Tax Increment Payments. In recognition of Xxxxxxxxx’s obligations set forth herein, the County agrees to make ten annual economic development payments to the Developer. Each Tax Increment Payment shall be due on June 1 of each County fiscal year during the period commencing June 1, 2021 and continuing to, and including June 1, 2030, pursuant to Chapters 15A and 403 of the Code of Iowa, provided however that the aggregate, total amount of the Tax Increment Payments shall not exceed $8,000,000 (the “Maximum Payment Total”), and no further Tax increment Payments shall be made once the Maximum Payment Total has been reached. Should any occurrence interfere with the accrual of the Minimum Assessed Valuation on the Xxxxxx County property tax rolls as of January 1, 2019, then the first Tax Increment Payment shall be delayed until June 1 of the County’s fiscal year following the year in which the Minimum Assessed Valuation accrues on the property tax rolls. The County acknowledges that (i) higher than anticipated assessed valuation of the Development Property and/or the Minimum Improvements; (ii) higher than anticipated consolidated levy rates in effect with respect to the Development Property; or (iii) reduction in “roll back” available for the Development Property may render the Maximum Payment Total insufficient to accommodate 10 years of Tax Increment Payments equal to 32% of the available Tax Increments. Should any of these conditions occur and should the Developer request it in writing, the County will in good faith consider approval of an amendment to this Agreement providing for a corresponding increase in the Maximum Payment Total, which approval shall not be unreasonably withheld. The parties hereby acknowledge that the County will be required to follow the statutory process set forth in Section 403.9 for the authorization of such an amendment. Each Tax Increment Payment shall be in an amount which represents 32% percent (unless reduced pursuant to Section 6.6A above) of the Tax Increments received by the County through the division (pursuant to the Ordinance and Section 403.19 of the Code of Iowa) of actual property taxes paid with respect to the Development Property during the twelve months immediately preceding each payment due date. The Tax Increment Payments shall not constitute general obligations of the County, but shall be made solely and only from Tax Increments received by the County from the Xxxxxx County Treasurer which are attributable to the Development Property a...
Tax Increment Payments i. The City agrees, subject to the County being and remaining in compliance with this Agreement, to make annual payments to the County of fifty percent (50%) of the Tax Increment derived from the Development Property (“Tax Increment Payment”) beginning June 1 of the first fiscal year material Tax Increment is available to the City, but in no event later than June 1, 2028, and continuing every June 1 thereafter until the earlier of: (A) the County has received the Aggregate Maximum Amount of Tax Increment Payments (and other payments made under Section 3(c)(iv)) from the City; or
Tax Increment Payments i. The City agrees, subject to the County being and remaining in compliance with this Agreement, to make annual payments to the County of fifty percent (50%) of the Tax Increment derived from the Development Property (“Tax Increment Payment”) beginning June 1 of the first fiscal year material Tax Increment is available to the City, but in no event later than June 1, 2028, and continuing every June 1 thereafter until the earlier of: (A) the County has received the Aggregate Maximum Amount of Tax Increment Payments (and other payments made under Section 3(c)(iv)) from the City; or (B) the City’s ability to collect Tax Increment from the Development Property ends pursuant to the provisions of Iowa Code chapter 403, as amended; or (C) June 1, 2058. For the avoidance of doubt, the availability of DSL Credits or Property Sale Proceeds Credits shall not reduce the amount of any annual Tax Increment Payment; but rather, shall only be used to reduce the Aggregate Maximum Amount pursuant to the terms of this Agreement.
