Timing of the Payments Sample Clauses

Timing of the Payments. The Municipality shall provide the Board of Education the required annual payment amount by March 31 of the following calendar year. The payment will include an itemization of the municipal income tax collections attributed to "new employees" employed as a result of the Community Reinvestment Area Agreement. Should all income tax revenue collections not be collected by March 31, the Municipality shall make a partial payment, as well as provide an estimate of the revenues to be collected and the date payment will be finalized. All previous year payments will be completed by June 30 or the Municipality will make a "summary

Timing of the Payments. Commencing in year 11 of the CRA Agreement, the Municipality shall make one (1) annual payment to the Board of Education of its share of the revenue calculated in Section 2 at the project site on or before March 31 of each calendar year until payment in full of the property taxes forgone and as calculated under Section 2 of this Agreement is completed.

Timing of the Payments. A. Annual Payments for Section 1 hereunder shall be due each year no later than forty-five (45) days after the deposit of second-half Service Payments into the TIF Fund and will reflect Service Payments and income tax revenue received since the last calculation or, in the first year, since the commencement of the TIF. As an example of a payment, if the Project Site is subject to a property exemption under the TIF for tax year 2030 for property taxes paid in 2031, the City shall make the annual payment in Sections 1(A) and 1(C) for tax year 2030 in 2031. This means that the City in 2031 (no later than 45 days after deposit of the Second Half Service Payments into the TIF Fund) is distributing the Service Payments paid in 2031 for tax year 2030 and the income taxes received in 2030, and any Service Payments and income tax revenue received since the last calculation for a prior tax year. B. The City shall, simultaneously with delivery of the Annual Payment, provide the Board’s Treasurer with a report describing its calculation of the Annual Payment, excluding any tax information the City is prohibited by law to disclose. Upon request, the City’s Finance Director will meet with the Board’s Treasurer to address any questions, or provide any additional information, as shall be necessary for the Board to confirm the Annual Payment to ensure accuracy, fairness and that the spirit of this Compensation Agreement is maintained. The City may, at its option, retain a third-party administrator to assist with the calculation of the Annual Payment each year, and the School District agrees to provide reasonable cooperation in connection with the same. C. For example, if the Project Site is subject to a property exemption under the TIF for tax year 2026 for property taxes paid in 2027, the City shall make the annual payment in Section 1(A) and 1(C) for tax year 2026 in 2027. If the last year property tax exemption under the TIF is for tax year 2055, for example, the City shall make the last annual payment in Section 1(A) and 1(C) for tax year 2055 in 2056.

Timing of the Payments. The City shall pay the Board the Required Annual Payment set forth in Section 2 herein by April 30 of the calendar year following the year for which the taxes are payable. If no payments are received by the Board by April 30, a late fee in the amount of 10% of the Required Annual Payment shall be added to the amount due. The payment will include an itemization of the municipal income tax collections attributed to “new employees” employed as a result of the CRA Agreement. Should all income tax revenue collections not be collected by March 31, the City shall make a partial payment based on the amount of income tax collected. When the remainder of income tax revenue collections are received, then the City will make the payment of the calculated balance due to the Board within thirty (30) days of the income tax being received.