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b. an amount equal to 75 percent of Real Property Taxes paid to and received <br /> by the City for the second calendar year thereafter; and <br /> C. an amount equal to 50 percent of Real Property Taxes paid to and received <br /> by the City for the third calendar year thereafter. <br /> For example, if the Building Improvements are completed in 2022,the full assessed value for the <br /> completed Building Improvements will not be recognized until January 1,2023. Thus,2023 would <br /> be considered the first full calendar year after the Building Improvements are completed. The first <br /> Grant Payment would,therefore,be calculated based upon Real Property Taxes assessed in 2023. <br /> Section 4.02. Time for Payment. Grant Payments will be made by the City on or before <br /> March 31 of the calendar year immediately following the year in which the Real Property Taxes <br /> upon which the Grant Payment amount is based are assessed. Following the example in Section <br /> 4.0 1,therefore,a Grant Payment that is based on the Real Property Taxes collected for 2023 would <br /> be paid by the City on or before March 31, 2024. Notwithstanding the foregoing, the City shall <br /> not be required to make a Grant Payment during any applicable year unless and until: <br /> a. the Real Property Taxes for the prior year are received by the City from the <br /> Tax Office; <br /> b. funds equivalent in value to the applicable Grant Payment amount are <br /> appropriated for the specific purpose of malting a Grant Payment as part of the City's <br /> ordinary budget and appropriations approval process; and <br /> C. the Developer has submitted all information required under this Agreement <br /> necessary to verify its compliance. <br /> Section 4.03. Grant Payments Reduced as Buildings Leased. If any of the two spec <br /> buildings comprising the Building Improvements becomes fully leased, then any Grant Payment <br /> otherwise owed by the City for the year during which such full leasing occurred will be reduced <br /> 5 <br />