Common use of Developer Payments Clause in Contracts

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 Value of the Developer Property. (d) The Developer agrees that all payments made by the Town to the Developer pursuant to this Agreement will be used and applied to either pay debt service on indebtedness incurred to finance "Project Costs" as that term is defined under Act and described in the Development Program or used to pay directly, amortize or reimburse Developer for payment of qualified project costs authorized in the Development Program; but in any event such payments can only be used to pay project costs as described in the Development Program. The Town shall be required to make payments under this Agreement only upon receipt of satisfactory documentation that the amounts are being paid for project costs authorized in the Development Program, which documentation shall be in the form of properly completed certificates, executed by the Developer in the form attached hereto as Exhibit A.

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 Value of the Developer Property. (d) The Developer agrees that all payments made by the Town to the Developer pursuant to this Agreement will be used and applied to either pay debt service on indebtedness incurred to finance "Project Costs" as that term is defined under Act and described in the Development Program or used to pay directly, amortize or reimburse Developer for payment of qualified project costs authorized in the Development Program; but in any event such payments can only be used to pay project costs as described in the Development Program. The Town shall be required to make payments under this Agreement only upon receipt of satisfactory documentation that the amounts are being paid for project costs authorized in the Development Program, which documentation shall be in the form of properly completed certificates, executed by the Developer in the form attached hereto as Exhibit A.