City Abatement definition

City Abatement means the property taxes (i) generated in any tax-payable year by extending the City’s total tax rate for that year against the tax capacity of the Development Property in accordance with this Agreement, excluding the portion of the tax capacity attributable to the areawide tax under Minnesota Statutes, Chapter 473F, all as of January 2 in the prior year, and (ii) paid to the City by the County.
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City Abatement means the personal property taxes (i) generated in any tax-payable year by extending the City’s total tax rate for that year against the tax capacity of the Development Property in accordance with this Agreement, excluding the portion of the tax capacity attributable to the areawide tax under Minnesota Statutes, Chapter 473F, all as of January 2 in the prior year, and (ii) paid to the City by the County.
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City Abatement means the amount equal to that which is calculated in each tax-payable year as follows: the Net Tax Capacity of the Development Property as improved by the Minimum Improvements, as of January 2 in the prior year, less the Net Tax Capacity of the value of the land and existing improvements on the Development Property, as established by the County Assessor on January 2, 2016 for taxes payable in 2017 and less any portion of the Net Tax Capacity attributable to the areawide tax under Minnesota Statutes, Chapter 473F, then multiplied by the City’s Local Tax Rate for the Development Property for the subject tax-payable year, to the extent actually paid to the County and transmitted to the City as its share of property taxes.
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Examples of City Abatement in a sentence

  • The City does not warrant or represent that the City Abatement in the amounts pledged under this Agreement will be within the City’s Abatement Volume Cap.

  • The City has not granted any other abatement under the Tax Abatement Act as of the date of this Agreement, and agrees that if the City grants any additional abatements under the Tax Abatement Act during the term of this Agreement, the City’s Abatement Volume Cap will be allocated first to the abatements granted prior to the date of this Agreement and to the City Abatement pledged pursuant to this Agreement.

  • The pledge of City Available Abatements is subject to all the terms and conditions of the City Abatement Resolution.

  • The County has not granted any other abatement under the Tax Abatement Act as of the date of this Agreement, and agrees that if the County grants any additional abatements under the Tax Abatement Act during the term of this Agreement, the County’s Abatement Volume Cap will be allocated first to the abatements granted prior to the date of this Agreement and to the City Abatement pledged pursuant to this Agreement.

  • The City Abatement will reimburse the Developer for a portion of the costs of completing the Project.

  • The Developer understands that the City Abatement and County Abatement pledged pursuant to this Agreement are derived from real property taxes on the Development Property, which taxes must be promptly and timely paid.

  • Further, in no event shall the cumulative City Abatement and County Abatement paid to the Developer during the term of this Agreement exceed an amount of $450,000.00.

  • In order to make the Project economically feasible, the City will grant the City Abatement for a period of up to fifteen (15) years to the Developer commencing August 1, 2027 and continuing through February 1, 2042.

  • In no event shall the City Abatement and the County Abatement provided to the Developer from August 1, 2020 through February 1, 2035, together with the amount of property tax abatements provided by the School District, exceed $2,768,100.

  • Further, in no event shall the cumulative City Abatement, ISD No. 721 Abatement and County Abatement paid to the Developer during the term of this Agreement exceed an amount of $809,943.00.

Related to City Abatement

  • Lead abatement means any measure or set of measures designed to permanently eliminate

  • Abatement means action by an employer to comply with a cited standard or regulation or to eliminate a recognized hazard identified by OSHA during an inspection.

  • Tenant Work All work installed or furnished to the Premises by Tenant in connection with Tenant’s initial occupancy pursuant to Rider 2 and the Workletter.

  • Tenant Improvements Defined in Exhibit B, if any.

  • Tenant Improvement Work means the construction of the Tenant Improvements, together with any related work (including demolition) that is necessary to construct the Tenant Improvements.

  • Tenant Improvement Allowance in the maximum amount of $200.00 per rentable square foot in the Premises, which is included in the Base Rent set forth in the Lease; and

  • Landlord Work means the work, if any, that Landlord is obligated to perform in the Premises pursuant to a separate agreement (the “Work Letter”), if any, attached to this Lease as Exhibit C.

  • Tenant’s Work means all improvements, alterations, fixture, equipment, and signage installation, and furniture placement necessary or appropriate for the conduct of the Permitted Use, including all work described as Tenant’s Work on Exhibit D, attached (the “Work Letter”).

  • Renovation means altering a facility or one or more facility components in any way, including the stripping or removal of RACM from a facility component. Operations in which load-supporting structural members are wrecked or taken out are demolitions.

