Common use of Valuation of Future Additions to the Facility Clause in Contracts

Valuation of Future Additions to the Facility. If there shall be a future addition to the Facility that has not been described in the Application constructed or added in any manner after the date of this Agreement, the Company shall notify the Agency of such future addition (“Future Addition”). The notice to the Agency shall contain a copy of the application for a building permit, plans and specifications, and any other relevant information that the Agency may thereafter request. Upon the earlier of substantial completion, or the issuance of a certificate of occupancy for any such Future Addition to the Facility, the Company shall become liable for payment of an increase in the Total PILOT Payment. The Agency shall notify the Company of any proposed increase in the Total PILOT Payment related to such Future Addition. If the Company shall disagree with the determination of assessed value for any Future Additions made by the Agency, then and in that event that valuation shall be fixed by a court of competent jurisdiction. Notwithstanding any disagreement between the Company and the Agency, the Company shall pay the increased PILOT payment until a different Total PILOT Payment shall be established. If a lesser Total Annual Payment is determined in any proceeding or by subsequent agreement of the parties, the Total PILOT Payment shall be re-computed and any excess payment shall be refunded to the Company or, in the Agency’s sole discretion, such excess payment shall be applied as a credit against the next succeeding PILOT payment(s).

Appears in 8 contracts

Samples: Agent and Financial Assistance and Project Agreement, Tax Agreement, Agent and Financial Assistance and Project Agreement

AutoNDA by SimpleDocs

Valuation of Future Additions to the Facility. If there shall be a future addition to the Facility that has not been described in the Application constructed or added in any manner after the date of this Agreement, the Company shall notify the Agency of such future addition (“Future Addition”). The notice to the Agency shall contain a copy of the application for a building permit, plans and specifications, and any other relevant information evidence that the Agency may thereafter request. Upon the earlier of substantial completion, or the issuance of a certificate of occupancy for any such Future Addition to the Facility, the Company shall become liable for payment of an increase in the Total PILOT Tax Payment. The Agency shall notify the Company of any proposed increase in the Total PILOT Tax Payment related to such Future Addition. If the Company shall disagree with the determination of assessed value for any Future Additions made by the Agency, then and in that event that valuation shall be fixed by a court of competent jurisdiction. Notwithstanding any disagreement between the Company and the Agency, the Company shall pay the increased PILOT payment Tax Payment until a different Total PILOT Tax Payment shall be established. If a lesser Total Annual Tax Payment is determined in any proceeding or by subsequent agreement of the parties, the Total PILOT Tax Payment shall be re-computed and any excess payment shall be refunded to the Company or, in the Agency’s 's sole discretion, such excess payment shall be applied as a credit against the next succeeding PILOT payment(sTax Payment(s).

Appears in 7 contracts

Samples: Tax Agreement, Tax Agreement, Project Agreement

Valuation of Future Additions to the Facility. If there shall be a future addition to the Facility that has not been described in the Application constructed or added in any manner after the date of this Tax Agreement, the Company shall notify the Agency of such future addition ("Future Addition"). The notice to the Agency shall contain a copy of the application for a building permit, plans and specifications, and any other relevant information that the Agency may thereafter request. Upon the earlier of substantial completion, or the issuance of a certificate of occupancy for any such Future Addition to the Facility, the Company shall become liable for payment of an increase in the Total PILOT Tax Payment. The Agency shall notify the Company of any proposed increase in the Total PILOT Tax Payment related to such Future Addition. If the Company shall disagree with the determination of assessed value for any Future Additions Addition made by the Agency, then and in that event that valuation shall be fixed by a court of competent jurisdiction. Notwithstanding any disagreement between the Company and the Agency, the Company shall pay the increased PILOT payment Total Tax Payment until a different Total PILOT Tax Payment shall be established. If a lesser Total Annual Tax Payment is determined in any proceeding or by subsequent agreement of the parties, the Total PILOT Tax Payment shall be re-computed and any excess payment shall be refunded to the Company or, in the Agency’s 's sole discretion, such excess payment shall be applied as a credit against the next succeeding PILOT payment(sTotal Tax Payment(s).

