PILOT Payment definition

PILOT Payment or “Payment in Lieu of Tax” shall mean any payment made to the Agency or an Affected Tax Jurisdiction in lieu of the real property taxes or other taxes which would have been levied by or on behalf of an Affected Tax Jurisdiction with respect to a project but for the Tax Exemption obtained by reason of the involvement of the Agency in such project, but such term shall not include Agency Fees.
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PILOT Payment means payments in lieu of taxes allowed by Section 353.110.4, RSMo, and as provided in this Agreement.
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PILOT Payment means a payment of money by the Company to a District in accordance with the terms and conditions hereof, which is intended to constitute a payment made to the District in lieu of ad valorem property tax revenue as a result of the City holding title to the Project from (and including) the date hereof to (and including) the last Assessment Date immediately preceding the date that no Bond remains Outstanding.
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Examples of PILOT Payment in a sentence

  • The Agency shall notify the Company of any proposed increase in the Total PILOT Payment related to such Future Addition.

  • For purposes of determining the allocation of the Total PILOT Payment among the Affected Tax Jurisdictions, the Agency shall use the last tax rate utilized for levy of taxes by each such jurisdiction.

  • Upon the earlier of substantial completion, or the issuance of a certificate of occupancy for any such Future Addition to the Facility, the Company shall become liable for payment of an increase in the Total PILOT Payment.

  • Notwithstanding any disagreement between the Company and the Agency, the Company shall pay the increased PILOT payment until a different Total PILOT Payment shall be established.

  • 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.

  • For County and Town and/or any special district purposes, the tax rates used to determine the allocation of the Total PILOT Payment shall be the tax rates relating to the calendar year which includes the PILOT payment due date.

  • If a lesser Total Annual Payment is determined in any proceeding or by subsequent agreement of the parties, the Total PILOT Payment shall be re-computed and any excess payment shall be refunded to the Company or, in the Agency’s sole discretion, such excess payment shall be applied as a credit against the next succeeding PILOT payment(s).

  • For County and Town purposes, the tax rates used to determine the PILOT Payment shall be the tax rates relating to the calendar year which includes the PILOT Payment due date.

  • In addition, for any PILOT Payment made after the date due, the Company shall pay to the Agency a late fee in accordance with the policy of the Agency then in effect.

  • If a lesser Total Annual Payment is determined in any proceeding or by subsequent agreement of the parties, the Total PILOT Payment shall be re-computed and any excess payment shall be refunded to the Company or, in the Agency's sole discretion, such excess payment shall be applied as a credit against the next succeeding PILOT payment(s).


More Definitions of PILOT Payment

PILOT Payment. Renewal Block", "Rental Value", "Scheduled Expiration Date", "Scheduled Rent", "Tenant's Proportionate Share of Building Taxes", "Tenant's Proportionate Share of Operating Expenses" and "Tenant's Proportionate Share of Taxes"; Article 4; Section 5.1(c); Section 5.1(f); Section 5.1(g); Section 5.1(j); Section 5.2; Section 5.4; Article 6; Article 7; the last three sentences of Section 13.2(a); the first and last sentences of Section 16.1; Section 16.10; Article 17; Article 21; Section 23.3; Section 23.4; Section 23.6; Article 30; Article 31; Article 32; Article 33; Article 34; Section 35.3; Section 35.14; Section 35.16; Section 35.17; Section 35.19; and Section 35.22.
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PILOT Payment means the total amount to be paid by Owner to the City of Woonsocket in lieu of real estate taxes ordinarily assessed based upon any present or future evaluation undertaken by the Tax Assessor of the City of Woonsocket and/or any agency, corporation, or agent engaged by the City for such purposes.
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PILOT Payment means a payment to the City of Windcrest or other taxing unit required by this Agreement that has ad valorem taxes as its basis of calculation, and includes any payment in lieu of the ad valorem property taxes that would otherwise be assessed for a given tax year against the Rackspace Corporate Headquarters Property if it was not property tax exempt. The parties acknowledge that Bexar Appraisal District may have not previously determined the appraised value for property tax purposes that would typically be used to calculate the amount of taxes otherwise assessed against the Rackspace Corporate Headquarters Property since the property is exempt from appraisal for ad valorem property taxes. Therefore, it is the intent of the parties that whenever it is necessary to determine the appraised value of the Rackspace Corporate Headquarters Property for the purpose of calculating a PILOT Payment, the parties and any appraisers selected under this Agreement shall strive to determine what appraised value for property tax purposes would have been determined by the Bexar Appraisal District for the relevant time period. This shall be accomplished pursuant to the provisions in Section 3.5 below. If the Bexar Appraisal District takes steps to determine the appraised value for property tax purposes of the Rackspace Corporate Headquarters Property or to determine the qualification of the Rackspace Corporate Headquarters Property for exemption under the EDC Act or other applicable law, Windcrest EDC and the City of Windcrest hereby automatically designate Rackspace to act as their agent for property tax matters involving the Rackspace Corporate Headquarters Property, including for filing and management of any necessary protests or appeals.
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PILOT Payment is any payment where any or all of a Total PILOT Payment then due is paid. A “PILOT Year” shall be a calendar year during the Benefit Term plus, with respect to the first PILOT Year, such partial calendar year occurring between the Effective Date and December 31 of the year in which the Effective Date falls. The term “PILOT Increment” shall mean, for any PILOT Year(s), the amount, if any, determined by the Company and set forth in a written notice delivered by the Company to the Agency from time to time during the Benefit Term (a “PILOT Increment Notice”) wherein the Company specifies what the PILOT Increment shall be, during what portion of the Benefit Term the then-specified PILOT Increment shall be applicable, and for what portion of the property covered by this Agreement the PILOT Increment shall be applicable provided, however, that in no event shall the PILOT Increment reduce the Base Amount.
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PILOT Payment means the payment in lieu of taxation described in Section 5 of this Agreement.
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Related to PILOT Payment

  • FILOT Payments means the amount paid or to be paid in lieu of ad valorem property taxes as provided herein.

  • Net Payment means the amount the Issuer or any paying agent pays the Holder after deducting or withholding an amount for or on account of any present or future tax, assessment or other governmental charge imposed with respect to that payment by a taxing authority (including any withholding or deduction attributable to additional amounts payable pursuant to this Section).

  • Debit Payment means a particular transaction where a debit is made.

  • Settlement Payment means the transfer, or contractual undertaking (including by automated clearing house transaction) to effect a transfer, of cash or other property to effect a Settlement.