Minimum Service Payments definition

Minimum Service Payments means the minimum service payments to be made to the City in lieu of taxes on each parcel of Commercial Property as further defined and described in Section 8.3 and the Service Agreement.

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Minimum Service Payments means “the guaranteed minimum amount of payments to be made by the Owner of the MSP Property from time to time as “minimum service payment obligations” under and within the meaning of the TIF Act (ORC Section 5709.91) and required to be paid, in lieu of the applicable taxes exempted by the TIF Exemption and in consideration of the obligations undertaken by the City under this Agreement.

Minimum Service Payments means the semiannual minimum service payments in lieu of taxes required to be paid by Forest Bay under the Cooperative Agreement in an amount equal to the difference, if any, between (i) the Financing Payments due and payable on the Series 2010A Bonds on the next succeeding Interest Payment Date, and (ii) the sum of (a) the amount of the scheduled escrow payments then on deposit in the escrow account (other than escrow payments for real property taxes), and (b) the amount of capitalized interest then available for the payment of Financing Payments.

Examples of Minimum Service Payments in a sentence

The amount of Service Payments paid to the Franklin County Treasurer for each tax parcel in a calendar year will be credited against the Minimum Service Payments due for that parcel for that calendar year.
If, for any reason, the distribution of invoices is delayed past January 31st, the foregoing due dates for the Minimum Service Payments will be extended by a period equal to the delay of distribution of invoices.
Amounts paid by a TIF Parcel Owner as Statutory Service Payments shall be credited against payment of the Minimum Service Payments.
The invoice will contain a detailed calculation of the Minimum Service Payments due for that TIF Parcel.
The TIF Parcel Owner of a TIF Parcel for which the Minimum Service Payments are properly calculated and invoiced will pay each invoice in two equal installments, the first by the second business day of February of the year following the tax year for which the Minimum Service Payments are calculated and the second by the second business day of August of the year following the tax year for which the Minimum Service Payments are calculated.
The amount of Service Payments paid to the Franklin County Treasurer or Minimum Service Payments paid to the Franklin County Treasurer or City for each tax parcel in a calendar year will be credited against the Assessed Valuation Charge due for that parcel for that calendar year.
The City will apply the Service Payments and Minimum Service Payments it receives pursuant to EXHIBIT E and the related provisions of the Cooperative Agreement.
The Authority has pledged and assigned to the Trustee under the Indenture all of the Authority’s right in the Minimum Service Payments made for the account of the Authority pursuant to Section 2.7 hereof to secure the payment of Bond Service Charges on bonds issued under the Indenture, including the Bonds.
The Owner’s obligation to make Minimum Service Payments when due shall be a “minimum service payment obligation” within the meaning of Section 5709.91 of the Ohio Revised Code.
The City and Developer acknowledge that the TIF Fund shall receive all Statutory Service Payments, Minimum Service Payments, and Property Tax Rollback Payments payable to the City (after providing for the payments to the School District as may be required by the TIF Ordinance) in respect of the TIF Parcels.

More Definitions of Minimum Service Payments

Minimum Service Payments means Minimum Service Payments to be paid pursuant to Section 2.7 of this Agreement and the TDD Bonds Declaration, which Minimum Service Payments constitute a “minimum service payment obligation” with the meaning of Section 5709.91 of the Ohio Revised Code.

Minimum Service Payments means Minimum Service Payments to be paid pursuant to Section 2.8 of this Agreement.

Minimum Service Payments has the meaning set forth in Section 6.4.

Minimum Service Payments means the Minimum Service Payments (as such term is defined in the Cooperative Agreement), if any, paid with respect to the Development Site.