PILOT Term definition

PILOT Term means the number of years for which a PILOT is approved for a Project under the PILOT Program.

PILOT Term means the period of time, in years, during which a PILOT incentive is in effect pursuant to a Lease Agreement.

PILOT Term means for each Phase for which the Parties have executed a Phase Commencement Notice, the period commencing on the PILOT Effective Date and continuing for fifteen (15) years thereafter.

Examples of PILOT Term in a sentence

• The Parties agree that, pursuant to the Act and subject to Section 3.05 of this Agreement and other terms and conditions of this Agreement, the amount of the Payment in Lieu of Taxes (the “PILOT Amount”) under this Agreement during the PILOT Term due to the County with respect to a Phase shall be equal to the sum of the Pre-Use and Occupancy Taxes plus the Incremental Tax for such Phase.

• Each year after the expiration of the PILOT Term for a Phase, the Developer shall, to the extent the Developer, or its Affiliate, is an owner of any Parcel in such Phase, pay all County real property taxes based on the then current assessed value of such Parcel when due.

• For each Phase for which the Parties have executed and delivered a Phase Commencement Notice, the right to make payments in lieu of Taxes under this Agreement shall not exceed the PILOT Term, which shall commence on the PILOT Effective Date.

• Subject to the terms of this Agreement, the Parcels situated in a Phase shall be exempt from County real property taxes during the PILOT Term pursuant to the terms and conditions of this Agreement.

• Upon the expiration of the PILOT Term for a Phase, the County's obligations hereunder with respect to the payment of the applicable Refund for such Phase shall immediately cease.

More Definitions of PILOT Term

PILOT Term means the initial two (2) Years of the Commercial Term. - 34 -

PILOT Term means the number of years for which a PILOT is approved for a Project under the Sewer Capacity Management Incentive Program.

PILOT Term means the 15 year period of time during which annual PILOTs are due in exchange for provision of affordable rental units in accordance with the affordability terms of the PILOT.

PILOT Term. The eighteen year period following the Effective Date when the PILOT Payments pursuant to this Agreement and described in Schedule 1 are in effect. As allowed under Section B-9 the COMPANY has the option to convert the PILOT Payment Term and the Exemption Term into a seventeen-year period.

PILOT Term means ten (10) years for which a PILOT is approved for a Project under the Fast Track PILOT Program, unless extended by a term of up to two (2) years under the Local Business Participation Program set forth herein.

PILOT Term means the amount of time real and/or personal property is held by EDGE and during which time Applicant pays reduced property taxes as established pursuant to these Policies and Procedures.

PILOT Term means the fifteen (15) years for which a PILOT is provided for a Designated Site under the Community Builder PILOT Program unless a longer term is approved, not to exceed twenty (20) years without prior approval from the Tennessee Commissioner of Economic and Community Development and of the Tennessee Comptroller of the Treasury.