TIRZ Fund Sample Clauses

TIRZ Fund. The fund created by the City for the deposit of Tax Increments for the TIRZ, entitled “Tax Increment Reinvestment Zone Number Eleven, City of San Antonio, Texas.”

TIRZ Fund. (a) In accordance with the TIRZ Project and Finance Plan, a portion of the City TIRZ Increment (not to exceed fifty percent (50%) of the City’s maintenance and operations ad valorem tax increment) and the County TIRZ Increment, if any, obtained from the Property in each phase shall be placed into a subaccount of the TIRZ Fund and shall be distributed pari passu in accordance with the TIRZ Project and Finance Plan in the following order of priority: (i) first, to pay the Administrative Expenses of the TIRZ; and (ii) second to lower the Assessments of Assessed Property owners, on an annual basis not to exceed a tax rate equivalent below $0.85 per $100 of estimated buildout value but not less than $0.45 per $100 of estimated buildout value at the time of the Assessment levy (the “TIRZ Credit”), unless agreed to by the City in writing. (b) In accordance with the TIRZ Project and Finance Plan, a portion of the City TIRZ Increment (not to exceed fifteen percent (15%) of the City’s maintenance and operations ad valorem tax increment), the City I&S TIRZ Increment), the remaining portion of the 50% City TIRZ Increment after payment of all Administrative Expenses of the TIRZ and application of the TIRZ Credit as set forth in Section 5.2(a), and the ESD TIRZ Increment, if any, obtained from the Property in each phase shall be placed into a subaccount of the TIRZ Fund and shall be distributed in accordance with the TIRZ Project and Finance Plan to provide an economic development incentive grant (the “Chapter 380 Grant”) to the Developer pursuant to Chapter 380, Texas Local Government Code, as set forth in Section 5.4 below. (c) The Parties intend for the remaining portion of the County TIRZ Increment, if any, after application of the TIRZ Credit obtained from the Property in each phase to be placed into a subaccount of the TIRZ Fund and to be distributed to the Developer as an economic development grant (the “Chapter 381 Grant”) from the County pursuant to a separate agreement between the Developer and the County pursuant to Chapter 381, Texas Local Government Code, as amended. (d) Amounts in each subaccount of the TIRZ Fund shall not be commingled, and the TIRZ shall have its own TIRZ Fund separate and apart from all other tax increment reinvestment zone funds. Any excess TIRZ revenues after payment in accordance with the priorities described herein will be returned to the City’s general fund.

TIRZ Fund. (a) In accordance with the TIRZ Project and Finance Plan, the City Tax Increment, the Port Authority Tax Increment and County Tax Increment shall be deposited to the applicable account of the TIRZ Fund, upon adoption of the ordinance creating the TIRZ and the execution of the County Participation Agreement and the Port Authority Participation Agreement.