Developer Payments Clause Samples
The Developer Payments clause outlines the terms and conditions under which a developer will be compensated for their work. It typically specifies the payment schedule, such as milestone-based or periodic payments, and may detail acceptable payment methods and invoicing requirements. This clause ensures that both parties have a clear understanding of when and how payments will be made, reducing the risk of disputes and providing financial predictability for the developer.
Developer Payments. (a) On an annual basis, the City agrees to pay Developer, within thirty (30) days of the end of each Fiscal Year, all amounts then on deposit in the Project Cost Account.
(b) Notwithstanding anything to the contrary contained herein, if, with respect to any Tax Payment Date, any portion of the property taxes assessed against real or personal property located in the District remain unpaid, because of a bona fide valuation dispute being pursued by ▇▇▇▇▇▇▇▇▇, the property taxes actually paid with respect to such Tax Payment Date shall, first, be applied to taxes due on account of Original Assessed Value and deposited into the City’s general fund; and second, shall constitute payment of Property Taxes with respect to Non-Captured Increased Assessed Value and deposited into the City’s general fund; and third, shall constitute payment of Property Taxes with respect to Captured Assessed Value, to be applied to payment of Developer 's share of the Tax Increment Revenues for the year concerned and deposited into Project Cost Account.
(c) Notwithstanding anything to the contrary contained herein, if, with respect to any Tax Payment Date, any portion of the property taxes assessed against real or personal property located in the District remain due to the City from and unpaid by Developer, for any reason other than a bona fide valuation dispute, or if any portion of any other fee or charge due to the City by Developer including but not limited to sewer and stormwater fees, ambulance fees, or assessments, remain unpaid, no payment of Developer 's share of the Tax Increment Revenues for the year concerned will be deposited into the Project Cost Account until such property taxes assessed against real or personal property located in the District, and other fees, charges, and assessments are paid in full.
(d) Annually, Developer will provide financial statements as back-up documentation of Project Costs for its TIF payments, which documentation will be kept confidential by the City.
(e) Prior to receiving the first payment under this Agreement, Developer shall provide evidence reasonably satisfactory to the City of the Developer’s ability to complete the Project in accordance with State law. Reasonably satisfactory evidence shall include documentation that the Developer has closed on complete financing for the Project.
(f) On a bi-weekly basis during the course of construction of the Project, Developer must provide documentation in a form reasonably satisfactory to the Ci...
Developer Payments. Reserved.
Developer Payments. 24.1 In this Clause 24:
Developer Payments. (a) The Town agrees to pay Developer, within thirty (30) days following the Tax Payment Date, or the date on which the payment is actually received by the Town from the Developer, whichever is later, an amount equal to 75% of the Property Tax paid on the Increased Assessed Value of the Developer Property for each Tax Year beginning on the April 1 following completion of the Project, but in no event later than April 1, 2023 2025, and continuing for a period of fifteen (15) Tax Years, not to exceed the term of the District until March 31, 2038; provided, however, that such payment shall not exceed a total dollar value of $78,636 in any one Tax Year.
(b) Notwithstanding Section 3.1(a), the amounts payable thereunder shall be due and payable only if: (i) all real property taxes and assessments and all personal property taxes that are due and payable with respect to all of the property in the District have been paid in full, and (ii) all real property taxes and assessments and all personal property taxes that are due and payable with respect to any other real and personal property owned by the Developer, its successors and assigns, in the Town have been paid in full. If such property taxes and assessments and other amounts are not paid when due, the Town may withhold and suspend all payments under this Agreement until such property taxes and assessments and other amounts due hereunder are paid in full. In addition, if the Developer institutes any tax abatement proceeding with respect to any property in the District, the Town may withhold and suspend all payments to Developer required under this Agreement with respect to the amount of value of the items of property subject to the abatement proceeding, and upon final action and completion of such abatement proceeding, the proper amount (based on the results of the abatement proceedings) shall be deposited in the proper accounts and the appropriate amount, as required hereunder, disbursed to the Developer.
(c) If, with respect to any Tax Payment Date, any portion of the property taxes assessed against Developer Property remain unpaid, because of a valuation dispute or otherwise, the property taxes actually paid with respect to such Tax Payment Date shall, first, be applied to taxes due on account of Original Assessed Value; second to any personal property taxes with respect to any personal property located in the District; third, to any real property taxes and personal property taxes on the Increased Assessed Valu...
Developer Payments. (a) So long as no event described in Section 14 hereof shall have occurred and be continuing, the Village shall pay to the Developer a Sales Tax Rebate with respect to each Applicable Project for the Sales Tax Participation Period that pertains to each such Applicable Project, an amount equal to forty percent (40%) of the Sales Tax Revenue received by the Village with respect to sales made from each such Applicable Project (the “Sales Tax Rebate”) during the Sales Tax Participation Period applicable to such project, which Sales Tax Rebate shall be calculated by the Village only from the portions of the said Sales Taxes generated by each Applicable Project approved by the Village Board and actually received by the Village after any deductions made by the Illinois Department of Revenue (“IDOR”).
