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.
Sample 1Sample 2Sample 3
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.
Sample 1Sample 2
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.
Sample 1

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

  • 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.

  • 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.

  • 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);

  • Construction Work means any work in connection with⎯

  • 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];