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.
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Minimum Service Payments has the meaning set forth in Section 6.4.
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Examples of Minimum Service Payments in a sentence

  • The Agent is, however, expressly relieved of any obligation to see that Tenant obtains and carries such insurance.

  • 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.

  • 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 City may assess a 10% administrative fee and interest accruing at an annual rate of 10% on any Minimum Service Payments not paid within 35 days of the delivery of the invoice.

  • The Declarant acknowledges that the provisions of Ohio Revised Code Section 5709.91, which specify that the Service Payments and the Minimum Service Payments will be treated in the same manner as taxes for all purposes of the lien described in Ohio Revised Code Section 323.11 including, but not limited to, the priority of the lien and the collection of Service Payments and Minimum Service Payments applies to the Parcels and any improvements thereon.

  • The invoice will contain a detailed calculation of the Minimum Service Payments due for that TIF Parcel.

  • 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.

  • 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 Owner must pay the Minimum Service Payments invoiced to the City pursuant to payment instructions set forth in the invoice in immediately available funds within 30 days of its delivery.


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

  • Service payments means payments to the private entity of a qualifying project pursuant to a service contract.

  • Availability Incentive Payments has the meaning set forth in the CAISO Tariff.

  • Monthly Fees means, collectively, [INSERT FOR HFS: the Monthly Food and Beverage Fee,] the Monthly Program Fee and the Monthly Royalty Fee, each of which is set forth in the Addendum. [INSERT FOR HFS: “Monthly Food and Beverage Fee” means the fee we require from you in Subsection 8.2, which is set forth in the Addendum.]

  • Access Compensation is the compensation paid by one Party to the other Party for the origination/termination of intraLATA toll calls to/from its End User. Access compensation is in accordance with the LEC’s tariffed access rates.

  • Excess Compensation means Compensation in excess of the following Integration Level: (Choose (1) or (2))

  • Service Fees means all fees payable by Party B to Party A pursuant to Article 3 of this Agreement in respect of the Services provided by Party A.

  • Bonus Payment means a cash payment in an amount equal to the sum of (i) all Excise Taxes payable by the Executive, plus (ii) all additional Excise Taxes and federal or state income taxes to the extent such taxes are imposed in respect of the Bonus Payment, such that the Executive shall be in the same after-tax position and shall have received the same benefits that he would have received if the Excise Taxes had not been imposed. For purposes of calculating any income taxes attributable to the Bonus Payment, the Executive shall be deemed for all purposes to be paying income taxes at the highest marginal federal income tax rate, taking into account any applicable surtaxes and other generally applicable taxes which have the effect of increasing the marginal federal income tax rate and, if applicable, at the highest marginal state income tax rate, to which the Bonus Payment and the Executive are subject. An example of the calculation of the Bonus Payment is set forth below. Assume that the Excise Tax rate is 20%, the highest federal marginal income tax rate is 40% and the Executive is not subject to state income taxes. Further assume that the Executive has received an excess parachute payment in the amount of $200,000, on which $40,000 ($200,000 x 20%) in Excise Taxes are payable. The amount of the required Bonus Payment is thus computed to be $100,000, i.e., the Bonus Payment of $100,000, less additional Excise Taxes on the Bonus Payment of $20,000 (i.e., 20% x $100,000) and income taxes of $40,000 (i.e., 40% x $100,000), yields $40,000, the amount of the Excise Taxes payable in respect of the original excess parachute payment.