(i) Assume that a total of $1,000 of sales subject to the Sales Taxes as defined in Section (b)(ii) occur on the Subject Property during a calendar year within the term of this Agreement.
(ii) The Village is entitled to receive from the State of Illinois 3.75% of Sales Tax Revenues, resulting in a total of $37.50 as to the aforesaid $1,000 in taxable sales, less deductions made by the IDOR.
(iii) The $37.50 of Sales Tax Revenues that the Village would receive would be derived by the Village from the following sources: $10 from State of Illinois sales tax; $20 from the Village’s Home Rule tax; and, $7.50 from the Village’s BDD tax.
(iv) The Developer would be entitled to 40% of the Sales Tax Revenues actually received by the Village = $37.50 x 40% = $15.00. It is agreed that if such $37.50 is reduced by any lawful IDOR deductions, then only 40% of the amount actually received by the Village, after deductions, shall be due to the Developer. less any deductions made by the IDOR. The $15.00 shall be paid from any source of the Sales Tax Revenues as determined by the Village.
(v) The Village agrees that it shall not pledge or assign to any other person any of the Sales Tax Revenues generated from the Subject Property, or request that IDOR make any deductions from the portion of such revenues that would otherwise be remitted by IDOR to the Village.
(b) Every Sales Tax Rebate due hereunder shall first be applied to reduce the outstanding principal balance due on any outstanding Developer Notes (but only during such time as said Developer Notes remain valid and payable under the terms of the TIF Agreement), beginning with the oldest Developer Note first, and then (after all ...
Developer Payments. (a) The City agrees to pay Developer all amounts then on deposit in the Developer Project Cost Subaccount, on or before thirty (30) days following the Tax Payment Date.
(b) Notwithstanding anything to the contrary contained herein, if, with respect to any Tax Payment Date, any portion of the property taxes assessed against real property located in the District remain unpaid due to a bona fide valuation dispute, the City shall be under no obligation to pay Developer’s share of the Tax Increment Revenues to Developer. In such a circumstance, the property taxes actually paid with respect to such Tax Payment Date shall, first, be applied to taxes due on account of Original Assessed Value; and second, shall constitute payment of Property Taxes with respect to Increased Assessed Value, to be applied first to payment in full of the applicable Town percent share of the Tax Increment Revenues for the year concerned and deposited into the Town Subaccount in accordance with Article II hereof.
Developer Payments. (a) The City agrees to pay Developer, within thirty (30) days following each Tax Payment Date, all amounts then on deposit in the LabelTech Project Cost Subaccount.
(b) Notwithstanding anything to the contrary contained herein, if, with respect to any Tax Payment Date, any portion of the property taxes assessed against District remain unpaid, because of a valuation dispute or otherwise, the property taxes actually paid with respect to such Tax Payment Date shall, first, be applied to taxes due on account of Original Assessed Value; and second, shall constitute payment of Property Taxes with respect to Increased Assessed Value, to be applied first to payment in full of the applicable City percent share of the Tax Increment Revenues for the year concerned; and third, to the extent of funds remaining, to payment of the Developer’s share of the Tax Increment Revenues for the year concerned, to be deposited into the LabelTech Project Cost Subaccount.
Developer Payments. In conjunction with the execution of this Agreement and not later than ten (10) calendar days after the Effective Date, Developer shall pay to the WSC, by cashier’s check or money order the amounts set forth below in Paragraphs 1A and 1B. Developer shall also pay the Construction Deposit in Paragraph 4.B.1 within the time period described herein.
A. Equity Buy-In Fee (Impact Fee or Capital Improvement Fee). Not later than ten
Developer Payments. (a) The Town agrees to pay Developer, within thirty (30) days following each Tax Payment Date, all amounts then on deposit in the Evergreen Project Cost Subaccount.
(b) If, with respect to any Tax Payment Date, any portion of the property taxes assessed against the Evergreen Tract remain unpaid, because of a valuation dispute or otherwise, the property taxes actually paid with respect to such Tax Payment Date shall, first, be applied to taxes due on account of Original Assessed Value – Evergreen Tract; and second, shall constitute payment of Property Taxes with respect to Increased Assessed Value – Evergreen Tract, to be applied first to payment in full of the applicable Town percent share of the Evergreen Wind Power Tax Increment Revenues for the year concerned and deposited into the Sinking Fund and/or the Town Project Cost Subaccount in accordance with Article II hereof; and third, to the extent of funds remaining, to payment of the Developer’s share of the Evergreen Wind Power Tax Increment Revenues for the year concerned, to be deposited into the Evergreen Project Cost Subaccount.