Appears in 7 contracts

Samples: Project Agreement, Tax Agreement, Tax Agreement

Valuation of Future Additions to the Facility. If there shall be a future addition to the Facility that has not been described in the Application constructed or added in any manner after the date of this Agreement, the Company shall notify the Agency of such future addition ("Future Addition"). The notice to the Agency shall contain a copy of the application for a building permit, plans and specifications, and any other relevant information that the Agency may thereafter request. Upon the earlier of substantial completion, or the issuance of a certificate of occupancy for any such Future Addition to the Facility, the Company shall become liable for payment of an increase in the Total PILOT Payment. The Agency shall notify the Company of any proposed increase in the Total PILOT Payment related to such Future Addition. If the Company shall disagree with the determination of assessed value for any Future Additions made by the Agency, then and in that event that valuation shall be fixed by a court of competent jurisdiction. Notwithstanding any disagreement between the Company and the Agency, the Company shall pay the increased PILOT payment until a different Total PILOT Payment shall be established. If a lesser Total Annual Payment is determined in any proceeding or by subsequent agreement of the parties, the Total PILOT Payment shall be re-computed and any excess payment shall be refunded to the Company or, in the Agency’s 's sole discretion, such excess payment shall be applied as a credit against the next succeeding PILOT payment(s).

Appears in 2 contracts

Samples: Tax Agreement, Tax Agreement

Valuation of Future Additions to the Facility. If there shall be a future addition to the Facility that has not been described in the Application constructed or added in any manner after the date of this Tax Agreement, the Company shall notify the Agency of such future addition ("Future Addition"). The notice to the Agency shall contain a copy of the application for a building permit, plans and specifications, and any other relevant information that the Agency may thereafter request. Upon the earlier of substantial completion, or the issuance of a certificate of occupancy for any such Future Addition to the Facility, the Company shall become liable for payment of an increase in the Total PILOT Tax Payment. The Agency shall notify the Company of any proposed increase in the Total PILOT Tax Payment related to such Future Addition. If the Company shall disagree with the determination of assessed value for any Future Additions Addition made by the Agency, then and in that event that valuation shall be fixed by a court of competent jurisdiction. Notwithstanding any disagreement between the Company and the Agency, the Company shall pay the increased PILOT payment Total Tax Payment until a different Total PILOT Tax Payment shall be established. If a lesser Total Annual Tax Payment is determined in any proceeding or by subsequent agreement of the parties, the Total PILOT Tax Payment shall be re-computed and any excess payment shall be refunded to the Company or, in the Agency’s 's sole discretion, such excess payment shall be applied as a credit against the next succeeding PILOT payment(sTotal Tax Payment(s). The parties understand and agree that the current Project contemplates producing 5MWac which is the basis for calculating the payments hereunder (other than the Land Tax). In the event Project capacity increases above 5MWac, payments hereunder shall increase by $6,000 per additional MWac, prorated for any increase less than 1 MWac. The Company hereby covenants to provide the Agency, no later than December 31 of each year during the term hereof, any and all materials relating to the Project's MWac capacity.

Appears in 2 contracts

Samples: Project Agreement, Tax Agreement

Valuation of Future Additions to the Facility. If there shall be a future addition to the Facility that has not been described in the Application constructed or added in any manner after the date of this Agreement, the Company shall notify the Agency of such future addition (“Future Addition”). The notice to the Agency shall contain a copy of the application Application for a building permit, plans and specifications, and any other relevant information evidence that the Agency may thereafter request. Upon the earlier of substantial completion, or the issuance of a certificate of occupancy for any such Future Addition to the Facility, the Company shall become liable for payment of an increase in the Total PILOT Tax Payment. The Agency shall notify the Company of any proposed increase in the Total PILOT Tax Payment related to such Future Addition. If the Company shall disagree with the determination of assessed value for any Future Additions made by the Agency, then and in that event that valuation shall be fixed by a court of competent jurisdiction. Notwithstanding any disagreement between the Company and the Agency, the Company shall pay the increased PILOT payment Tax Payment until a different Total PILOT Tax Payment shall be established. If a lesser Total Annual Tax Payment is determined in any proceeding or by subsequent agreement of the parties, the Total PILOT Tax Payment shall be re-computed and any excess payment shall be refunded to the Company or, in the Agency’s sole discretion, such excess payment shall be applied as a credit against the next succeeding PILOT payment(sTax Payment(s).

