Tax Increment Shortfall Guaranty Sample Clauses

Tax Increment Shortfall Guaranty. Developer acknowledges that the City intends to apply Tax Increment Funds to finance all or a portion of the Park Improvements and may issue TIF Bonds to advance fund such costs. Developer agrees to pay the City any Tax Increment Shortfall amount in accordance with this Section.
Sample 1
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Tax Increment Shortfall Guaranty. Developer agrees to pay the City any Tax Increment Shortfall amount. Annual Tax Increment Shortfall payments may be paid to the City in two installments, with the first installment equal to one-half the annual Tax Increment Shortfall amount payable within 30 days of receiving written notice and documentation that there is a Tax Increment Shortfall. The balance of the annual Tax Increment Shortfall amount shall be paid within 6 months of receipt of notice. The guaranty shall be released when the conditions described in Section 3.3 are achieved. Tax increment financing bonds have been issued based on certain assumptions regarding construction, tax rates, tax payments, and an aggregate valuation of $63,675,660 of private improvements. Commencing 2015 and thereafter, the Tax Increment is based on completion of $63,675,660 of improvements. For purposes of calculating the amount of the guaranty payment after 2010, the payment guaranteed shall be reduced proportionately by the ratio of the fair market value of completed private improvements (as determined by the Sedgwick County Appraiser) to $63,675,660. Section 6
Sample 1
Tax Increment Shortfall Guaranty. (a) Developer and the TIF Shortfall Guarantors shall enter into the Tax Increment Shortfall Guaranty which shall provide that, commencing with property tax collections in the calendar year after the Internal Infrastructure TIF Bonds are issued, the Developer shall guarantee and the TIF Shortfall Guarantors will guarantee pursuant to their individual ownership percentages of the Developer payment to the City of any Tax Increment Shortfall (as defined below) amount determined in accordance with this Section 6.05. For purposes of this Section 6.05, “
Sample 1
Tax Increment Shortfall Guaranty. Developer and the TIF Shortfall Guarantors shall enter into the Tax Increment Shortfall Guaranty which shall provide that, commencing with property tax collections in the calendar year after the TIF Bonds are issued and continuing until (a) all approximately 40 homes that will be included in the Developer Project have been constructed on the Property and (b) the aggregate assessed valuation of the Property is equal to or greater than the Cap Rate Valuation, the Developer shall guarantee and the TIF Shortfall Guarantors will jointly and severally guarantee payment to the City of any Tax Increment Shortfall (as defined below) amount determined in accordance with this Section 6.05. For purposes of this Section 6.05, “Tax Increment Shortfall” shall mean the amount equal to the difference between: (i) the amounts actually paid to the City by the Sedgwick County Treasurer as property Tax Increment (as defined in the TIF Act), pursuant to the TIF Project Plan and the TIF Act, and
Sample 1
Tax Increment Shortfall Guaranty. Developer agrees to pay the City any Tax Increment Shortfall amount in accordance with the terms of this Section 8. Annual Tax Increment Shortfall payments may be paid to the City in two installments, with the first installment equal to one-half the annual Tax Increment Shortfall amount payable within 90 days of receiving written notice and documentation that there is a Tax Increment Shortfall. The balance of the annual Tax Increment Shortfall amount shall be paid within 6 months of receipt of notice. The base-year valuation of the Shopping Center is Two Million Fifteen Thousand Seven Hundred Dollars ($2,015,700). Tax increment financing bonds will be issued based on certain assumptions regarding construction, tax rates, tax payments, and an aggregate appraised valuation of Eleven Million Three Hundred Sixty-Four Thousand Four Hundred Ninety-Five Dollars ($11,364,495). The Tax Increment Shortfall guaranty of the Developer shall be released when the Shopping Center achieves an aggregate appraised valuation of at least $11,364,495 (as determined by the Sedgwick County Appraiser’s Office).
Sample 1

Related to Tax Increment Shortfall Guaranty

  • 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.

  • Initial Payment - Transportation Charge Minimum Component Payments by the Agency under the minimum operation, maintenance, power, and replacement component of the Transportation Charge shall commence for each aqueduct reach in the year following the year in which construction of that reach is completed.

  • Assuming Bank Portfolio Sales of Remaining Single Family Shared-Loss Loans The Assuming Bank shall have the right with the concurrence of the Receiver to liquidate for cash consideration, from time to time in one or more transactions, all or a portion of Single Family Shared-Loss Loans held by the Assuming Bank at any time prior to the Termination Date (“Portfolio Sales”). If the Assuming Bank exercises its option under this Section 4.1, it must give thirty (30) days notice in writing to the Receiver setting forth the details and schedule for the Portfolio Sale which shall be conducted by means of sealed bid sales to third parties, not including any of the Assuming Bank’s affiliates, contractors, or any affiliates of the Assuming Bank’s contractors. Sales of Restructured Loans shall be sold in a separate pool from Single Family Shared-Loss Loans not restructured. The Receiver’s review of the Assuming Bank’s proposed Portfolio Sale will be considered in a timely fashion and approval will not be unreasonably withheld, delayed or conditioned.

