Tax Increment Payment. 1. COUNTY's obligation to contribute its Tax Increment Payment to the Tax Increment Fund, as provided in Section IV.A. of this Agreement, shall accrue as the COUNTY collects its Available Tax Increment. The Parties hereto agree that all ad valorem property taxes collected each year by the COUNTY that are attributable to real property in the ZONE shall first constitute taxes on the Tax Increment Base and after the total amount of taxes on the value of the Tax Increment Base have been collected, then the remaining ad valorem taxes collected shall constitute the taxes collected on the value of the Tax Increment. COUNTY agrees to deposit its first Tax Increment Payment to the Tax Increment Fund for tax year 2016 by the later of: (i) collection reports having been provided to the Xxxxxxx County Auditor's Office; (ii) May 1,2016; or (iii) 30 days after the full execution and delivery of this Agreement by all Parties. The amount of the first Tax Increment Payment shall be based on the Tax Increments that were received up to January 31, 201, but only for tax year 20155, beginning January 1, 2015. For subsequent payments, the COUNTY agrees to contribute its yearly Tax Increment Payment to the Tax Increment Fund annually not later than the 90th day after the delinquency date for the COUNTY's property taxes (or the first business day thereafter) following the end of each tax year. The amount of each Tax Increment Payment shall be based on the Tax Increments that are received up to January 31st following the end of the tax year, but which have not been previously deposited in the Tax Increment Fund, during the annual periods preceding each deposit date. Under no circumstances shall the COUNTY be required to participate in the ZONE with taxes attributable to periods after 2036. The chart below is for illustrative purposes only and is an exanple of how the paynent calculation is calculated by the COUNTY. Assuning for the purpose of this exanple, the tax value of the zone is $100,000.00, the base value is $10,000.00, the Adninistrative Costs are $10.00 per year and the overall COUNTY tax rate is $.0059.
Tax Increment Payment. 1. The CITY's obligation to contribute its Tax Increment Payment to the Tax Increment Fund as provided above in Section V of this Agreement shall accrue as the CITY collects its Tax Increment. The CITY agrees to deposit its first Tax Increment Payment to the Tax Increment Fund for tax year 2015 by . The amount of the first Tax Increment Payment shall be based on the Tax Increments that were received through January 31, 2016, but only for the tax year 201 beginning January 1, 201_. For subsequent Tax Increment Payments, the CITY agrees to contribute its Tax Increment Payment to the Tax Increment Fund annually on or before (or the first business day thereafter) of each tax year. Any delinquent deposit of a Tax Increment Payment by the CITY under this Agreement shall be administered as provided in Section 311.013(c) of the Texas Tax Code (or its successor provision).
Tax Increment Payment. The COUNTY’s obligation to contribute its Tax Increment Payment to the Tax Increment Fund pursuant to the COUNTY’s Additional Pledge, as provided in this Amendment, shall accrue as the COUNTY collects its Aggregate Available Tax Increment. The Parties hereto agree that all ad valorem property taxes collected each year by the COUNTY that are attributable to real property in the ZONE shall first constitute taxes on the Tax Increment Base and after the total amount of taxes on the value of the Tax Increment Base have been collected, then the remaining ad valorem taxes collected shall constitute the taxes collected on the value of the Tax Increment. COUNTY agrees to collect and to deposit any Tax Increment Payment required to be made under the COUNTY’s Additional Pledge in the manner set forth in section IV B of the Interlocal Agreement, including, without limitation, that no Tax Increment Payment is due from the COUNTY until the applicable time following delivery to the COUNTY of the required reports and documentation. Such reports and documentation shall include sufficient information on the Supplemental Debt Service Shortfall, the CITY’s Additional Pledge, the 4B CORPORATION Payment, the DEVELOPER’s Pledge and the debt service obligation to allow the COUNTY and the Xxxxxxx County Auditor to confirm the calculation of the amount due, if any, on the COUNTY’s Additional Pledge.
Tax Increment Payment. 1. The CITY’s obligation to contribute its Tax Increment Payment under the CITY’s Additional Pledge to the Tax Increment Fund as provided above in Section V.A. of this Amendment shall accrue as the CITY collects its Tax Increment. The CITY agrees to deposit its first Tax Increment Payment under the CITY’s Additional Pledge to the Tax Increment Fund for tax year 2015 by May 1, 2016. The amount of the first Tax Increment Payment shall be based on the Tax Increments that were received through January 31, 2016, but only for the tax year 2015 beginning January 1, 2015. For subsequent Tax Increment Payments, the CITY agrees to contribute its Tax Increment Payment under the CITY’s Additional Pledge to the Tax Increment Fund annually on or before May 1st (or the first business day thereafter) of each tax
Tax Increment Payment. 1. The CITY’s obligation to contribute its Tax Increment Payment to the Tax Increment Fund as provided above in Section V.A.1. and V.A.2. of this Agreement shall accrue as the CITY collects its Tax Increment. The CITY agrees to deposit its first Tax Increment Payment to the Tax Increment Fund for tax year 2015 by May 1, 2016. The amount of the first Tax Increment Payment shall be based on the Tax Increments that were received through January 31, 2016, but only for the tax year 2015 beginning January 1, 2015. For subsequent Tax Increment Payments, the CITY agrees to contribute its Tax Increment Payment to the Tax Increment Fund annually on or before May 1, 2016 (or the first business day thereafter) of each tax year. Any delinquent deposit of a Tax Increment Payment by the CITY under this Agreement shall be administered as provided in Section 311.013(c) of the Texas Tax Code (or its successor provision).
