Value and Term of Abatement Sample Clauses

Value and Term of Abatement. (a) This Agreement shall be effective on the date executed by District and shall terminate (unless earlier terminated in accordance with the terms hereof) on December 31, 2017. In no event shall this Agreement extend beyond December 31, 2017. This Agreement shall terminate on the completion of the abatement, unless earlier terminated as provided elsewhere herein. Owner and Lessee’s obligation upon default to pay to District any taxes abated under this Agreement shall not terminate until the abated taxes are paid. (b) In each year that this Agreement is in effect, the amount of abatement shall be an amount equal to the percentage indicated below of the taxes assessed upon the Improvements and Eligible Property. (c) Subject to the limitations imposed by law and conditioned upon the representations outlined in Section 4 herein above, there shall be granted and allowed hereunder a property tax abatement for the following years and in the following amounts on the value of the Improvements and Eligible Property: Tax Year Percentage Abatement 2013 70% 2014 70% 2015 70% 2016 70% 2017 70% (1) The abatement granted shall not apply to the value of the Real Property, increases in the value of the Real Property, Ineligible Property, inventory or supplies. (2) All Eligible Property shall be placed and/or installed in accordance with applicable laws, ordinances, rules or regulations in effect at the time such Eligible Property is placed and/or installed. (3) The CAD’s determination of values shall be used to determine the value of the property subject to this Agreement. If Owner or Lessee protests the District’s valuation of the property, the valuation placed on the property after the protest is resolved under State law shall be used. (4) On or before September 1 of each year of this Agreement, Owner and Lessee shall certify in writing compliance with each term of this Agreement to the District Tax Assessor/Collector.
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Value and Term of Abatement. Tax Abatement for eligible property shall be granted effective with the January 1st valuation date immediately following the date of execution of the agreement and shall not exceed five (5) years, including construction time. The percentage of the new value created pursuant to the agreement on which taxes will be abated in each of the years for which abatement is granted shall be as follows: 1st year 100% 2nd year 100% 3rd year 75% 4th year 60% 5th year 50% If a modernization project includes facility replacements, the value to which abatement applies shall be the value of the new unit(s) less the value of the old unit(s). Provided, however, that the value on which abatement is granted in any year shall not exceed the estimated increase in market value (required to be included in the tax abatement agreement in accordance with Section 6 (a), (1) resulting from construction of or improvements to eligible facilities.)
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Value and Term of Abatement. (a) This Agreement shall be effective on the date executed by District and Owner, whichever is later, and shall terminate (unless earlier terminated in accordance with the terms hereof) on December 31, 2021. In no event shall this Agreement extend beyond December 31, 2021. This Agreement shall terminate on the completion of the abatement, unless earlier terminated as provided elsewhere herein. Owner and Lessee’s obligation upon default to pay to District any taxes abated under this Agreement shall not terminate until the abated taxes are paid. (b) In each year that this Agreement is in effect, the amount of abatement shall be an amount equal to the percentage indicated below of the taxes assessed upon the Improvements. (c) Subject to the limitations imposed by law and conditioned upon the representations outlined in Section 4 herein above, there shall be granted and allowed hereunder a property tax abatement for the following years and in the following amounts on the Value of the Improvements: Improvements: Tax Year Percentage Abatement 2012 40% 2013 40% 2014 40% 2015 40% 2016 40% 2017 40% 2018 40% 2019 40% 2020 40% 2021 40% TOTAL = 400% (1) The abatement granted shall not apply to the value of the Real Property, increases in the value of the Real Property, Eligible Property, Ineligible Property, inventory or supplies. (2) All Improvements shall be completed in accordance with applicable laws, ordinances, rules or regulations in effect at the time such Improvements are erected.
Sample 1
Value and Term of Abatement a. This Agreement shall be effective on the date executed by County and Owner, and shall terminate on DECEMBER 31, 2033. In no event shall this Agreement extend beyond DECEMBER 31, 2033. b. In each year that this Agreement is in effect, the amount of Abatement shall be an amount equal to the percentage indicated below of the taxes assessed upon the Eligible Property. c. Subject to the limitations imposed by law and conditioned upon the representations outlined in Section 4 herein above, there shall be granted and allowed hereunder an Abatement applicable to Owner on Eligible Property of Owner for the following years and in the following amounts based upon the Value of the Eligible Property: 1) The Abatement granted shall not apply to any Ineligible Property. 2) The FBCAD’s determination of values shall be used to determine the value of the property subject to this Agreement. If Owner protests the FBCAD’s valuation of the Eligible Property, the valuation placed on the Eligible Property after the protest is resolved under State law shall be used. 3) On or before September 1 of each year of this Agreement, Owner shall certify in writing to the Fort Bend County Director of Finance & Investments compliance with each term of this Agreement by completion and submission of the form attached as Exhibit 4 to this Agreement. No substitutions are allowed.
Sample 1
Value and Term of Abatement a. This Agreement shall be effective on the date executed by County and shall terminate on December 31, 2030. In no event shall this Agreement extend beyond December 31, 2030. b. In each year that this Agreement is in effect, the amount of abatement shall be an amount equal to the percentage indicated below of the taxes assessed upon the Improvements and Eligible Property. c. Subject to the limitations imposed by law and conditioned upon the representations outlined in Section 4 herein above, there shall be granted and allowed hereunder a property tax abatement for the following years and in the following amounts on the value of the Improvements and Eligible Property: d. The abatement granted shall not apply to the value of the Real Property, increases in the value of the Real Property, Ineligible Property. e. All Eligible Property shall be placed and/or installed in accordance with applicable laws, ordinances, rules or regulations in effect at the time such Eligible Property is placed and/or installed. f. The FBCAD’s determination of values shall be used to determine the value of the property subject to this Agreement. If Owner protests the FBCAD’s valuation of the property, the valuation placed on the property after the protest is resolved under State law shall be used. g. On or before September 1 of each year of this Agreement, Owner shall certify in writing to the Fort Bend County Tax Assessor/Collector their compliance with each term of this Agreement in the form of the annual report attached hereto as Exhibit E.
