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.
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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
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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.
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Examples of Tax increment shortfall in a sentence

  • The balance of the annual Tax Increment Shortfall amount shall be paid within 6 months of receipt of notice.

  • Developer agrees to pay the City any Tax Increment Shortfall amount.

  • If the Tax Increment Shortfall payment exceeds the amount of such MRO payment, Developer shall pay to the City an amount equal to the difference between such MRO payment and the Tax Increment Shortfall.

  • Any Tax Increment Shortfall payment due to the City from Developer pursuant to this ARTICLE III shall be made within ten (10) days of written request for payment by the City.

  • However, the following provisions of this Agreement shall survive beyond the end of the term: the Tax Increment Shortfall guaranty; all representations and warranties; all agreements of indemnification; and limitations concerning the Cash Basis and Budget Laws.

  • 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 30 days of receiving written notice and documentation that there is a Tax Increment Shortfall.

  • Developer agrees to pay the City any Tax Increment Shortfall amount in accordance with this Section.

  • The Developer shall have made all required Tax Increment Shortfall payments.

  • The Tax Increment Shortfall guaranty of the Developer shall be released when the Shopping Center achieves an aggregate appraised valuation of at least $11,364,495 (as determined by the Sedgwick County Appraiser’s Office).

  • If and when the Equalized Value of the Apartment Parcel as of any January 1 is equal to or greater than the applicable Guarantied Value for the corresponding Guarantied Value Date, no further January 1 assessment valuations shall occur or be required and no Tax Increment Shortfall payment obligation shall be incurred for such year or any year thereafter unless a new Shortfall Event occurs.


More Definitions of Tax increment shortfall

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.
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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.
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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 Xxx-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.
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Related to Tax increment shortfall

  • Net Interest Shortfall With respect to any Distribution Date, the Interest Shortfall, if any, for such Distribution Date net of Compensating Interest Payments made with respect to such Distribution Date.

  • Group II Basic Principal Distribution Amount With respect to any Distribution Date, the excess of (i) the Group II Principal Remittance Amount for such Distribution Date over (ii)(a) the Overcollateralization Release Amount, if any, for such Distribution Date multiplied by (b) the Group II Allocation Percentage.

  • Available Funds Shortfall As defined in Section 3.03(b)(ii)(A).

  • Interest Shortfall With respect to any Distribution Date and each Mortgage Loan that during the related Prepayment Period was the subject of a Principal Prepayment or constitutes a Relief Act Mortgage Loan, an amount determined as follows:

  • Group I Basic Principal Distribution Amount With respect to any Distribution Date, the excess of (i) the Group I Principal Remittance Amount for such Distribution Date over (ii)(a) the Overcollateralization Release Amount, if any, for such Distribution Date multiplied by (b) the Group I Allocation Percentage.

  • Available Funds Shortfall Amount means, as of any Payment Date, the amount, if any, by which the aggregate amount required to be paid pursuant to clauses first through twelfth of Section 4.4(a) of the Sale and Servicing Agreement exceeds the Available Funds for such Payment Date.

  • Class B Interest Shortfall shall have the meaning specified in subsection 4.02(b).

  • Group II Principal Distribution Amount With respect to any Distribution Date, the sum of (i) the Group II Basic Principal Distribution Amount for such Distribution Date and (ii)(a) the Extra Principal Distribution Amount for such Distribution Date multiplied by (b) the Group II Allocation Percentage.

  • Extra Principal Distribution Amount As of any Distribution Date, the lesser of (x) the related Total Monthly Excess Spread for such Distribution Date and (y) the related Subordination Deficiency for such Distribution Date.

  • Available Increase Amount means, as of any date of determination, an amount equal to the result of (a) $25,000,000 minus (b) the aggregate principal amount of Increases to the Revolver Commitments previously made pursuant to Section 2.14 of the Agreement.

  • Basic Principal Distribution Amount With respect to any Distribution Date, the excess of (i) the Principal Remittance Amount for such Distribution Date over (ii) the Excess Subordinated Amount, if any, for such Distribution Date.

  • Group I Principal Distribution Amount With respect to any Distribution Date, the sum of (i) the Group I Basic Principal Distribution Amount for such Distribution Date and (ii)(a) the Extra Principal Distribution Amount for such Distribution Date multiplied by (b) the Group I Allocation Percentage.

  • Net Prepayment Interest Shortfall For any Distribution Date, the amount by which the sum of the Prepayment Interest Shortfalls exceeds the sum of the Compensating Interest payments made on such Distribution Date.

  • Note Interest Shortfall means, for a Class and a Payment Date, an amount equal to the excess, if any, of the Accrued Note Interest for the prior Payment Date for the Class over the amount of interest that was paid to the Noteholders of that Class on the prior Payment Date, together with interest on the excess amount, to the extent lawful, at the Note Interest Rate for the Class for that Interest Period.

  • Curtailment Shortfall For any Distribution Date and for any Curtailment received in the Prior Period, an amount equal to one month’s interest on such Curtailment at the Pass-Through Rate for the applicable Mortgage Loan.

  • Prepayment Interest Shortfall As to any Distribution Date and any Mortgage Loan (other than a Mortgage Loan relating to an REO Property) that was the subject of (a) a Principal Prepayment in Full during the portion of the related Prepayment Period that falls during the prior calendar month, an amount equal to the excess of one month's interest at the Net Mortgage Rate (or Modified Net Mortgage Rate in the case of a Modified Mortgage Loan) on the Stated Principal Balance of such Mortgage Loan over the amount of interest (adjusted to the Net Mortgage Rate (or Modified Net Mortgage Rate in the case of a Modified Mortgage Loan)) paid by the Mortgagor for such month to the date of such Principal Prepayment in Full or (b) a Curtailment during the prior calendar month, an amount equal to one month's interest at the Net Mortgage Rate (or Modified Net Mortgage Rate in the case of a Modified Mortgage Loan) on the amount of such Curtailment.

  • Applied Realized Loss Amount With respect to any Distribution Date, the amount, if any, by which, the sum of (i) the Aggregate Certificate Principal Balance and (ii) the Class C Certificate Principal Balance after distributions of principal on such Distribution Date exceeds the aggregate Stated Principal Balance of the Mortgage Loans as of such Distribution Date.

  • Group 1 Principal Distribution Amount With respect to any Distribution Date is the sum of (i) the Group 1 Basic Principal Distribution Amount for such Distribution Date and (ii) the product of (a) the Overcollateralization Increase Amount for such Distribution Date and (b) the Group 1 Percentage.