City Increment definition

City Increment means the combination of the City Sales Tax Increment and City Property Tax Increment.

City Increment means, for a year, 100% of the ad valorem property taxes levied and collected by the City for that year on the captured appraised value of real property (as defined in Section 311.012 of the TIRZ Act) taxable by the City and located within the Zone Land and 100% of the sales tax increment from the METRO sales tax generated within the Zone Land above the Sales Tax Base.

City Increment means, for any given year beginning with the 2018 tax year, 85 percent of the ad valorem property taxes levied and collected by the City for that year on the captured appraised value of real property within the District taxable by the City and located within the TIRZ.

Examples of City Increment in a sentence

• Each issue of IFD Debt will be structured with a debt service coverage-ratio that maximizes the proceeds of IFD Debt but is consistent with sound municipal financing practices and assures, to City’s reasonable satisfaction, based on calculations, explanations, and other substantial evidence provided by Developer, that the IFD is unlikely to need the Conditional City Increment to pay debt service on the IFD Debt.

• Accordingly, City and Developer agree that, for each IFD, City will allocate in the IFP Conditional City Increment to such IFD for the limited purpose of paying debt service on IFD Debt in the event that Net Available Increment is insufficient for that purpose.

• In compliance with the requirements of HB 15-1348 and SB 18-248, the Parties have negotiated and agreed to the sharing of City Increment as set forth herein.

• The City Increment will be deposited into the Special Fund, commencing on the date of approval by the City of the Plan and ending upon the earlier of: (a) the occurrence of the Duration; or (b) the payment in full of any debt, as defined in the Act, incurred in furtherance of the Urban Renewal Project.

• The Parties acknowledge and agree that the City Increment is and shall be the Authority’s funds as provided in C.R.S. § 31-25-107(9)(a).

• City agrees that each IFD, when formed, will irrevocably pledge the Net Available Increment to the financing of the Qualified Project Costs, to the repayment of any Conditional City Increment used to pay debt service on IFD Debt for such IFD in the manner set forth in Section 3.5(d) and to the extent set forth in Section 3.3(e), and to any IFD Debt issued for such IFD.

• The Authority will deposit into the Special Fund the City Property Tax Increment received from the County Treasurer, to be combined with the City Sales Tax Increment, as the City Increment, that the Authority will use to pay Eligible Costs.

• As such, the City recognizes and agrees that in reliance on this Agreement and in accordance with the provisions of C.R.S. § 31-25-107(9)(b), the adoption and approval of the Plan may include an irrevocable pledge of the City Increment to pay the Authority’s financial obligations in connection with the Urban Renewal Project.

• City agrees that each IFD, when formed, will irrevocably pledge the Net Available Increment to the financing of the Qualified Project Costs, to the repayment of any Conditional City Increment used to pay debt service on IFD Debt in the manner set forth in Section 3.5(d) and to the extent set forth in Section 3.3(e), and to any IFD Debt issued.

• The Tax Increment Fund shall be an account into which the City shall deposit the County Payment, the City Increment (as defined in the TIRZ Ordinance and Project Plan), and all accrued interest earned on the fund.

More Definitions of City Increment

City Increment means the combination of the City Net New Sales Tax Increment and City Property Tax Increment in a total amount not to exceed the Cap.