Laserfiche WebLink
Section 2. Payment In Lieu of Taxes. <br /> Section 2.1. (a) Beginning the first assessment year after the requirements of Indiana <br /> Code §6-1.1-10-16.7 have been satisfied and all buildings comprising the Project have received a <br /> Certificate of Occupancy ("Year 1"),the Owner shall make payments in lieu of taxes as described <br /> herein in consideration of the cooperation and support of the City for successful development, <br /> financing and operation of the Project,which includes, but is not limited to, the public promotion <br /> and support for the Project. The annual amount payable by the Owner to the City hereunder (the <br /> "Annual in Lieu of Amount") shall be in the annual sums as follows: <br /> Year 1 $ 36,000 <br /> Year 2 $ 37,080 <br /> Year 3 $ 38,192 <br /> Year 4 $ 39,338 <br /> Year 5 $ 40,518 <br /> Year 6 $ 41,734 <br /> Year 7 $ 42,986 <br /> Year 8 $ 44,276 <br /> Year 9 $ 45,604 <br /> Year 10 $ 46,972 <br /> Year 11 $ 48,381 <br /> Year 12 $ 49,832 <br /> Year 13 $ 51,327 <br /> Year 14 $ 52,867 <br /> Year 15 $ 54,453 <br /> (b) The Annual in Lieu of Amount has been negotiated between the City and the Owner <br /> in accordance with Indiana Code § 36-1-8-14.3(0, and by specifically taking into account the <br /> applicable provisions of Indiana Code § 6-1.1-4-40, Indiana Code § 6-1.1-4-41, and Indiana Code <br /> § 6-1.1-10-16. <br /> (c) Prior to Year 1, the Owner will pay all property taxes due on the Property. <br /> Section 2.2. The Annual in Lieu Amount payable by Owner with respect to the Property <br /> shall be imposed as property taxes and payable in two equal installments due and payable on or <br /> before May 10 and November 10 of each calendar year beginning on Year 1, with the initial <br /> installment of the payment becoming due and payable on May 10 of the year following the <br /> Project's final building receiving its Certificate of Occupancy (the"C of 0") from the City (each <br /> payment, a"PILOT", and collectively, the "PILOTs"). Upon receipt by the Owner of an Annual <br /> In Lieu Amount bill from the Controller of the City, the Owner shall remit its semi-annual PILOT <br /> to the City at the Office of the Controller on or before each installment due date. Subject to <br /> Section 2.4, the aggregate annual amount of each year's semi-annual PILOT shall not exceed the <br /> Annual in Lieu of Amount. <br /> 3 <br />