  • Assuming Bank’s Liquidation of Remaining Single Family Shared-Loss Loans In the event that the Assuming Bank does not conduct a Portfolio Sale pursuant to Section 4.1, the Receiver shall have the right, exercisable in its sole and absolute discretion, to require the Assuming Bank to liquidate for cash consideration, any Single Family Shared-Loss Loans held by the Assuming Bank at any time after the date that is six months prior to the Termination Date. If the Receiver exercises its option under this Section 4.2, it must give notice in writing to the Assuming Bank, setting forth the time period within which the Assuming Bank shall be required to liquidate the Single Family Shared-Loss Loans. The Assuming Bank will comply with the Receiver’s notice and must liquidate the Single Family Shared-Loss Loans as soon as reasonably practicable by means of sealed bid sales to third parties, not including any of the Assuming Bank’s affiliates, contractors, or any affiliates of the Assuming Bank’s contractors. The selection of any financial advisor or other third party broker or sales agent retained for the liquidation of the remaining Single Family Shared-Loss Loans pursuant to this Section shall be subject to the prior approval of the Receiver, such approval not to be unreasonably withheld, delayed or conditioned.

  • Refinancing Preparation Advance; Capitalizing Front-end Fee and Interest (a) If the Loan Agreement provides for the repayment out of the proceeds of the Loan of an advance made by the Bank or the Association (“Preparation Advance”), the Bank shall, on behalf of such Loan Party, withdraw from the Loan Account on or after the Effective Date the amount required to repay the withdrawn and outstanding balance of the advance as at the date of such withdrawal from the Loan Account and to pay all accrued and unpaid charges, if any, on the advance as at such date. The Bank shall pay the amount so withdrawn to itself or the Association, as the case may be, and shall cancel the remaining unwithdrawn amount of the advance.”

  • CONCESSION PAYMENT AND INCREASE A. For the Initial Term of the Agreement, Concessionaire shall pay Department a minimum Concession Payment of Eight Hundred ($800.00) Dollars in accordance with the Concession Payment Schedule set forth in Exhibit B as consideration for the Concession, license and privilege granted. For subsequent Renewal Terms, if any, Concessionaire shall pay Department in accordance with the Concession Payment Schedule set forth in Exhibit B.

  • Billing Increments Unless otherwise stated in a Service Order, usage-based charges will be billed on either a per-minute or per- message basis. Service calls invoiced on a per-minute basis will have an initial minimum call duration of one (1) minute, subsequent intervals of one (1) minute each, and will be billed by rounding to the next whole minute.

  • Assuming Institution’s Liquidation of Remaining Shared-Loss Loans In the event that the Assuming Institution does not conduct a Portfolio Sale pursuant to Section 4.1, the Receiver shall have the right, exercisable in its sole and absolute discretion, to require the Assuming Institution to liquidate for cash consideration, any Shared-Loss Loans held by the Assuming Institution at any time after the date that is six months prior to the Termination Date. If the Receiver exercises its option under this Section 4.2, it must give notice in writing to the Assuming Institution, setting forth the time period within which the Assuming Institution shall be required to liquidate the Shared-Loss Loans. The Assuming Institution will comply with the Receiver’s notice and must liquidate the Shared-Loss Loans as soon as reasonably practicable by means of sealed bid sales to third parties, not including any of the Assuming Institution’s affiliates, contractors, or any affiliates of the Assuming Institution’s contractors. The selection of any financial advisor or other third party broker or sales agent retained for the liquidation of the remaining Shared-Loss Loans pursuant to this Section shall be subject to the prior approval of the Receiver, such approval not to be unreasonably withheld, delayed or conditioned.

  • Optional Extended Local Calling Scope Arrangement Traffic (5) special access, private line, Frame Relay, ATM, or any other traffic that is not switched by the terminating Party; (6) Tandem Transit Traffic; (7) Voice Information Service Traffic (as defined in Section 5 of the Additional Services Attachment); or, (8) Virtual Foreign Exchange Traffic (or V/FX Traffic) (as defined in the Interconnection Attachment). For the purposes of this definition, a Verizon local calling area includes a Verizon non-optional Extended Local Calling Scope Arrangement, but does not include a Verizon optional Extended Local Calling Scope Arrangement.

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