PAYGo Reimbursement Clause Samples

PAYGo Reimbursement. The City shall provide an additional TIF Incentive as a pay-as-you- go (PAYGo) obligation of the City, which is further defined as follows: a) Developer shall be responsible to incur and pay all of the upfront costs of the Project and, to the extent TID revenues are sufficient to the limits of the TID and this Agreement, Qualified Expenditures as identified in Section III not covered by the Project Grant TIF Incentive shall be reimbursed to Developer pursuant to this PAYGo TIF Incentive. b) Commencing the first year after the first occupancy permit for the Project has been issued, the assessed value of the Property shall be determined on January 1 of each tax year and shall be compared to the Base Value. The difference between the foregoing shall be known as the Incremental Property Value. c) Incremental Property Value multiplied by the assessed mill rate, less payments of real estate taxes to the State of Wisconsin, shall be known as the TIF Increment. d) The City shall first use the TIF Increment to cover one hundred and ten percent (110%) of its annual debt service obligation for the Project Grant. Should the annual debt service payment not consume all of the TIF Increment, the City shall make available sixty percent (60%) of the remaining TIF Increment to the Developer. e) PAYGo Reimbursement payments will be payable to Developer in the year following the year of the TIF Increment determination, after Developer has provided proof to the City of the full payment of the real estate taxes, special assessments and special charges against the Property for the previous year. For example, if the first occupancy permit is issued on September 1, 2019, the TIF Increment would be determined as of January 1, 2020 and the PAYGo reimbursement would first be payable in 2021.
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PAYGo Reimbursement. The City shall provide a TIF Incentive as a pay-as-you-go (PAYGo) obligation of the City, which is further defined as follows: a) The Developer guarantees that the Property shall have a minimum aggregate assessed value of fifteen million dollars ($15,000,000.00) on or before January 1, 2026. b) Developer shall be responsible to incur and pay all of the upfront costs of the Project and, to the extent TID revenues are sufficient to the limits of the TID and this Agreement, Qualified Expenditures shall be reimbursed to Developer. c) Commencing the first year after the first occupancy permit for the Project has been issued, the assessed value of the Property shall be determined on January 1 of each tax year and shall be compared to the assessed value of the Property as of January 1 of the year in which construction commenced. The difference in assessed values shall be known as the Incremental Property Value. d) Incremental Property Value multiplied by the assessed mill rate, less payments of real estate taxes to the State of Wisconsin, shall be known as the Available TIF Increment. e) Provided the aggregate assessed Property value meets or exceeds eighteen million, seven hundred fifty thousand dollars ($18,750,000.00) on or before January 1, 2026, the City shall make available seventy percent (70%) of the remaining TIF Increment to the Developer until all Qualified Expenditures have been repaid. Developer shall not be entitled to any TIF Increment unless the aggregate assessed Property value meets or exceeds fifteen million dollars ($15,000,000.00). In the event the aggregate assessed Property value is between fifteen million dollars ($15,000,000.00) and eighteen million seven hundred fifty thousand ($18,750,000.00) on or before January 1, 2026, the City shall prorate the remaining TIF Increment available to the Developer, based on a percentage of fifty-six percent (56%) for an amount equal to fifteen million dollars ($15,000,000.00), and seventy percent (70%) for an amount equal to eighteen million seven hundred fifty thousand ($18,750,000.00). For example, if the aggregate assessed Property value is sixteen million eight hundred seventy-five thousand dollars ($16,875,000.00) on January 1, 2026, the City shall make available sixty-three percent (63%) of the remaining TIF Increment to Developer. f) PAYGo Reimbursement payments will be payable to Developer in the year following the year of the TIF Increment determination, after Developer has provided proof to t...
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PAYGo Reimbursement. The City shall provide an additional TIF Incentive as a pay-as-you-go (PAYGo) obligation of the City, which is further defined as follows: a) The Developer guarantees that the Property shall have a minimum aggregate assessed value of Six Million Dollars ($6,000,000) on or before January 1, 20232025. b) Developer shall be responsible to incur and pay all of the upfront costs of the Project and, to the extent TID revenues are sufficient to the limits of the TID and this Agreement, Qualified Expenditures shall be reimbursed to Developer. c) Commencing the first year after the first occupancy permit for the Project has been issued, the assessed value of the Property shall be determined on January 1 of each tax year and shall be compared to the assessed value of the Property as of January 1 of the year in which construction commenced. The difference in assessed values shall be known as the Incremental Property Value. d) Incremental Property Value multiplied by the assessed mill rate, less payments of real estate taxes to the State of Wisconsin, shall be known as the Available TIF Increment.
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PAYGo Reimbursement. The City shall provide an additional TIF Incentive as a pay-as-you-go (PAYGo) obligation of the City, which is further defined as follows: 1. Developer shall be responsible to incur and pay all of the upfront costs of the Project and, to the extent TID revenues are sufficient to the limits of the TID and this Agreement, Qualified Expenditures shall be reimbursed to Developer. The PAYGo TIF Incentive shall only fund Qualified Expenditures as follows: a. Public Improvements, environmental remediation, and asbestos abatement as required by State and Federal law; then
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PAYGo Reimbursement. The City shall provide a TIF Incentive as a pay-as-you-go (PAYGo) obligation of the City, which is further defined as follows: a) Developer shall be responsible to incur and pay all of the upfront costs of the Project and, to the extent TID revenues are sufficient to the limits of the TID and this Agreement, Qualified Expenditures shall be reimbursed to Developer. b) Subject to the Available Tax Increment. c) PAYGo Reimbursement payments will be payable to Developer in the year following the year with respect to which the applicable Available Tax Increment is calculated, after Developer has provided proof to the City of the full payment of the real estate taxes, special assessments and special charges against the Real Estate for the previous year. For example, if the first occupancy permit is issued on September 1, 2019, the TIF Increment would be determined as of January 1, 2020 and the PAYGo reimbursement would first be payable in 2021.
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Related to PAYGo Reimbursement