Appears in 2 contracts

Samples: Tax Agreement, Tax Agreement

Valuation of Future Additions to the Facility. If there shall be a future addition to the Facility that has not been described in the Application constructed or added in any manner after the date of this Agreement, the Company shall notify the Agency of such future addition (“Future Addition”, which shall include equipping or modification of the Facility to produce in excess of 3MWac PV solar electrical generation). The notice to the Agency shall contain a copy of the application for a building permit, plans and specifications, and any other relevant information that the Agency may thereafter request. Upon the earlier of substantial completion, or the issuance of a certificate of occupancy for any such Future Addition to the Facility, the Company shall become liable for payment of an increase in the Total PILOT Payment. The Agency shall notify the Company of any proposed increase in the Total PILOT Payment related to such Future Addition. If the Company shall disagree with the determination of assessed value for any Future Additions made by the Agency, then and in that event that valuation shall be fixed by a court of competent jurisdiction. Notwithstanding any disagreement between the Company and the Agency, the Company shall pay the increased PILOT payment until a different Total PILOT Payment shall be established. If a lesser Total Annual Payment is determined in any proceeding or by subsequent agreement of the parties, the Total PILOT Payment shall be re-re- computed and any excess payment shall be refunded to the Company or, in the Agency’s sole discretion, such excess payment shall be applied as a credit against the next succeeding PILOT payment(s).

Appears in 2 contracts

Samples: Agent and Financial Assistance and Project Agreement, Tax Agreement

Valuation of Future Additions to the Facility. If there shall be a future addition to the Facility that has not been described in the Application constructed or added in any manner after the date of this Agreement, the Company shall notify the Agency of such future addition (“Future Addition”). The notice to the Agency shall contain a copy of the application Application for a building permit, plans and specifications, and any other relevant information evidence that the Agency may thereafter request. Upon the earlier of substantial completion, or the issuance of a certificate of occupancy for any such Future Addition to the Facility, the Company shall become liable for payment of an increase in the Total PILOT Tax Payment. The Agency shall notify the Company of any proposed increase in the Total PILOT Tax Payment related to such Future Addition. If the Company shall disagree with the determination of assessed value for any Future Additions made by the Agency, then and in that event that valuation shall be fixed by a court of competent jurisdiction. Notwithstanding any disagreement between the Company and the Agency, the Company shall pay the increased PILOT payment Tax Payment until a different Total PILOT Tax Payment shall be established. If a lesser Total Annual Tax Payment is determined in any proceeding or by subsequent agreement of the parties, the Total PILOT Tax Payment shall be re-computed and any excess payment shall be refunded to the Company or, in the Agency’s 's sole discretion, such excess payment shall be applied as a credit against the next succeeding PILOT payment(sTax Payment(s).

Appears in 1 contract

Samples: Tax Agreement

Valuation of Future Additions to the Facility. If there shall be a future addition to the Facility that has not been described in the Application constructed or added in any manner after the date of this PILOT Agreement, the Company shall notify the Agency of such future addition ("Future . Addition"). The notice to the Agency shall contain a copy of the application for a building permit, plans and specifications, and any other relevant information that the Agency may thereafter request. Upon the earlier of substantial completion, or the issuance of a certificate of occupancy for any such Future Addition to the Facility, the Company shall become liable for payment of an increase in the total payments in lieu of taxes payable under this PILOT Agreement ("Total PILOT Payment"). The Agency shall notify the Company of any proposed increase in the Total PILOT Payment related to such Future Addition. If the Company shall disagree with the determination of assessed value for any Future Additions made by the Agency, then and in that event that valuation shall be fixed by a court of competent jurisdiction. Notwithstanding any disagreement between the Company and the Agency, the Company shall pay the increased PILOT payment until a different Total PILOT Payment shall be established. If a lesser Total Annual Payment is determined in any proceeding or by subsequent agreement of the parties, the Total PILOT Payment shall be re-computed and any excess payment shall be refunded to the Company or, in the Agency’s 's sole discretion, such excess payment shall be applied as a credit against the next succeeding PILOT payment(s).

