Res 2013-172/Approving a 380 Economic Development Incentive Agreement w/Clovis Barker Business Park L.P

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(c) an amount equal to 50 percent of Real Property Taxes paid to and received by the City for the third calendar year thereafter. For example, if the Building Improvements are completed in 2014, the full assessed value for the completed Building Improvements will not be recognized until January 1, 2015. Thus, 2015 would be considered the first full calendar year after the Building Improvements are completed. The first Grant Payment would, therefore, be calculated and paid in 2016 based upon Real Property Taxes assessed in 2015. Section 4.02. Time for Payment. Grant Payments will be made by the City on or before March 31 of the calendar year immediately following the year in which the Real Property Taxes upon which the Grant Payment amount is based are assessed. Following the example above, therefore, the Grant Payment that is based on the Real Property Taxes for 2015 would be paid by the City on or before March 31, 2016. Notwithstanding the foregoing, the City shall not be required to make a Grant Payment during any applicable year unless and until: a. the Real Property Taxes for the prior year are received by the City from the Tax Office; b. funds equivalent in value to the applicable Grant Payment amount are appropriated for the specific purpose of making a Grant Payment as part of the City's ordinary budget and appropriations approval process; and C. the Developer has submitted all information required under this Agreement necessary to verify its compliance. Section 4.03. Grant Payments Waived if Buildings Leased. If either of the two buildings comprising the Building Improvements becomes fully leased, then Developer waives the right to collect any Grant Payments attributable to each such leased building, except for any