Examples of PILOT Amount in a sentence
Upon the occurrence of an Event of Default, including but not limited to a PILOT Payment Default, the Agency may increase PILOT temporarily or permanently, in its sole discretion, and without notice other than the prior notice required for certain Events of Default, to an amount equal to the Full PILOT Amount as to the Land and the Improvements.
During the PILOT Term, the Lessee shall pay PILOT with respect to the Additional Improvements (the “Additional Improvements PILOT”) as follows: for each semi-annual period occurring during the PILOT Term, the Additional Improvements PILOT shall equal the Adjusted PILOT Amount with respect to such Additional Improvements for such semi-annual period.
If more than one Participant makes a PILOT Payment to the School District during a single year, then the PILOT Payments of all Participants for that year shall be added together to determine if the PILOT Payments satisfy the PILOT Amount.
Prepayment of Base PILOT Amount and Participation Payment When the developer obtains permanent financing, it will be required to make a payment equaling the present value of the remaining Base Amount payment.
If the PILOT Payments in the aggregate for a single year from all Participants fail to reach the PILOT Amount, then no Participant for that year shall be entitled to receive from the Agency any Tax Increment Reimbursement from the real or personal property Tax Increment attributable to the School District.
In no event, however, shall PILOT be reduced below the Base PILOT Amount.
From and after the Cessation Date, the Lessee shall pay Real Property Taxes in respect of the Facility Realty (and not the PILOT Amount).
PILOT Amount If an Applicant is approved for a PILOT incentive, the amount of the PILOT for the PILOT Term shall be equal to the taxes imposed by all taxing authorities on the property that is the subject of the Project for the most recent tax year prior to the execution of a Lease Agreement with an Applicant (or if the property was previously exempt from taxation, an amount equal to the taxes that would have been imposed on the property if the property had not been so exempt).
If the PILOT Amount comprising the Base PILOT Amount is reduced as a result of an appropriate proceeding or otherwise, the PILOT as so reduced shall for all purposes be deemed to be the Base PILOT Amount and Landlord shall notify Tenant of the amount by which the PILOT Payments previously made were less than the PILOT Payments required to be made under this Section 2.04, and Tenant shall pay the deficiency within 30 days after demand therefor.
The County shall have ninety (90) days to review the Phase Commencement Notice for the purpose of determining the accuracy of the information set forth therein and to determine the PILOT Amount for the Phase.