Appears in 1 contract

Samples: Lieu of Tax Agreement

Valuation of Future Additions to the Facility. If there shall be a future addition to the Facility that has not been described in the Application constructed or added in any manner after the date of this AgreementTax Agreement that is not contemplated by this Tax Agreement (but excluding the replacement of equipment), the Company shall notify the Agency of such future addition ("Future Addition"). The notice to the Agency shall contain a copy of the application for a building permit, plans and specifications, and any other relevant information that the Agency may thereafter request. Upon the earlier of substantial completion, or the issuance of a certificate of occupancy for any such Future Addition to the Facility, the Company shall become liable for payment of an increase in the Total PILOT Tax Payment. The Agency shall notify the Company of any proposed increase in the Total PILOT Tax Payment related to such Future Addition. If the Company shall disagree with the determination of assessed value for any Future Additions Addition made by the Agency, then and in that event that valuation shall be fixed by a court of competent jurisdiction. Notwithstanding any disagreement between the Company and the Agency, the Company shall pay the increased PILOT payment Total Tax Payment until a different Total PILOT Tax Payment shall be established. If a lesser Total Annual Tax Payment is determined in any proceeding or by subsequent agreement of the parties, the Total PILOT Tax Payment shall be re-computed and any excess payment shall be refunded to the Company or, in the Agency’s 's sole discretion, such excess payment shall be applied as a credit against the next succeeding PILOT payment(sTotal Tax Payment(s).

Appears in 1 contract

Samples: Tax Agreement

Valuation of Future Additions to the Facility. If there shall be a future addition to the e Facility that has not been described in the Application constructed or added in any manner after the date of this PILOT Agreement, the Company shall notify the Agency of such future addition ("Future Addition"). The notice to the Agency shall contain a copy of the application for a building permit, plans and specifications, and any other relevant information that the Agency may thereafter request. Upon the earlier of substantial completion, or the issuance of a certificate of occupancy for any such Future Addition to the Facility, the Company shall become liable for payment of an increase in the total payments in lieu of taxes payable under this PILOT Agreement ("Total PILOT PLLOT Payment"). The Agency shall notify the Company of any proposed increase in the Total PILOT Payment related to such Future Addition. If if the Company shall disagree with the determination of assessed value for any Future Additions made by the Agency, then and in that event that valuation shall be fixed by a court of competent jurisdiction. Notwithstanding any disagreement disageement between the Company and the Agency, the Company shall pay the increased PILOT payment until a different Total PILOT Payment shall be established. If a lesser Total Annual Payment is determined in any proceeding or by subsequent agreement of the parties, the Total PILOT Payment shall be re-computed and any excess payment shall be refunded to the Company or, in the Agency’s 's sole discretion, such excess payment shall be applied as a credit against the next succeeding PILOT payment(s).

