Examples of TIF Exemption in a sentence
The City further represents and warrants that it shall not take action which would result in a reduction in the period of the TIF Exemption, the percentage of the TIF Exemption, or the amount of Service Payments to be received and made available to pay the Costs of the Public Infrastructure Improvements unless such action shall be permitted by law and not inconsistent with the City’s obligations under this Agreement.
This broad proscription embodies a recognition of the fact that an impairment of impartial judgment can occur in even the most well- meaning men when their personal economic interests are affected by the business they transact on behalf of the Government.
Developers hereby agree, and will require Phase 2 Successors and successors in ownership of the portions of the property contained in Phase 1 to agree, to make service payments in lieu of taxes (“Service Payments”) attributable to their respective periods of ownership of such portion of the Property which is subject to a TIF Exemption.
The parties hereto acknowledge that any letter of credit previously issued by Fleet for the Borrower's account which remains outstanding on the Closing Date shall, on the Closing Date, be a Letter of Credit hereunder.
Service Payments will be made in accordance with the requirements of the TIF Statutes and the TIF Ordinance and, for each Parcel, will be in the same amount as the real property taxes that would have been charged and payable against the Improvement to that Parcel if it were not exempt from taxation pursuant to the TIF Exemption, including any penalties and interest.
Any Qualifying Costs and interest thereon not paid by December 31 of the year following the end of the TIF Exemption Period or earlier termination of this Agreement pursuant to Section 14 shall be deemed forgiven and the City shall have no further liability for such costs and interest.
After the TIF Exemption becomes effective, such TIF Exemption shall apply with respect to any parcel when the Improvement to such parcel is made and an exemption therefor is claimed in the manner provided for hereinabove.
Notwithstanding any other provision of this Agreement or the TIF Ordinances, the 40(B) TIF Exemption and the obligation to make Service Payments on account of the 40(B) TIF Exemption shall be subordinate to the 41 TIF Exemption, and exemption applications shall be submitted for the 40(B) TIF Exemption for a Parcel only to the extent the 41 TIF Exemption is not available for a Parcel for 30 years.
The City, through the 41 TIF Ordinance has granted, among other things, the 41 TIF Exemption, which provides for a thirty (30) year, one hundred percent (100%), TIF exemption pursuant to R.C. Section 5709.41, for the 41 Improvements, with the exemption commencing on the effective date of the 41 TIF Ordinance and ending thirty (30) years after such effective date (the “41 TIF Exemption Period”), all in accordance with the requirements of the TIF Statutes.
The parties acknowledge that the TIF Exemption shall not occur until the State of Ohio Department of Taxation has issued a final determination with respect to the Site in accordance with Ohio Revised Code Section 5715.27.