  • this Tenant Work Letter means the relevant portion of Sections 1 through 6 of this Tenant Work Letter.

  • Rent means “eligible rent” to which regulation 12 of the Housing Benefit (Persons who have attained the qualifying age for state pension credit) Regulations 2006 refer, less any deductions in respect of non-dependants which fall to be made under paragraph 30 (non-dependant deductions);

  • Tenant Delays means (A) Tenant’s request for changes to Landlord’s Work, regardless of whether any such changes are performed, (B) construction of any such changes, (C) Tenant’s request for materials, finishes, or installations requiring unusually long lead times that were not originally included as a part of Landlord’s Work, (D) Tenant’s delay (which shall mean more than 5 business days) in reviewing, revising, or approving any plans and specifications relating to Landlord’s Work, (E) Tenant’s delay in providing information critical to the normal progression of the Project (Tenant shall provide such information as soon as reasonably possible, but in no event longer than 5 business days after receipt of any request for such information from Landlord), and (F) any other act or omission by Tenant or any Tenant Party (as defined herein), or persons employed by any of such persons, (iv) “Substantially Completed” means the substantial completion of Landlord’s Work (A) in a good and workmanlike manner, (B) in accordance with the requirements described in Exhibit C, and (C) in accordance with all applicable Legal Requirements (including, but not limited to, securing the applicable final building inspection for Landlord’s Work), subject only to normal “punch list” items, and (v) “Existing Tenant Delay” means the refusal or failure by the Existing Tenant (as defined below) to surrender the Premises by July 1, 2010 in accordance with the terms and conditions of the Existing Lease (as defined below). Landlord will promptly perform such punch list items. Tenant shall obtain, at its sole cost and expense, any applicable use and occupancy permit for the Premises issued by the applicable Governmental Authority. If Tenant does not elect to void this Lease within 5 business days of the lapse of such 60 day period, such right to void this Lease shall be waived and this Lease shall remain in full force and effect. If neither Landlord nor Tenant elects to void this Lease within 5 business days of the lapse of such 60 day period, such right to void this Lease shall be waived and this Lease shall remain in full force and effect. Sequoia Pharmaceuticals, Inc. (“Existing Tenant”), is currently leasing the Premises from Landlord, and the lease agreement (“Existing Lease”) between Landlord and Existing Tenant is scheduled to expire on July 1, 2010 subject to Landlord’s right to advance the expiration date. Tenant understands, acknowledges, and agrees that Landlord makes no guaranty, representation, or assurance that Landlord will be able to recapture the Premises from the Existing Tenant by July 1, 2010 and that Landlord shall have no obligation or duty to seek the vacation or removal of the Existing Tenant from the Premises.

  • Landlord’s Work means the work of constructing the Tenant Improvements.

  • Tenant Lease means any lease entered into by the Borrower, any Loan Party or any Subsidiary with respect to any portion of a Property.

  • Construction Commencement Date means the date set out in the Addendum, if applicable, by which you must commence construction of the Hotel. For the Hotel to be considered under construction, youmust have begun to pour concrete foundations for the Hotel or otherwise satisfied any site-specific criteria for “under construction” set out in the Addendum.

  • Tenant Inducement Costs shall not include loss of income resulting from any free rental period, it being agreed that Seller shall bear the loss resulting from any free rental period until the date of Closing and that Purchaser shall bear such loss from and after the date of Closing.

  • Major renovation means the renovation of a building where:

  • Rental housing means development of a building or structure with four or more dwelling units all of which are intended for use as rented residential premises;

  • training allowance means an allowance (whether by way of periodical grants or otherwise) payable—

  • School premises means either of the following:

  • Building Plans means the general building plans in respect of the Development or in respect of any part or parts of the Development prepared by the Authorized Person and approved by the Building Authority and includes any amendments thereto from time to time approved by the Building Authority;

  • Date of commencement of the project means the date of the agreement.

  • Construction Work means any work in connection with⎯

  • demolition work means a method to dismantle, wreck, break, pull down or knock down of a structure or part thereof by way of manual labour, machinery, or the use of explosives;

  • Construction Zone shall have the meaning set forth in Clause 8.3 (i);

  • Rear Yard means a yard extending across the full width of a parcel measured perpendicularly from the rear wall(s) of the main building situated on the parcel to the rear property boundary of the parcel [see sketch in Schedule B];