § 17C-5-307. The Agency may begin collecting increment, or “trigger” the collection of Tax Increment, upon written notice to the County. Regardless of the date for which the Agency begins collecting Tax Increment under this Agreement, the Agency shall not collect Tax Increment for any period beyond December 31, 2032. The date that the Agency begins collecting Tax Increment under this Agreement shall be on January 1 of the particular year. For the sake of illustration only, this subsection requires that the Agency begin collecting Tax Increment no later than January 1, 2022 in order to receive the full eleven years of Tax Increment contemplated by this Agreement. b. The County hereby authorizes and directs County officials and personnel to pay directly to the Agency all amounts due to the Agency under this Agreement in accordance with UCA § 17C-5-204 for the periods described herein. c. The County shall maintain records of all amounts paid to the Agency under this Agreement on a parcel-by-parcel basis.

Tax Increment. The term Tax Increment shall mean, in accordance with Section 18-2147 of the Act, the difference between the ad valorem tax which is produced by the tax levy (fixed each year by the Xxxxxx County Board of Equalization) for the Project Site before the completion of the construction of the Private Improvements for that year prior to the year in which the Effective Date falls, and the ad valorem tax which is produced by the tax levy for the Project Site after completion of construction of the Private Improvements as part of the Project. For Phase One, the anticipated Tax Increment is the difference between the taxes payable for 2018 and the taxes payable for 2017. For Phase Two, the anticipated Tax Increment is the difference between the projected taxes payable for 2019 and the taxes payable for 2018. For Phase Three, the anticipated Tax Increment is the difference between the projected taxes payable for 2020 and the taxes payable for 2019. However, due to the construction schedule and anticipated absorption rate of the Private Improvements, it is not expected that the full amount of the annual Tax Increment for each phase of the Project will be generated in the year of the Effective Date of each phase, but will be generated following completion of construction of the Private Improvements comprising such phase. The anticipated Tax Increment for each phase of the Project is more particularly set forth on Exhibit “B”.

Tax Increment. This Agreement refers to “tax increment” which is a term defined by Utah Code Xxx. § 17C-1-102(60) (2018). The term “tax increment” in this Agreement has the same meaning as defined by that statute. The parties acknowledge that tax increment generally refers to the additional ad valorem tax revenues generated by the increase in value of taxable real and personal property resulting from new development and construction. The Agency is entitled to collect a portion of tax increment from the property located within the Project Area boundaries as expressly provided under the ILAs.

Tax Increment. In order to complete the Minimum Improvements, the Developer agrees that certain improvements are needed to prepare the Development Property for completion and operation of the Minimum Improvements. Accordingly, and in consideration of the Developer’s obligations and performance under this Agreement, and in order to defray a portion of such costs, the City shall provide assistance to reimburse the Developer for a portion of the Site Improvement costs.

Tax Increment. Pursuant to Section 17C-4-204 of the Act and Section 00-00-000 of the Cooperation Act, the Taxing Entity hereby agrees and consents that the Agency shall be paid 50% of the Taxing Entity’s portion of the Tax Increment generated within the Project Area (the “Taxing Entity’s Share”) for 10 consecutive years (“Tax Increment Collection Period”). Tax increment shall start no later than 2026 (payment to Agency in 2027) and terminating no later than 2035 (to be paid in 2036). Taxing Entity’s Share shall be used for the purposes set forth in the Act and shall be disbursed as specified herein. The calculation of annual Tax Increment shall be made using (a) the Taxing Entity’s tax levy within the Project Area during the year for which Tax Increment is to be paid and (b) the base taxable value of $8,118,549; which is the combined assessed values of all real and personal property within the Project Area for the base year 2022. The total cumulative Taxing Entity’s Share paid to the Agency pursuant to this Agreement shall not exceed $202,000 (two hundred two thousand dollars). The Taxing Entity hereby authorizes and directs Taxing Entity officials and personnel to pay directly to the Agency all amounts due to the Agency under this Agreement in accordance with UCA § 17C-5-206 (2) for the periods described herein. The Taxing Entity’s Share shall be paid to the Agency no later than April 1st of the year following the tax year for which the Taxing Entity’s Share is to be paid. As required under 17C-5-204(6), the Taxing Entity shall not proportionately reduce the Taxing Entity’s Share by the amount of any direct expenditures the Taxing Entity makes within the Project Area for the benefit of the Project Area or the Agency.

Tax Increment. Participation by the COUNTY 1. Subject to the limitations set out in this Agreement, the COUNTY agrees to participate in the ZONE by contributing to the Tax Increment Fund an amount equal to 50% of the revenue generated from the COUNTY Applicable M&O Tax Rate as assessed and collected on the Captured Appraised Value for each respective tax year during the Term of the ZONE. For the purpose of this Agreement the COUNTY M&O Tax Rate shall be calculated as set forth in section IV(B)(2) of this Agreement. In no event shall the COUNTY contribution to the Tax Increment Fund be greater than Eight million two hundred twenty nine thousand, three hundred seventy five and No/100th Dollars ($8,229,375.00) over the life of the ZONE (which for purposes of this provision will be deemed to end no later than December 31, 2036) beginning with the 2015 tax year. 2. The Parties hereto agree that the COUNTY's contribution to the Tax Increment Fund shall be used to fund Project Costs. The COUNTY's contributions to the Tax Increment Fund shall end when it has contributed the maximum total contribution provided for herein of Eight Million Two Hundred Twenty Nine Thousand, Three Hundred Seventy Five and NO/100 Dollars ($8,229,375.00), or when it has made contributions of all Tax Increment Payments, as specified in the Project Plan, attributable to all periods through the end of the COUNTY's fiscal year 2036 (ending on December 31, 2036), whichever occurs first.