TIF Exemption definition
Examples of TIF Exemption in a sentence
Service Payments will be made semiannually to the County Treasurer (or to the County Treasurer’s designated agent for collection of the Service Payments) on or before the final dates for payment of real property taxes for the Parcels, until expiration of the TIF Exemption.
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.
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.
Service Payments will be made in accordance with the requirements of the TIF Statutes and the TIF Ordinance, and any subsequent amendments or supplements thereto, and will be in the same amount as the real property taxes that would have been charged and payable against the Improvements (after credit for any property tax rollback payments received) had the TIF Exemption not been granted, including any penalties and interest.
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.
Each semiannual Service Payment shall be in the same amount as the real property taxes that would have been charged and payable against the Improvements had the TIF Exemption not been granted.
The School District agrees that while the TIF Exemption is in effect, neither it nor anyone acting on its behalf shall file a complaint pursuant to Section 5715.19 of the Ohio Revised Code or otherwise seeking to increase the tax year 2019 value of the Phase I or Future Phase Parcels or any Improvements thereto from the value assigned thereto by the County Fiscal Officer.
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.
Service Payments will be made in accordance with the requirements of the TIF Statutes and the TIF Ordinances 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.