  • Meal Reimbursement When an employee is specifically directed by the City to work two (2) hours or longer at the end of his/her normal work shift of at least eight (8) hours or work two (2) hours or longer at the end of his/her work shift of at least eight (8) hours when he/she is called in to work on his/her regular day off, or otherwise works under circumstances for which meal reimbursement is authorized per Ordinance 111768 and the employee actually purchases a reasonably priced meal away from his place of residence as a result of such additional hours of work, the employee shall be reimbursed for the "reasonable cost" of such meal in accordance with Seattle Municipal Code (SMC) 4.20.

  • Mileage Reimbursement A. Subject to the current Vehicle Rules and Regulations established by the Board, an employee who is authorized to use a private automobile in the performance of duties shall be reimbursed for each mile driven in the performance of his or her duties during each monthly period as follows: 1. Through December 31, 1994 the reimbursement rate shall be thirty-nine

  • Tuition Reimbursement A. The Employer will reimburse a full-time employee for the cost of tuition in accordance with Regulation 10.12.060 and for the cost of books as long as the subject matter of the specific course or course of study is job-related and the tuition costs do not exceed those found at a state university. The employee must receive approval from the Chief prior to taking the course. Tuition reimbursement shall be approved for all job-related undergraduate and graduate work. A request for tuition shall not be unreasonably denied. B. If an employee receives a scholarship, the total amount of the reimbursement from the Employer, combined with the scholarship, shall not exceed one hundred percent (100%) of the cost of tuition and books. C. A satisfactory grade of C or higher or equivalent is required for reimbursement, and a copy of the course transcript showing satisfactory completion, along with a copy of the approved reimbursement application, a copy of the registration or receipt showing the amount paid, and a taxability of tuition reimbursement Interoffice Communication shall be submitted with the reimbursement request within sixty (60) calendar days of receiving final grades. D. In the event the Employer directs an employee to attend any formal training course, the costs of all books and incidental fees will be paid by the Employer. “Life experience” credits will be reimbursed on a per-credit basis, not to exceed the University of Washington tuition rates. E. Once a request for tuition reimbursement has been approved, the Employer will reimburse the cost of tuition as provided above. Approved tuition reimbursements shall be paid to the employee within sixty (60) calendar days of timely submission to the Employer. An employee shall not receive federal or state educational reimbursement funds that exceed the total tuition for any course. F. If an employee receiving tuition reimbursement misses two (2) consecutive terms of school, the Employer shall send a letter requesting the employee notify the Employer of whether the employee intends to continue to attend school. If the employee does not attend school during the following two (2) terms then the employee must reapply for tuition reimbursement when attendance resumes. G. When an employee completes an educational program, the employee shall notify the Employer so the Employer can remove the employee’s name from the tuition reimbursement list. If the employee pursues an additional degree then the employee must reapply for tuition reimbursement. H. No more than twenty-five percent (25%) of the bargaining unit members shall receive tuition reimbursement at any given time. If at any time the maximum twenty-five percent (25%) limit is reached, then all subsequent requests for tuition reimbursement shall be placed on a waiting list in order of the date of application.