Appears in 1 contract

Samples: Tax Agreement

Valuation of Future Additions to the Facility. If there shall be a future addition to the Facility that has not been described in the Application constructed or added in any manner after the date of this Agreement, the Company shall notify the Agency of such future addition ("Future Addition"). The notice to the Agency shall contain a copy of the application Application for a building permit, plans and specifications, and any other relevant information evidence that the Agency may thereafter request. Upon the earlier of substantial completion, or the issuance of a certificate of occupancy for any such Future Addition to the Facility, the Company shall become liable for payment of an increase in the Total PILOT Tax Payment. The Agency shall notify the Company of any proposed increase in the Total PILOT Tax Payment related to such Future Addition. If the Company shall disagree with the determination of assessed value for any Future Additions made by the Agency, then and in that event that valuation shall be fixed by a court of competent jurisdiction. Notwithstanding any disagreement between the Company and the Agency, the Company shall pay the increased PILOT Tax payment until a different Total PILOT Tax Payment shall be established. If a lesser Total Annual Tax Payment is determined in any proceeding or by subsequent agreement of the parties, the Total PILOT Tax Payment shall be re-computed and any excess payment shall be refunded to the Company or, in the Agency’s 's sole discretion, such excess payment shall be applied as a credit against the next succeeding PILOT Tax payment(s).

Appears in 1 contract

Samples: Tax Agreement

Valuation of Future Additions to the Facility. If there shall be a future addition to the Facility that has not been described in the Application constructed or added in any manner after the date of this Tax Agreement, the Company shall notify the Agency of such future addition ("Future Addition"). The notice to the Agency shall contain a copy of the application for a building permit, plans and specifications, and any other relevant information that the Agency may thereafter request. Upon the earlier of substantial completion, or the issuance of a certificate of occupancy for any such Future Addition to the Facility, the Company shall become liable for payment of an increase in the Total PILOT Tax Payment. The Agency shall notify the Company of any proposed increase in the Total PILOT Tax Payment related to such Future Addition. If the Company shall disagree with the determination of assessed value for any Future Additions Addition made by the Agency, then and in that event that valuation shall be fixed by a court of competent jurisdiction. Notwithstanding any disagreement between the Company and the Agency, the Company shall pay the increased PILOT payment Total Tax Payment until a different Total PILOT Tax Payment shall be established. If a lesser Total Annual Tax Payment per MWac is determined in any proceeding or by subsequent agreement of the parties, the Total PILOT Tax Payment shall be re-computed and any excess payment shall be refunded to the Company or, in the Agency’s 's sole discretion, such excess payment shall be applied as a credit against the next succeeding PILOT payment(sTotal Tax Payment(s). The parties understand and agree that the current Project contemplates producing 5MWac which is the basis for calculating the payments hereunder (other than the Land Tax). In the event Project capacity increases above 5MWac, payments hereunder shall increase by $6,000 per additional MWac, prorated for any increase less than 1MWac. The Company hereby covenants to provide the Agency, no later than December 31 of each year during the term hereof, with a certification of the Project's MWac capacity.

Appears in 1 contract

Samples: Tax Agreement

AutoNDA by SimpleDocs

Valuation of Future Additions to the Facility. If there shall be a future addition to the Facility that has not been described in the Application constructed or added in any manner after the date of this Agreement, the Company shall notify the Agency of such future addition additions (the "Future Addition"). The notice to the Agency shall contain a copy of the application for a building permit, plans and specifications, and any other relevant information that the Agency may thereafter request. Upon the earlier of substantial completion, or the issuance of a certificate of occupancy for any such Future Addition to the Facility, the Company shall become liable for the payment of an increase in the Total PILOT Payment (the "Increased PILOT Payment"). The Agency shall notify the Company of any proposed increase in the Total PILOT Payment related to such Future Addition. If the Company shall disagree with the determination of assessed value for any Future Additions made by the Agency, then and in that event that valuation shall be fixed by a court of competent jurisdiction. Notwithstanding any disagreement between the Company and the Agency, the Company shall pay the increased Increased PILOT payment Payment until a different Total PILOT Payment shall be established. If a lesser Total Annual PILOT Payment is determined in any proceeding or by subsequent agreement of the parties, the Total PILOT Payment shall be re-computed and any excess payment shall be refunded to the Company or, in the Agency’s 's sole discretion, such excess payment shall be applied as a credit against the next succeeding PILOT payment(s).

