Use of Tax Increments. DJ recognizes that City intends to utilize the Incremental Property Tax Revenues collected each year in respect of the DJ Development to pay debt service on the Bonds. Notwithstanding the foregoing, City shall be free to use any excess Incremental Property Tax Revenues not required for the satisfaction of the principal and interest payments on the Bond collected each year in respect of the DJ Development for any purpose for which the Incremental Property Tax Revenues may lawfully be used pursuant to the provisions of the Urban Renewal Act, and City shall have no obligation to DJ with respect to use thereof.
Use of Tax Increments. DJ recognizes that City intends to utilize the Incremental Property Tax Revenues collected each year in respect of the DJ Development and the income generated on any reserve fund to pay debt service on the Bonds. Notwithstanding the foregoing, except as provided in Section 2.3(7) above, City shall be free to use any excess Incremental Property Tax Revenues not required for the satisfaction of the principal and interest payments on the Bonds collected each year in respect of the DJ Development (for example, those revenues resulting from increases in valuation of the DJ Development or the applicable tax rate) for any purpose for which the Incremental Property Tax Revenues may lawfully be used pursuant to the provisions of the Urban Renewal Act, and City shall have no obligation to DJ with respect to use thereof.
Use of Tax Increments. The District Tax Increment shall be applied in the following order of priority (i) City administrative costs, fees or services related to the administration of the Zone, in an amount not to exceed 5% of each year’s Tax Increment; (ii) amounts pledged or required for the payment of outstanding TIRZ Revenue Bonds, including TIRZ Revenue Bonds in the process of issuance and refunding TIRZ Revenue Bonds, (iii) administrative costs of the District relating to the Zone, and (iv) payments of other District Obligations relating to the Zone.
Use of Tax Increments a. The MDA and the County agree that if the funds are available for phases of the Project, the County will allocate tax increments in an amount not to exceed Four Hundred Ninety-Eight Thousand Three Hundred and Sixty-Eight Dollars ($498,368.00) to reimburse Developer for Project costs that consist of Eligible Tax Increment Public Improvements. Further, if the funds are available for the entire Project and additionally for the Final Design Engineering Fee in the amount of $50,000, the County may, in its discretion, allocate tax increments for the Final Engineering Fee in an amount not to exceed $50,000. The Final Engineering Fee will only be requested by the Developer if the entire Project has been completed.
Use of Tax Increments. The EDA shall be free to use the Tax Increments, other than those to which the Developer is entitled pursuant to the provisions of Section 4.1 hereof, for its administrative expenses and for any other purpose for which the Tax Increments may lawfully be used pursuant to applicable provisions of the Minnesota law, including without limitation the DMC Act and the DMC Development Plan for the DMC District as determined by the EDA.
Use of Tax Increments. The City shall be free to use the Tax Increments, other than those to which the Developer is entitled pursuant to the provisions of Section 3.3 hereof, for any purpose for which the Tax Increments may lawfully be used pursuant to applicable provisions of Minnesota law.
