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seFviee to Ca,Yr. 1e r4e <br />��t r .1�r.-.: - .ate::! -=iefit� The City's obligation to contribute its Tax <br />Increment Payment to the Tax Increment Fund shall accrue as the City collects its Tax <br />Increment. The Parties hereto agree that all real property taxes collected each year by the <br />City that are attributable to real property in the Zone, shall first constitute taxes on the <br />Tax Increment Base and after the total amount of taxes on the Tax Increment Base have <br />been collected, shall then constitute the Tax Increment. The City shall calculate the <br />amount of the payment and provide the calculation to the Rail District. The City agrees <br />to contribute its Tax Increment Payments to the Tax Increment Fund annually on April 1 <br />(or the first business day thereafter) of each tax year. The amount of each Tax Increment <br />Payment shall be based on the Tax Increments that are received, but which have not been <br />previously deposited, during the semi- annual period preceding each deposit date. The <br />Parties agree that the City's obligation to deposit Tax Increment Payments after 2015 <br />shall only be for taxes collected and received after such date that are attributable to the <br />time period during which the City agreed to participate in this Agreement. <br />4.04. Additional Tax Increment Pa, ents. In addition to the Tax Increment <br />Payment provided to be made by the City in Section 4.03, the City shall make an <br />additional payment into the Tax Increment Fund on the dates provided for payments into <br />the Tax Increment Fund equal to one p , }°m y fifty percent ,t 500 o) of the amount of <br />the one percent (1 %) sales tax revenue collected by each the City within the Zone which <br />amount exceeds the sales tax revenue collected by each the City within the Zone for the <br />year of the Tax Increment Base. <br />ma� be fiier-eased tip to fifty pef:eeftt -of +h- <br />