Tax Increment Deficiency on TIF Bond Sample Clauses

Tax Increment Deficiency on TIF Bond. A. Lender and/or Investor Purchased TIF Bond. If Redeveloper’s Lender or an Investor purchases the TIF Bond, any shortfall in the annual TIF Tax Revenues from the Tax Increment Provision for any reason whatsoever, specifically including a decline in taxable valuation of the Project Site, shall be borne entirely by the Redeveloper without recourse of any kind against the City. To the extent of any deficiency in annual TIF Tax Revenues from the Ad Valorem Tax Provision for required debt service on the TIF Bond, the Redeveloper agrees to pay the same as a deficiency tax payment upon written request of the City and shall pay a deficiency tax payment for each year that there exists a deficiency in such TIF Tax Revenues. If Redeveloper is required to pay any deficiency, the City shall reimburse all sums paid by said Redeveloper for such purposes if and when annual TIF Tax Revenues do become available from the Ad Valorem Provision to meet current debt service and reimburse Redeveloper for any deficiency payments.
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Related to Tax Increment Deficiency on TIF Bond

  • Date Increment Due Increments shall accrue and become due and payable on the next day following completion of required service as an employee in the class, unless otherwise provided herein.

  • Tax Increment Financing The Redevelopment Agreement provides for the capture of the Tax Increment, as defined therein, by the City of the Redeveloper Improvements to be made by the Redeveloper for a period not to exceed fifteen (15) years after the Redevelopment Project effective date defined in the Redevelopment Agreement. The Tax Increment so captured by the City shall be used for to make the Redeveloper Improvements as described in the Redevelopment Agreement.

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