Minimum Assessed Value Sample Clauses
Minimum Assessed Value. As of January 1, 2023, the Developer agrees to cause the minimum "Value Increment" (as defined in Section 66.1105(2)(m) of the TIF Law) for Area I to be not less than $1.4 billion (the “Minimum Guaranteed Value”), and to maintain that Minimum Guaranteed Value until December 31, 2047 (the “Value Guaranty Period”). Developer shall, in any tax year during the Value Guaranty Period that the Value Increment for Area I is less than the Minimum Guaranteed Value, and following thirty (30) days written notice by the Village to Developer, pay to the Village for deposit into the Area I TID Account, on or before the tax bills for that tax year must be paid, real and personal property taxes assessed for that year, plus the Makeup Payment defined below. The “Makeup Payment” shall be calculated to be the difference between:
a. The real property and personal property taxes that would have been payable had the property in Area I had a Value Increment equal to the Minimum Guaranteed Value, using the tax rates for the year for which such calculation is to be performed; and
b. The real and personal property taxes assessed to the actual Value Increment of the property in Area I payable for such tax year.
Minimum Assessed Value. [In accordance with Section 5.1 of the Initial Agreement, to be the Minimum Lot Values for the Property as set forth in Exhibit E to the Initial Agreement]
Minimum Assessed Value. Developer guarantees a minimum assessed value of $24,600,000.
Minimum Assessed Value. Provided this Agreement has not been terminated by the City as may be permitted herein, and that the TID has been created as contemplated herein, and the City is otherwise in compliance with the Terms of this Agreement, the Developer guarantees that the Property shall have a minimum aggregate assessed value equal to Thirty-Three Million Five Hundred Thirty-Two Thousand Dollars ($33,532,000) on or before January 1, 2028 (“Guaranteed Amount”). If the actual assessment on the Property is less than the Guaranteed Amount in any year thereafter during the life of the TID, Developer shall make a payment of the difference in total annual property taxes (calculated as the difference between what the annual property tax amount would have been as if the Property were assessed at the Guaranteed Amount less what the property taxes are for that particular year (“Payment in Lieu”) to the City). The purpose of the Guaranteed Amount and Payment in Lieu calculation is to ensure that notwithstanding anything to the contrary herein, in the event that the TIF Incentive payable to Developer (pursuant to (ii) below in any given tax year falls below $692,000 for the any tax year (the “Guaranteed Minimum”) during the life of the TID (the "PILOT Term"), then the Developer or any successor owner of the Project shall make (or cause to be made) during the PILOT Term annual payments in lieu of taxes in an amount sufficient to meet the Guaranteed Minimum (as determined by the assessor) as the Payment in Lieu. The Guaranteed Minimum and/or Payment in Lieu shall be available to Developer for reimbursement of Developer’s Qualified Expenditures up to the Incentive Cap in accordance with this Agreement. Such Payment in Lieu shall be due and payable at the same time and in the same manner as the ad valorem taxes are due and payable for such year. If the Developer or any successor owner fails to make the Payment in Lieu when due, the City may, in addition to all other remedies available to it, levy a special assessment against the Project in the amount of the difference between the actual TIF Incentive available for reimbursement to Developer and the Guaranteed Minimum. Any and all notice and hearing requirements which may be required under the law for such special assessment are hereby waived by Developer. Notwithstanding the levying of such special assessment, the payment obligation under this Section shall be the personal obligation of the person or entity that is the owner of the Project a...
Minimum Assessed Value