Resolutions-2015-056

anticipated to be paid in the fiscal year immediately following such certification with respect to the taxable valuation of the Property. In submitting each such Company’s estimate, the Company will complete and submit the worksheet attached hereto as Exhibit B. The City reserves the right to review and request revisions to each such Company’s Estimate to ensure the accuracy of the figures submitted. For purposes of this Agreement, Incremental Property Tax Revenues are calculated by: (1) determining the consolidated property tax levy (city, county, school, etc.) then in effect with respect to taxation of the Property; (2) subtracting (a) the debt service levies of all taxing jurisdictions, (b) the school district instructional support and physical plant and equipment levies and (c) any other levies which may be exempted from such calculation by action of the Iowa General Assembly; and (3) multiplying the resulting modified consolidated levy rate times any incremental growth in the taxable valuation of the Property, as shown on the property tax rolls of Johnson County, above and beyond the Base Valuation. Upon request, the City staff shall provide reasonable assistance to the Company in completing the worksheet required under this Section A.4. 5. Remedies. The Company hereby acknowledges that failure to comply with the requirements of this Section A, will result in the City having the right to withhold Payments under Section B of this Agreement at its sole discretion, until such time as the Company has demonstrated, to the satisfaction of the City, that it has cured such non-compliance. 6. Legal and Administrative Costs. Amended by action of the City Council, April 22, 2015 till . The Company agrees to reimburse the City for the legal and administrative costs incurred by the City in connection with the negotiation, drafting and authorization of this Agreement, including the necessary amendment to the urban renewal plan for the Urban Renewal Area; provided, however, that such amount shall not exceed $4,000. The Company agrees to remit payment for such costs within 30 days of the presentation by the City to the Company of billing statements or receipts evidencing such costs. The City of Tiffin shall be reimbursed for legal fees from the first proceeds. B. City’s Obligations 1. Payments. In recognition of the Company’s obligations set out above, the City agrees to make six semi-annual economic development tax increment payments (the “Payments”) to the Company during the term of this Agreement, pursuant to Chapters 15A and 403 of the Code of Iowa, provided however that the aggregate, total amount of the Payments shall not exceed $102,000 (the “Maximum Payment Total”), and all Payments under this Agreement shall be subject to annual appropriation by the City Council, as provided hereunder. The Payments shall not constitute general obligations of the City, but shall be made solely and only from Incremental Property Tax Revenues received by the City from the Johnson County Treasurer attributable to the taxable valuation of the Property. This Agreement assumes that the taxable value of the Project will go on the property tax rolls as of January 1, 2016. Accordingly, the Payments will be made on December 1 and June 1 of each fiscal year, beginning on December 1, 2017 and continuing to, and including, June 1,