Net FILOT Payment definition

Net FILOT Payment means the FILOT Payment net of the Infrastructure Credit.
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Net FILOT Payment means total annual payments of $32,211.00 for the first through tenth payments due under this Fee Agreement, and total annual payments of $28,177.00 for the eleventh through thirtieth payments due under this Fee Agreement and any subsequent year of this Fee Agreement, for those years for which a FILOT is due. It is anticipated that the first Net FILOT Payment due hereunder shall be the payment for property tax year 2022, due and payable to the County on or before January 15, 2023. Provided, the Net FILOT Payments shall be increased in any year in which the total capital investment in the Project as reflected on the applicable PT-300 filings (or successor forms) exceeds the Project Commitment, in proportion to the excess. For example, and by way of example only, if the total capital investment in the Project as of the last day of the 2027 tax year is 125% of the Project Commitment, then the Net FILOT Payment for such year shall be increased by 25%.
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Net FILOT Payment means the total annual payments after the Project is placed in service of $4,000 per County MWac for the first ten payments due under this Fee Agreement, and total annual payments of $3,500 per County MWac for the following twenty payments due under this Fee Agreement and any subsequent year of this Fee Agreement, for those years for which a FILOT is due, as calculated according to Section 4.1(a). It is anticipated that the first Net FILOT Payment due hereunder shall be the payment for property tax year 2027, due and payable to the County on or before January 15, 2028.
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Examples of Net FILOT Payment in a sentence

  • Notwithstanding the existence of any Excess Value as a result of the installation of Replacement Property at the Project, the total amount of payments due to the County for the Project shall not exceed in the aggregate the Net FILOT Payment due.

  • Following receipt of the ▇▇▇▇, the Sponsor shall timely remit the Net FILOT Payment to the County in accordance with applicable law.

  • In the event the Net FILOT Payment is declared invalid or unenforceable this Fee Agreement shall automatically reform to reflect the terms that would otherwise result in an annual payment arrangement equivalent to that set forth in this Fee Agreement.

  • The annual SSRC described above shall equal the difference between the annual Negotiated FILOT Payment due under this Fee Agreement minus the Net FILOT Payment, to be calculated as set forth in Section 4.2 (but excluding any FILOT Payments due under Section 4.1(d) or Section 4.2(c) hereof).

  • For each property tax year in which the Special Source Revenue Credit is applicable (“Credit Term”), the County shall prepare and issue the annual bills with respect to the Project showing the Net FILOT Payment.

  • Decommissioning Plan must be passed by conveyance to successive owner(s).” Agreement, to be calculated as set forth in Section 4.2 (but excluding any FILOT Payments due under Section 4.1(d) or Section 4.2(d) hereof), minus the Net FILOT Payment.

  • The Net FILOT Payment shall be determined by allocating the aggregate MWac for the Project in both the County and Chesterfield County by the number of modules in the County.

  • In no event shall the Net FILOT Payment equal less than $156,800 in the first 10 years and $137,200 in the following 20 years (80% of the expected payments of $196,000 and $171,500).

  • Following receipt of the bill, the Sponsor shall timely remit the Net FILOT Payment to the County in accordance with applicable law.

  • Prior to the due date of the first Net FILOT Payment hereunder, the Sponsor shall provide an irrevocable surety or performance bond or irrevocable letter of credit to secure the performance of its obligations hereunder, including but not limited to any payment obligations that may arise pursuant to Sections 4.1(d), 4.1(e), and 4.21.


More Definitions of Net FILOT Payment

Net FILOT Payment means the total annualized property tax liability for all real and personal property comprising the project, which will equal $4,000 per megawatt of alternating current power generated at the facility in years 1-10 of the Term and $3,500 per megawatt of alternating current power generated at the facility in years 11-30 of the Term. It is anticipated that the first Net FILOT Payment due hereunder shall be the payment for property tax year 2028, due and payable to the County on or before January 15, 2029.
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Net FILOT Payment means a total annual payment of $3,900.00 per MWac (which includes
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Net FILOT Payment means the FILOT Payment net of the Special Source Revenue Credit.
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Net FILOT Payment means total annual payments of $ for the first through tenth payments due under this Fee Agreement, and total annual payments of $ for the eleventh through thirtieth payments due under this Fee Agreement and any subsequent year of this Fee Agreement, for those years for which a FILOT is due. It is anticipated that the first Net FILOT Payment due hereunder shall be the payment for property tax year 2019, due and payable to the County on or before January 15, 2020. Provided, the Net FILOT Payments shall be increased in any year in which the total capital investment in the Project as reflected on the applicable PT-300 filings (or successor forms) exceeds the Project Commitment, in proportion to the excess. For example, and by way of example only, if the total capital investment in the Project as of the last day of the 2022 tax year is 125% of the Project Commitment, then the Net FILOT Payment for such year shall be increased by 25%. [INSERT NET PAYMENTS AS PROPORTIONATE AMOUNT OF $1,000,000 PER YEAR FOR YEARS 1-10 AND $874,755 PER YER FOR YEARS 11-30. THE PROPORTIONATE AMOUNT SHALL BE BASED ON THE PROPORTION OF THE INVESTMENT LEVEL FOR EACH PROJECT SET FORTH IN THE INDUCEMENT RESOLUTION TO THE TOTAL INVESTMENTS FOR ALL PROJECTS SET FORTH IN THE INDUCEMENT RESOLUTION.]
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