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 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

  • 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.

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

  • Subject to the City Abatement Maximum and the City Abatement Capacity described in Section 3.4(b), the City shall pay the Developer on each February 1 and August 1, commencing August 1, 2020 and terminating on February 1, 2035 (each a “Payment Date”) the City Abatement received by the City in the 6-month period preceding each Payment Date.

  • The City Abatement will reimburse the Developer for a portion of the costs of constructing the Minimum Improvements in the City.

  • The amount payable by the City hereunder is payable solely from and to the extent of the City Abatement, and nothing herein shall be construed to obligate the City to make payments from any other funds.

  • Any estimates of City Abatement amounts prepared by the City’s financial consultants are for the benefit of the City only, and the Developer is not entitled to rely on such estimates.

  • In order to make the Minimum Improvements economically feasible and encourage the Developer to maintain its corporate headquarters in the State, the City will grant the City Abatement to the Developer commencing August 1, 2020 and continuing through February 1, 2035.

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

  • The City makes no warranties or representations as to the amount of the City Abatement.

  • In no event shall the City Abatement exceed a cumulative total over the term of the City Abatement greater than the City Abatement Maximum.

Related to City Abatement

  • Lead abatement means any measure or set of measures designed to permanently eliminate lead-based paint hazards, including lead-contaminated dust or soil.

  • 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 as used in this Section 21 shall be deemed to be and to mean all sums of every nature required to be paid by Tenant pursuant to the terms of this Lease, whether to Landlord or to others. As used in Sections 21(c)(ii)(A) and (B), above, the “worth at the time of award” shall be computed by allowing interest at the Default Rate. As used in Section 21(c)(ii)(C) above, the “worth at the time of award” shall be computed by discounting such amount at the discount rate of the Federal Reserve Bank of San Francisco at the time of award plus 1%.

  • Tenant Delays means delays caused by: (i) requirements of the Plans and Specifications requested by Tenant that do not conform to Landlord’s building standards for office and lab build-out, or which contain long lead-time or non-standard items requested by Tenant; provided that Landlord has notified Tenant of such deviations upon execution of this Lease (ii) any material change in the Plans and Specifications requested by Tenant and agreed to by Landlord; (iii) any request by Tenant for a delay in the commencement or completion of the Initial Tenant Improvements for any reason; (iv) Tenant delay in finalizing and approving the design of the vivarium and value engineering of same or (v) any other act or omission of Tenant or its employees, agents or contractors which reasonably inhibits the Landlord from timely completing the Initial Tenant Improvements including, without limitation any delays caused by Tenant’s presence in the Premises prior to the Term Commencement Date. The Premises shall not be deemed to be incomplete if only minor or insubstantial details of construction, decoration or mechanical adjustments remain to be done which do not unreasonably interfere with Tenant’s occupancy of the Premises. If as a result of Tenant Delays the Premises are deemed ready for Tenant’s occupancy, pursuant to the foregoing (and the term shall have commenced by reason thereof), but the Premises are not in fact actually ready for Tenant’s occupancy, Tenant shall not (except with Landlord’s consent not to be unreasonably withheld, conditioned or delayed) be entitled to take possession of the Premises for the permitted use until the Premises are in fact actually ready for such occupancy.

  • 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—

  • Building Plans mean the general building plans and specifications 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 include any approved amendments thereto;

  • 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;

  • Revitalization Area means any area for which the chief executive officer (or the equivalent) of the local jurisdiction in which the development is to be located certifies as follows: (i) either (1) the area is blighted, deteriorated, deteriorating or, if not rehabilitated, likely to deteriorate by reason that the buildings, improvements or other facilities in such area are subject to one or more of the following conditions- dilapidation, obsolescence, overcrowding, inadequate ventilation, light or sanitation, excessive land coverage, deleterious land use, or faulty otherwise inadequate design, quality or condition, or (2) the industrial, commercial or other economic development of such area will benefit the city or county but such area lacks the housing needed to induce manufacturing, industrial, commercial, governmental, educational, entertainment, community development, healthcare or nonprofit enterprises or undertakings to locate or remain in such area; and (ii) private enterprise and investment are not reasonably expected, without assistance, to produce the construction or rehabilitation of decent, safe and sanitary housing and supporting facilities that will meet the needs of low and moderate income persons and families in such area and will induce other persons and families to live within such area and thereby create a desirable economic mix of residents in such area. The area within a redevelopment project, conservation project, or rehabilitation district established by the city or county pursuant to Chapter 1 (§36-1 et seq.) of Title 36 shall be deemed a revitalization area without any such certification. Any such revitalization area must either (a) include discussions from the locality of the type of developments that will be encouraged, the potential sources of funding, and services to be offered in the area; or (b) be subject to a plan using Hope VI funds from HUD. A comprehensive plan does not qualify as certification of a revitalization area.

  • 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];

  • Covered Building Service Contract means a contract or subcontract to provide Building Services to the City of Cambridge or any of its departments or subdivisions.