Res 2006-025 - Laserfiche WebLink

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I I I , .- E. Tax increment base means the total appraised value of all real property taxable by the City or County and located in the Zone for the year 2005. F. Tax Increment Fund means the tax increment fund created by the City for the Zone. G. Terms other than those defined above shall have 1) their meanings as given in Chapter 311, Texas Tax Code, or 2) ifnot so defined, their usual and ordinary meanings. H. References to state statutes shall include amendments to those statutes that are duly enacted from time to time. SECTION 2. OBLIGATIONS OF THE COUNTY A. Payments to the City. The County agrees to make payments to the City during the term of this Agreement, for deposit in the Tax Increment Fund, in the amount of 50% of the tax increment attributed to the captured appraised value of the County in the Zone. The County's obligation to make these payments will accrue only as taxes on the captured appraised value are collected by the County. Payments shall be due on May 1 of each year during the term of this Agreement. No interest or penalty will be charged to the County for any payments made by the County based on collections that occur after this due date; however, the County will pay to the City 50% of any penalty or interest received by the County on any delinquent taxes on the captured appraised value of the County. The County may offset against future payments to the Tax Increment Fund any portion of payments to the City under this Agreement that the County subsequently refunds to taxpayers pursuant to the provisions of the Texas Tax Code. Based on projections for buildout in the Zone provided by the Developer, the County anticipates that its payments to the City under this Agreement will be as shown on the attached Schedule F. / B. Limitations on Payments. The County is not obligated to make payments under this Agreement 1) unless and until taxes on the captured appraised value are actually collected by the County, or 2) from any source other than taxes actually collected on the County's captured appraised value, or 3) from any County taxes or revenues other than taxes actually collected on the County's captured appraised value, or 4) in a total amount that exceeds $1,000,000. In the event that a payment by the County under this Agreement would result in a total of payments to the City in excess of $1,000,000, the County's payment to the City will be in an amount that brings the total of all payment to $1,000,000. Notwithstanding any provisions contained herein, 3