TIF Redevelopment Incentive. So long as the Developer, the Building and the Property are not in default of this Agreement beyond the applicable cure period provided herein below, the City shall provide the Developer a TIF Redevelopment Incentive consisting of an annual payment of TIF Funds in each of tax year that the Joliet City Center Redevelopment Project is in effect, but in no event more than twenty three (23) tax years, following the execution of a lease agreement with at least one significant tenant for a portion of the Building including first floor, lower level of the Building and Five Thousand square feet of the second floor. Any extension or renewal of the Joliet City Center Redevelopment Project shall include the property. The TIF Redevelopment Incentive shall only be payable from the Annual Tax Increment generated by the Property, as follows: Within sixty (60) days of payment in full of the annual general real estate taxes for the Property, the Developer shall certify to the City the amount of incremental real estate tax taxes paid for said tax year above the TIF Benchmak as hereinafter defined (the “Annual Tax Increment” or “ATI”). This certification (the “Annual Certification”) shall include a copy of the tax bill, proof of payment and other documents that establish the amount of the ATI for that tax year. The ATI shall consist of the change in the amount of duly extended property taxes for the Property for tax year 2007 (taxes payable in 2008), being the year the Property was included in the Redevelopment Project Area, and for the tax year for which the Annual Certification is being submitted. The parties stipulate the assessed valuation of the Property and the Building for tax year 2007 was $120,989.00 (the “TIF Benchmark”). An Annual Certification conforming to this Agreement shall constitute the Developer’s annual request for the payment of TIF Funds. The TIF Redevelopment Incentive to be annually remitted to the Developer shall be equal to the ATI for said tax year. In no event shall the Developer be entitled to receive a total payment of TIF Funds in respect of a particular tax year that exceeds the ATI for said tax year. In no event shall the Developer receive TIF Funds in an amount that exceeds the amount approved by the City Manager in the Statement of Redevelopment Project Costs. The City shall review and approve the Developer’s Annual Certification on a timely basis and shall meet and confer with the Developer to resolve any issues raised by the information c...
TIF Redevelopment Incentive. So long as the Developer, the Building and the Property are not in default of this Agreement beyond the applicable cure period provided herein, the City shall provide the Developer a TIF Redevelopment Incentive consisting of an annual payment of TIF Funds in each of tax year that the Joliet City Center Redevelopment Project is in effect. Any extension or renewal of the Joliet City Center Redevelopment Project shall include the property and the TIF Base Value for the property shall be $0. The TIF Redevelopment Incentive shall only be payable from the Annual Tax Increment (ATI) generated by the Property, as follows:
