Common use of Tax Increment Clause in Contracts

Tax Increment. a. Pursuant to Sections 17C-5-202(1) and 204 of the Act and Section 00-00-000 of the Cooperation Act, the District hereby agrees and consents that the Agency shall be paid seventy (70%) of the District Tax Increment generated within the Project Area, as described herein. Of the District Tax Increment paid to the Agency, the Agency anticipates allocating up to the ten percent (10%) of such funds for housing in accordance with UCA § 17C-5-307 and retaining up to three (3%) of such funds as an administration fee. The Agency is authorized to begin collection of the District Tax Increment from a particular parcel upon written notice to the District prior to the beginning of the tax year for which the Agency desires to collect the District Tax Increment.