Payment in Lieu of Taxes. The Lessee shall be responsible for the following payments or for payments in lieu of taxes (“PILOT”) during the use period in the event the Property is deemed exempt from ad valorem real estate taxes; in which case, Lessee will pay the City an annual PILOT in an amount initially equal to one hundred and six thousand two hundred and eighty-two and 52/100 ($106,282.52) per year. The PILOT will increase on each anniversary of the Lease Date at a rate equal to three percent (3%). If Lessee is required to pay ad valorem taxes on the Property, it shall not be required to pay the PILOT.
Payment in Lieu of Taxes. Chugach shall pay to Municipality an annual payment in lieu of taxes (the “PILT Payment”) equal to the product, for each district in the Legacy Territory, of (i) the Adjusted Net Book Value for the current year, and (ii) the current Millage Rate for each such district. The PILT Payment shall be variable in amount and recalculated each year as set forth herein. Exhibit A sets forth an example of the calculation of PILT Payments for illustrative purposes only.
Payment in Lieu of Taxes. The Tenant agrees to make payments in lieu of taxes on the Project for each year that the Project is exempt from ad valorem taxes and to pay as an Imposition hereunder taxes for any year in which the Project did not, or does not qualify, in accordance with the separate Agreement for Payment in Lieu of Taxes delivered concurrently with this Project Lease.
Payment in Lieu of Taxes. The Company agrees that, during each year the Project is exempt from ad valorem taxes by reason thereof, the Company will make a payment in lieu of taxes to the Issuer in the amounts and at the times set forth in the Performance Agreement providing for payments in lieu of such ad valorem taxes.
Payment in Lieu of Taxes. Section 4.1.1 is hereby added to the DDA as follows:
Payment in Lieu of Taxes. Redeveloper agrees to make payments in lieu of taxes, immediately upon receipt of notice from Village, if for any reason at any time TIF Revenues received by the Village are not sufficient to pay principal and interest on the TIF Indebtedness when due. This payment in lieu of tax obligation maybe represented by a note or other evidence of indebtedness and shall, if required by Village, be secured by a mortgage or deed of trust on the Redevelopment Area in favor of the Village.
Payment in Lieu of Taxes a. Notwithstanding the provisions of M.G.L. c. 59, beginning on July 1 immediately following the date the first Component receives a final Certificate of Occupancy from ISD (the “Payment Commencement Date”), in lieu of real estate taxes with respect to the 00 Xxxxxxxx Xxxxxx Project, which would otherwise be assessed 4856-4141-8143, v. 5 and payable under M.G.L. c. 59, the Owner (provided that this PILOT Agreement has been assigned to Buyer) shall make PILOT Payments, as set forth in Section 3 below, pursuant to the provisions of M.G.L. c. 121B, § 16. Upon the Buyer Acquisition and for a period of thirty (30) months thereafter the 00 Xxxxxxxx Xxxxxx Project shall remain tax exempt, and no tax payments shall be due to the City (the “Construction Period Exemption”). If the Construction Period Exemption terminates prior to the Payment Commencement Date, the Buyer shall pay Chapter 59 taxes until the Payment Commencement Date.
Payment in Lieu of Taxes. At no time after the Recording Date, shall either of the 790 Single-Family Parcels, or any part thereof, be sold, transferred or conveyed to an entity whose 791 real property is exempt from general property taxes, including a change in status for Developer 792 or any successor owner of a Single-Family Parcel, or any part thereof, without that entity having 793 first signed an agreement with the Village to make an annual payment in lieu of taxes (“PILOT 794 Agreement”) for an amount not less than the then fair market value of the applicable Single- 795 Family Parcel or applicable part thereof and any improvements thereon times the annually 796 approved Village mill rate for each year with the additional condition that said Single-Family 797 Parcel or part thereof and any improvements thereon may not be conveyed to any other 798 subsequent tax exempt owner at any time without a similar PILOT agreement being executed. 799 The limitation of this subsection G. shall be a covenant running with the land and shall survive 800 the termination of this Agreement. It being understood and agreed that this section does not 801 apply to SSND‘s ownership of the Single-Family Parcels.
Payment in Lieu of Taxes. Developer covenants and agrees for itself, its successors, its assigns and every successor in interest to the Site or any part thereof, that in any year that Developer, its successors or assigns do not pay real property taxes on the Site or any portion thereof for any reason (including, without limitation, because Developer’s or its successor’s or assign’s entity status exempts Developer or its successor or assign from the payment of such taxes), Developer, its successors and assigns shall pay to the Agency by December 10th of such year the following in-lieu fee payment:
Payment in Lieu of Taxes. (a) Beginning with the County’s first full fiscal year after the Effective Date of this PILOT Agreement and for each fiscal year thereafter during the Term of this PILOT Agreement, the County shall credit Thirty-One Thousand, Two Hundred Dollars ($31,200) (the “County PILOT Credit”) to the real property taxes due for the Property. Prior to the first full fiscal year after this PILOT Agreement becomes effective the Owner shall pay the County the normal taxes that are imposed on the Property without any portion of the PILOT Credit.