Sample 1
Value and Term of Abatement a. In no event shall this Agreement extend beyond the expiration of the ten- year term of the Abatement. b. In each year that this Agreement is in effect, the amount of Abatement shall be an amount equal to the percentage indicated below of all ad valorem taxes assessed by the County on the Eligible Property. c. Subject to the limitations imposed by law and conditioned upon the representations outlined in Section 4 herein above, there shall be granted and allowed hereunder a property tax Abatement for the following years and in the following amounts on the value of the Eligible Property for all ad valorem taxes assessed by the County: “Year 1” in the table above shall correspond to the calendar year commencing on the first January 1 after Owner delivers the Certificate. In the chart above, the total percentage of abatement granted for 10 years is 550%, or an average of 55% per year based upon a final cost estimate of $335 million. However, should the final cost estimates with respect to Eligible Property be less than $335 million, the total percentage of abatement granted for the ten year term would be reduced as follows: Between $334 million and $300 million-450%; between $299 million and $250 million—350%. Also, in the event that the final cost estimate equals or exceeds $460 million, the total percentage of abatement granted for the ten year term would be increased to a maximum of 650%. The FBCAD Certified Appraised Value of the Eligible Property each year of the abatement term will conform to the most recent provisions of Texas Tax Code 23.26 which, at the time of this Agreement, provides for (i) a ten year depreciation schedule on Eligible Property that meets the definition of “solar energy property” contained in Texas Tax Code 23.26, and (ii) a residual value of such Eligible Property in the tenth year of the abatement term to be not less than 20% of the certified cost of such Eligible Property provided to the County at completion of initial construction. An exact schedule of the resultant annual minimum annual amounts to qualify for the abatement cannot be stated as those commonly accepted cost and other index factors shall not be available to the FBCAD until each successive tax year. An example of these calculations can be viewed in Exhibit C: HYPOTHETICAL CALCULATIONS ILLUSTRATION. 1) The Abatement granted shall not apply to the value of the Real Property (as land only), increases in the value of the Real Property (as land only), or Ineligible Pro...
Sample 1
Value and Term of Abatement. (a) This Agreement shall be effective on the date executed by County, Owner and Lessees, whichever is later, and shall terminate (unless earlier terminated in accordance with the terms hereof) on December 31, 2019. In no event shall this Agreement extend beyond December 31, 2019. This Agreement shall terminate on the completion of the abatement, unless earlier terminated as provided elsewhere herein. Owner’s obligation upon default to pay to County any taxes abated under this Agreement shall not terminate until the abated taxes are paid. (b) Lessee (Spirra Pharmaceuticals, Inc.) was granted a tax abatement under the Agreement and First Amendment for tax years 2010-2019. Owner and Lessees hereinafter are eligible for a tax abatement for the remainder of the term under the Agreement and First Amendment.
Sample 1
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Value and Term of Abatement a. This Agreement shall be effective on the date executed by District and shall terminate on the December 31st of the final year of the ten-year term
Sample 1
Value and Term of Abatement a. This Agreement shall be effective on the date executed by County or Owner, whichever is later and shall terminate (unless earlier terminated in accordance with the terms hereof) on December 31, 2023. In no event shall this agreement extend beyond December 31, 2023. This Agreement shall terminate upon the completion of the abatements, unless earlier terminated as provided elsewhere herein. Owner’s obligation upon default to pay to County any taxes abated under this Agreement shall not terminate until the abated taxes are paid. b. In each year this Agreement is in effect, the amount of abatement shall be an amount equal to the percentage indicated below of the taxes assessed upon the Improvements and Eligible Property as defined in Section 2(e). c. Subject to the limitations imposed by law and conditioned upon the representations outlined in Section 4 herein above, there shall be granted and allowed hereunder a property tax abatement for the following years and in the following amounts on the Value of Improvements and Eligible Property: 2014 75% 2015 75% 2016 75% 2017 75% 2018 75% 2019 75% 2020 75% 2021 75% 2022 75% 2023 75% d. In the event Owner completes the Improvements prior to December 31, 2012 a tax abatement of seventy-five percent (75%) will commence on January 1 of the full tax year immediately following the year construction is completed and extend for ten years thereafter. Upon completion of the construction of the Improvements, Owner shall provide the form attached as Exhibit C to County with a copy of the form to the Greater Fort Bend Economic Development Council and County shall forward the completed form to the District, provided all other requirements of this Agreement have been satisfied by Owner. County hereby authorizes the Tax Assessor/Collector to complete the form attached as Exhibit C on behalf of County. e. The abatement granted shall not apply to the value of the Real Property, increases, in the value of the Real Property, inventory or Ineligible Property as defined in Paragraph 2(f) above. f. All Improvements shall be completed in accordance with applicable laws, ordinances, rules or regulations in effect at the time such Improvements are erected. g. The Fort Bend Central Appraisal District’s determination of values shall be used to determine the value of the property subject to this Agreement. If Owner protests the District’s valuation of the property, the valuation placed on the property after the protest is resolved under stat...
Sample 1

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