Appears in 1 contract

Samples: Tax Agreement

Valuation of Future Additions to the Facility. If there shall be a future addition to the Facility that has not been described in the Application constructed or added in any manner after the date of this Agreement, the Company shall notify the Agency of such future addition (“Future Addition”). The notice to the Agency shall contain a copy of the application Application for a building permit, plans and specifications, and any other relevant information evidence that the Agency may thereafter request. Upon the earlier of substantial completion, or the issuance of a certificate of occupancy for any such Future Addition to the Facility, the Company shall become liable for payment of an increase in the Total PILOT Tax Payment. The Agency shall notify the Company of any proposed increase in the Total PILOT Tax Payment related to such Future Addition. If the Company shall disagree with the determination of assessed value for any Future Additions made by the Agency, then and in that event that valuation shall be fixed by a court of competent jurisdiction. Notwithstanding any disagreement between the Company and the Agency, the Company shall pay the increased PILOT Tax payment until a different Total PILOT Tax Payment shall be established. If a lesser Total Annual Tax Payment is determined in any proceeding or by subsequent agreement of the parties, the Total PILOT Tax Payment shall be re-computed and any excess payment shall be refunded to the Company or, in the Agency’s 's sole discretion, such excess payment shall be applied as a credit against the next succeeding PILOT Tax payment(s).

Appears in 1 contract

Samples: Tax Agreement

Valuation of Future Additions to the Facility. If there shall be a future addition to the Facility that has not been described in the Application constructed or added in any manner after the date of this PILOT Agreement, the Company shall notify the Agency of such future addition ("Future Addition"). The notice to the Agency shall contain a copy of the application for a building permit, plans and specifications, and any other relevant information that the Agency may thereafter request. Upon the earlier of substantial completion, or the issuance of a certificate of occupancy for any such Future Addition to the Facility, the Company shall become liable for payment of an increase in the Total PILOT Payment. The Agency shall notify the Company of any proposed increase in the Total PILOT Payment related to such Future Addition. If the Company shall disagree with the determination of assessed value for any Future Additions made by the Agency, then and in that event that valuation shall be fixed by a court of competent jurisdiction. Notwithstanding any disagreement between the Company and the Agency, the Company shall pay the increased PILOT payment until a different Total PILOT Payment shall be established. If a lesser Total Annual Payment is determined in any proceeding or by subsequent agreement of the parties, the Total PILOT Payment shall be re-computed and any excess payment shall be refunded to the Company or, in the Agency’s 's sole discretion, such excess payment shall be applied as a credit against the next succeeding PILOT payment(s).

Appears in 1 contract

Samples: Tax Agreement

Valuation of Future Additions to the Facility. If there shall be a future addition to the Facility (other than the Sun West Site and the Sun East Site) that has not been described in the Application constructed or added in any manner after the date of this Agreement, the Company shall notify the Agency of such future addition ("Future Addition"). The notice to the Agency shall contain a copy of the application Application for a building permit, plans and specifications, and any other relevant information evidence that the Agency may thereafter request. Upon the earlier of substantial completion, or the issuance of a certificate of occupancy for any such Future Addition to the Facility, the Company shall become liable for payment of an increase in the Total PILOT Tax Payment. The Agency shall notify the Company of any proposed increase in the Total PILOT Tax Payment related to such Future Addition. If the Company shall disagree with the determination of assessed value for any Future Additions made by the Agency, then and in that event that valuation shall be fixed by a court of competent jurisdiction. Notwithstanding any disagreement between the Company and the Agency, the Company shall pay the increased PILOT Tax payment until a different Total PILOT Tax Payment shall be established. If a lesser Total Annual Tax Payment is determined in any proceeding or by subsequent agreement of the parties, the Total PILOT Tax Payment shall be re-computed and any excess payment shall be refunded to the Company or, in the Agency’s 's sole discretion, such excess payment shall be applied as a credit against the next succeeding PILOT Tax payment(s).

