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Carolina in 2027 will be excluded from both the base valuation and the incremental valuation (in other words, such properties are to be treated as being excluded from the MSD and thus have no impact on the incremental revenue calculation). (b) Revenues from ad valorem taxation of property in the MSD shall be applied as follows: (i) The net proceeds of the following taxes shall be paid to each unit of local government with taxing power in the Development Financing District: (i) taxes separately stated and levied solely to service and repay debt secured by a pledge of the faith and credit of the unit; (ii) nonschool taxes levied by such unit pursuant to a vote of the people; (iii) taxes levied for a municipal or county service district, if any; and (iv) taxes levied by any taxing unit other than the City or the County. (ii) The net proceeds of all other ad valorem taxes levied by the County in any year shall be multiplied by a fraction, the numerator of which is the base valuation for the MSD as determined in accordance with Section 2.2(a) and the denominator of which is the current valuation for the MSD. The amount shown as the product of this multiplication, when paid by the taxpayer and after subtracting out the amounts set forth in (i) above, shall be the Incremental Revenues of the County. Commencing with the fiscal year beginning on July 1, 2017 and each fiscal year thereafter for the term of this Interlocal Agreement, the County will transmit 85% of the Incremental Revenues to the City on each February 15 and August 15, beginning August 15, 2017. The City and the County acknowledge that there is an agreement relating to the remittance by the County of taxes collected on behalf of the City with respect to property located in the County including that portion of the MSD located in the County. The provisions of that agreement or any subsequent amendment or replacement shall control the remittance of collections of taxes collected for the City. [Also, the City and the County recognize that the payment of taxes for motor vehicles is on a different schedule from the payment of taxes for real property. The provisions relating to semiannual payment of the County Contribution may be modified with respect to taxes collected for motor vehicles so that such collections are transmitted other than semiannually] SECTION 2.3 Use of Incremental Revenues. The City shall apply the Incremental Revenues it receives from the County to pay debt service and related costs of any financings for Downtown Revitalization Projects and to pay capital expenditures incurred in connection with Downtown Revitalization Projects. Any Incremental Revenues on deposit with the City upon termination of this Interlocal Agreement shall be returned to the County. ARTICLE III DOWNTOWN REVITALIZATION PROJECTS SECTION3.1 Downtown Revitalization Projects. The City and the County acknowledge that the County Contribution is intended to assist the City in the funding of the Downtown Revitalization Projects. The City shall be solely responsible for the funding, the scope, the design or the plan for the Downtown Revitalization Projects. All Downtown PPAB 3705461x3 5 Attachment number 5 \n G-2 Page 163