Res 2012-033 - Laserfiche WebLink

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Grant Payments in 2015, 2016 and 2017 although the Grant Payments for the first building ended in 2016. Section 3.03. Grant Payments Limited to Improvement Value. The Grant Payments are limited to taxes associated with the value of building improvements only and will not include the taxes related to the land value of the Property or any increase in the land value of the Property. The Grant Payments will not include amounts for taxes related to any materials or other personal property. Section 3.04. Limited Six Year Payment Period. Owner may only receive Grant Payments from the City for up to six calendar years beginning with the first full calendar year after the first building is completed (the "Grant Payment Term "). If the three year grant payment period applicable to any completed building related to the Project would extend beyond the Grant Payment Term, the City's obligation to make Grant Payments for such building shall, nonetheless, end with the expiration of the Grant Payment Term. For example, if the sixth calendar year after the first building is completed is 2019 and the third building is completed in 2018, the City would only be obligated to make one Grant Payment for the building based on the taxes assessed and paid for the year 2019. However, because the Owner would have until January 30 of 2020 to pay the taxes owed for 2019, the Owner would be allowed to submit it request for the 2019 Grant Payment in 2020 and the City would be obliged to make the Grant Payment, subject to the requirements and limitations in this Agreement. Section 3.05. Time for Payment. The City shall not be required to make a Grant Payment during any applicable fiscal year of the City unless and until: (a) the City's share of ad valorem taxes attributable to a building for the applicable year are paid by the Owner; and