Tax increment shortfall definition
Tax increment shortfall means the amount of displaced tax increment a host agency needs to receive, in addition to any other tax increment the host agency receives from the project area in which the hotel property is located, to provide the host agency sufficient tax increment funds to be able to pay the debt service on its secured obligations.
Tax increment shortfall means the amount equal to the difference between: (i) the amounts actually paid to the City by the Sedgwick County Treasurer as property Tax Increment (as defined in the TIF Act), pursuant to the TIF Project Plan and the TIF Act, and (ii) the amount projected to be paid by the City as debt service for the City’s TIF Bonds in an aggregate principal amount of $6,300,000 and at an assumed interest rate of 3.5% as set forth in Exhibit I.
Tax increment shortfall means the amount equal to the difference between the amounts actually paid to the City by the Sedgwick County Treasurer as incremental property taxes collected for the C.O.R.E. Redevelopment District, pursuant to K.S.A. 12-1770 et seq., and the amount projected to be paid by the City as debt service on the City’s tax increment financing bonds as set forth in Exhibit G, commencing the first year in which a payment is due on the City tax increment financing bonds issued to finance the City’s costs hereunder.
More Definitions of Tax increment shortfall
Tax increment shortfall means: (a) if no TIF Bonds are issued, the annual amount equal to the difference between the Tax Increment Funds actually paid to the City by the Sedgwick County Treasurer as Tax Increment collected for the Project and Property, pursuant to the TIF Act, and the amount actually expended by the City for Park Improvements, but not in excess of the TIF Cost Cap, divided by 10; or (b) if TIF Bonds are issued, the annual amount equal to the difference between the Tax Increment Funds actually paid to the City by the Sedgwick County Treasurer as Tax Increment collected for the Project and Property, pursuant to the TIF Act, and the amount projected to be paid by the City as debt service on the TIF Bonds as set forth in Exhibit M. Such Exhibit shall be replaced with an Exhibit reflecting the actual interest rates and debt service after the TIF Bonds are sold. Annual Tax Increment Shortfall payments may be paid to the City in two installments, with the first installment equal to one-half the annual Tax Increment Shortfall amount payable within 90 days of receiving written notice and documentation that there is a Tax Increment Shortfall. The balance of the annual Tax Increment Shortfall amount shall be paid within 6 months of receipt of such notice. Such annual payments shall commence in the calendar year 2023 if no TIF Bonds are issued and in the initial calendar year that debt service payments are due if TIF Bonds are issued. The foregoing notwithstanding, Developer shall not be liable for the Tax Increment Shortfall to the extent it is due to a reclassification, reassessment or reappraisal of the Project or Property by Sedgwick County or other taxing jurisdiction, that is not requested by the owner of the property so modified.
Tax increment shortfall means the amount equal to the difference between the amounts actually paid to the City by the Sedgwick County Treasurer as incremental property taxes collected for the ▇▇▇-Mar Redevelopment District, pursuant to K.S.A. 12-1770 et seq., and the amount projected to be paid by the City as debt service on the City’s tax increment financing bonds as set forth in Exhibit E, commencing the first year in which a payment is due on the City tax increment financing bonds issued to finance the City’s costs hereunder provided that, for properties sold by the Developer to third parties, the incremental tax levy amount due for those properties will be used in determining the Tax Increment Shortfall, whether or not those taxes have been actually paid to the City. The attached Exhibit E is an example and will be replaced with an Exhibit E reflecting the actual interest rates and debt service after the bonds are sold.
Tax increment shortfall means the amount equal to the difference between the amounts actually paid to the City by the Sedgwick County Treasurer as incremental property taxes collected for the Center City South Redevelopment District, pursuant to K.S.A. 12-1770 et seq., and the amount scheduled to be paid by the City as debt service on the City’s tax increment financing bonds as set forth in Exhibit E, commencing the first year in which a payment is due on the City tax increment financing bonds issued to finance the City’s costs hereunder. The attached Exhibit E is an example and will be replaced with an Exhibit E reflecting the actual interest rates and debt service after the bonds are sold.