Appears in 1 contract

Samples: Tax Agreement

Valuation of Future Additions to the Facility. If there shall be a future addition to the Facility that has not been described in the Application constructed or added in any manner after the date of this Agreement, the Company shall notify the Agency of such future addition ("Future Addition"). The notice to the Agency shall contain a copy of the application for a building permit, plans and specifications, and any other relevant information evidence that the Agency may thereafter request. Upon the earlier of substantial completion, or the issuance of a certificate of occupancy for any such Future Addition to the Facility, the Company shall become liable for payment of an increase in the Total PILOT Tax Payment. The Agency shall notify the Company of any proposed increase in the Total PILOT Tax Payment related to such Future Addition. If the Company shall disagree with the determination of assessed value for any Future Additions made by the Agency, then and in that event that valuation shall be fixed by a court of competent jurisdiction. Notwithstanding any disagreement between the Company and the Agency, the Company shall pay the increased PILOT payment Tax Payment until a different Total PILOT Tax Payment shall be established. If a lesser Total Annual Tax Payment is determined in any proceeding or by subsequent agreement of the parties, the Total PILOT Tax Payment shall be re-computed and any excess payment shall be refunded to the Company or, in the Agency’s 's sole discretion, such excess payment shall be applied as a credit against the next succeeding PILOT payment(sTax Payment(s).

Appears in 1 contract

Samples: Tax Agreement

Valuation of Future Additions to the Facility. If there shall be a future addition to the Facility that has not been described in the Application constructed or added in any manner after the date of this Agreement, the Company shall notify the Agency of such future addition (“Future Addition”). The notice to the Agency shall contain a copy of the application for a building permit, plans and specifications, and any other relevant information evidence that the Agency may thereafter request. Upon the earlier of substantial completion, or the issuance of a certificate of occupancy for any such Future Addition to the Facility, the Company shall become liable for payment of an increase in the Total PILOT Tax Payment. The Agency shall notify the Company of any proposed increase in the Total PILOT Tax Payment related to such Future Addition. If the Company shall disagree with the determination of assessed value for any Future Additions made by the Agency, then and in that event that valuation shall be fixed by a court of competent jurisdiction. Notwithstanding any disagreement between the Company and the Agency, the Company shall pay the increased PILOT payment Tax Payment until a different Total PILOT Tax Payment shall be established. If a lesser Total Annual Tax Payment is determined in any proceeding or by subsequent agreement of the parties, the Total PILOT Tax Payment shall be re-computed and any excess payment shall be refunded to the Company or, in the Agency’s sole discretion, such excess payment shall be applied as a credit against the next succeeding PILOT payment(sTax Payment(s).

Appears in 1 contract

Samples: Tax Agreement

Valuation of Future Additions to the Facility. If there shall be a future addition to the Facility that has not been described in the Application constructed or added in any manner after the date of this Tax Agreement that is not contemplated by this Tax Agreement, the Company shall notify the Agency of such future addition ("Future Addition"). The notice to the Agency shall contain a copy of the application for a building permit, plans and specifications, and any other relevant information that the Agency may thereafter request. Upon the earlier of substantial completion, completion or the issuance of a certificate of occupancy for any such Future Addition to the Facility, the Company shall become liable for payment of an increase in the Total PILOT Tax Payment. The Agency shall notify the Company of any proposed increase in the Total PILOT Tax Payment related to such Future Addition. If the Company shall disagree with the determination of assessed value for any Future Additions Addition made by the Agency, then and in that event that valuation shall be fixed by a court of competent jurisdiction. Notwithstanding any disagreement between the Company and the Agency, the Company shall pay the increased PILOT payment Total Tax Payment until a different Total PILOT Tax Payment shall be established. If a lesser Total Annual Tax Payment is determined in any proceeding or by subsequent agreement of the parties, the Total PILOT Tax Payment shall be re-computed and any excess payment shall be refunded to the Company or, in the Agency’s 's sole discretion, such excess payment shall be applied as a credit against the next succeeding PILOT payment(sTotal Tax Payment(s).

Appears in 1 contract

Samples: Tax Agreement

Time is Money Join Law Insider Premium to draft better contracts faster.