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.
Tax Increment Financing a) Tax Increment Revenues. ELBRA agrees to reimburse Developer for eligible expenses pursuant to Amended Xxxxxxxxxx Plan #11, as amended by the East Lansing City
Tax Increment Financing. The Redevelopment Agreement provides for the capture of the Tax Increment, as defined therein, by the CDA of the private improvements to be made by the Redeveloper for a period not to exceed fifteen (15) years after the Effective Date of each phase of the Project. The Tax Increment so captured by the CDA shall be used to make the public improvements as described in the Redevelopment Agreement. The Effective Date for this phase of the Project is January 1, 20 .
Tax Increment Financing. Section 4.01. Redevelopment Project Area and Redevelopment Projects 10 Section 4.02. Project Budget 10 Section 4.03. Removal of Blight in the Xxxxxxxxxxxxx Xxxx 00 Section 4.04. Notes 11 Section 4.05. Bonds 11 Section 4.06. Payments in Lieu of Taxes 11 Section 4.07. Economic Activity Taxes 12 Section 4.08. Special Allocation Fund 12 Section 4.09. Disbursements From Special Allocation Fund 13 Section 4.10. Full Assessment 13
Tax Increment Financing. The authority may pledge and appropriate any part or all of the tax increments received for any redevelopment project, and any part or all of the
Tax Increment Financing. Landlord shall reasonably cooperate with Tenant, at no cost to Landlord, with any effort to secure, for the mutual benefit of Landlord and Tenant, so called “Tax Increment Financing” with respect to the Building. Any payments made by Landlord with respect to such tax increment financing shall be included within the definition of Taxes as set forth in Section 6.1.1(a) of the Lease.
Tax Increment Financing. The School District has approved the TIF and has authorized and executed the Compensation Agreement. The Compensation Agreement provides, among other things, that the Village shall pay semi-annually to the School District, solely out of Service Payments, within 30 days following receipt, an amount equal to 25% of the real property taxes that the School District would have received, but for the TIF Exemption, but not including any real property taxes that would have been derived from the Tax Increase Amount. In addition, the Village has agreed in the Compensation Agreement to pay semi-annually to the School District, solely out of Service Payments, within 30 days following receipt, an amount equal to 100% of the real property taxes that the School District would have received, but for the TIF Exemption, that are derived from any Tax Increase Amount. The Village has approved the TIF Ordinance with respect to the Site, and the Developer and any other Owners hereby agree to make Service Payments in accordance with the TIF Act, the TIF Ordinance, and this Agreement. Each Service Payment to be made under this Agreement will made on a semi-annual basis in an amount equal to one-half (½) of the annual property tax amount that would have been payable had the TIF Exemption not been granted. During the Exemption Period, the Service Payments must be made semi-annually to the County Fiscal Officer (or to his/her designated agent for collection of Service Payments) by the date on which the real property taxes for the Improvements would otherwise be due and payable. The obligation to make Service Payments is absolute and unconditional. For each tax year that the Improvements are exempt from real property taxation, the then- Owner of each Parcel must make the Service Payments with respect to that Parcel. The obligation of the Owner to pay in any event the Service Payments may not be terminated for any cause, including without limitation, any acts or circumstances that constitute failure of consideration, destruction of or damage to the Improvements, commercial frustration of purpose, any change in the tax or other laws or regulations or administrative actions or rulings by or under authority of the United States of America or of the State of Ohio, or any failure of the Village to perform and observe any agreement or obligation connected with this Agreement. However, the Owner will have no obligation to make Service Payments for any tax year in which the Improvements are n...
Tax Increment Financing. The Urban Renewal Plan contains provisions the permit the financing of the Urban Renewal Project by means of property tax increment financing (“TIF Financing”) contained in Section 31-25-107(9) of the Act and is therefore subject to the requirements contained in House Bill 15-1348 enacted in 2015, as amended in 2016, by Senate Bill 16-177, and in 2017 by Senate Bill 17-279 (collectively, the “Amended 1348 Requirements”).
Tax Increment Financing. “TIF”). The Property is located within a Tax Increment Financing District. With respect to said TIF the parties acknowledge that the Xxxxx Heights, Ohio City Council has passed the legislation (“TIF Legislation”) pursuant to the TIF Statute (as defined below) thereby exempting from taxation any Improvements (as defined in Ohio Revised Code section 5709.40(A)(4)) to the Property (the “TIF Exemption”) and requiring the current and future owners of the Property to pay service payments in respect of those Improvements exempted from taxation (“Service Payments”). Purchaser hereby agrees to make the Service Payments for its period of ownership of the Property in accordance with the requirements in sections 5709.40 through 5709.43 of the Ohio Revised Code as those sections as each may be amended from time to time (the “TIF Statute”). City and Purchaser agree to cooperate in the preparation, execution and filing of all necessary applications and supporting documents to obtain from time to time the TIF Exemption and to enable City to collect Service Payments with respect to the Property. Purchaser agrees that it will, at the Closing execute and file any applications necessary to obtain the TIF Exemption as may be provided in the TIF Legislation; provided, however, to the extent that Purchaser is unable to file such applications, Purchaser hereby authorizes and consents to City filing any such applications necessary to obtain the TIF Exemption as may be provided in the TIF Legislation.
Tax Increment Financing. Subject to any required approvals by the State, IDB shall cooperate with Developer to finance the reimbursement of Certified Costs to Developer through the issuance of one or more series of notes or other debt obligations in an aggregate amount not exceeding the amount authorized by the Economic Impact Plan (the “Tax Increment Financing”) less any costs that have been previously reimbursed. Such Tax Increment Financing shall be payable from and secured by Tax Increment Payments and any other sources provided by Developer. In no event shall the City or the County be required to guaranty or otherwise provide any source of payment, other than Tax Increment Payments, for the payment of any Tax Increment Financing. Any Tax Increment Financing shall be issued on the following terms and conditions:
(a) IDB will apply the Tax Increment Payments in accordance with the Economic Impact Plan and this Agreement to make debt service payments under the Tax Increment Financing;
(b) The proceeds of the Tax Increment Financing shall only be applied to pay Certified Costs that have not been previously reimbursed, capitalized interest as permitted by law, any appropriate debt service reserve and all other costs related to closing of the Tax Increment Financing, subject to the limits contained in the Economic Impact Plan. All disbursements of proceeds shall be subject to the review of IDB to confirm that such proceeds are applied to eligible costs under applicable state laws;
(c) The Tax Increment Financing shall mature no later than six (6) months after the expiration of the final allocation period for any parcel in the Plan Area from which incremental tax revenues will be applied to pay debt service on the Tax Increment Financing;
(d) The terms of the Tax Increment Financing, including the interest rate thereon and the manner and terms pursuant to which the Tax Increment Financing is sold, shall be subject to the approval, not to be unreasonably withheld, of Developer and IDB;
(e) Developer shall be responsible for arranging and paying all costs associated with the Tax Increment Financing to the extent not paid from the proceeds of the Tax Increment Financing;
(f) The documents pursuant to which each Tax Increment Financing is issued, including the note or other debt obligation, related loan agreement and assignment of tax increment revenues, shall be in such form as is reasonably acceptable to both IDB and Developer;
(g) The Tax Increment Financing shall be non-recourse to ...
