Common use of Payments in Lieu of Ad Valorem Taxes Clause in Contracts

Payments in Lieu of Ad Valorem Taxes. (a) In accordance with the Act, the parties hereby agree that, during the Term of the Agreement, the Company shall pay annually, with respect to the Project, a FILOT in the amount calculated as set forth in this Section, on or before the date, and at the places, in the manner, and subject to the penalty assessments prescribed by the County or the Department of Revenue for ad valorem taxes. (b) The FILOT Payment due for the Project with respect to each property tax year shall equal: (i) With respect to any portion of the Project consisting of Non- Qualifying Property, as long as such property is located in the Multi-County Park, a payment equal to the ad valorem taxes that would otherwise be due on such Non- Qualifying Property were it taxable giving effect to all credits, exemptions, rebates and abatement that would be available if such undeveloped land or Non-Qualifying Property were taxable; plus (ii) With respect to those portions of the Project consisting of Economic Development Property, for each of the twenty-nine (29) consecutive years following the year in which such portion of the Project is placed in service, a payment calculated each year as set forth in paragraphs (c) below (a “Negotiated FILOT”); less Special Source Revenue Credits, if any, given to the Economic Development Property in the corresponding percentage of the otherwise due FILOT Payments for the corresponding term of years listed below:

Payments in Lieu of Ad Valorem Taxes. (a) In accordance with the Act, the parties hereby agree that, during the Term of the Agreement, the Company shall pay annually, with respect to the Project, a FILOT in the amount calculated as set forth in this Section, on or before the date, and at the places, in the manner, and subject to the penalty assessments prescribed by the County or the Department of Revenue for ad valorem taxes. (b) The FILOT Payment due for the Project with respect to each property tax year shall equal: (i) With respect to any portion of the Project consisting of Non- Qualifying Property, as long as such property is located in the Multi-County Park, a payment equal to the ad valorem taxes that would otherwise be due on such Non- Qualifying Property were it taxable giving effect to all credits, exemptions, rebates and abatement that would be available if such undeveloped land or Non-Qualifying Property were taxable; plus (ii) With respect to those portions of the Project consisting of Economic Development Property, for each of the twenty-nine (29) consecutive years following the year in which such portion of the Project is placed in service, a payment calculated each year as set forth in paragraphs (c) below (a “Negotiated FILOT”); less Special Source Revenue Credits, if any, Credits given to the Economic Development Property in the corresponding percentage of the otherwise due FILOT Payments for the corresponding term of years listed below: