Net New Sales Calculation For Relocations. If an existing retail establishment within ▇▇▇▇▇▇ County relocates within one year from such County facility to a facility within the Redevelopment Project Area and the City Council determines by Ordinance that the retail establishment is a direct beneficiary of Tax Increment Financing, then in accordance with the provisions of the TIF Act, the Economic Activity Taxes generated by the relocated retail establishment shall equal the amount by which the total additional revenues from Economic Activity Taxes which are imposed by the City and other Taxing Districts exceeds the amount of Economic Activity Taxes generated by the retail establishment in the calendar year prior to its relocation to any of the Redevelopment Project Area.
Appears in 3 contracts
Sources: Tax Increment Financing Redevelopment Agreement, Tax Increment Financing Redevelopment Agreement, Tax Increment Financing Redevelopment Agreement