Res 2013-200/Approving an interlocal agreement w/The Lone Star Rail District to provide funding for passenger rail service to SM by establishing a transporation infrastructure zone

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conditions contained in the immediately preceding sentence shall be hereafter referred to in this Agreement as the "Measure For Determining Project Viability." 4.03. Tax Increment Payment by the City. The Tax Increment Payment by the City and the obligations of the City to contribute under this Section 4.03 one (1 %) percent of the Tax Increment received by the City. The City Tax Increment Payment may be increased by an amount up to fifty (50 %) percent of the Tax Increment by amendment to this Agreement agreed to by the Parties. The City agrees that it will consider and make the decision on this amendment no later than July 1, 2014. The failure of the Parties to agree on an amendment of this Agreement that sets the City's Tax Increment Payment in an amount sufficient to provide passenger rail service to the City's territory shall entitle the Rail District to terminate this Agreement. The City's obligation to contribute its Tax Increment Payment to the Tax Increment Fund shall accrue as the City collects its Tax Increment. The Parties hereto agree that all real property taxes collected each year by the City that are attributable to real property in the Zone, shall first constitute taxes on the Tax Increment Base and after the total amount of taxes on the Tax Increment Base have been collected, shall then constitute the Tax Increment. The City shall calculate the amount of the payment and provide the calculation to the Rail District. The City agrees to contribute its Tax Increment Payments to the Tax Increment Fund annually on April 1 (or the first business day thereafter) of each tax year. The amount of each Tax Increment Payment shall be based on the Tax Increments that are received, but which have not been previously deposited, during the semi - annual period preceding each deposit date. The Parties agree that the City's obligation to deposit Tax Increment Payments after 2015 shall only be for taxes collected and received after such date that are attributable to the time period during which the City agreed to participate in this Agreement.