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This agreement outlines the terms between 3 Grace LLC and the Nassau County Industrial Development Agency for the payment of taxes in lieu of traditional property taxes, detailing the obligations, conditions, and financial assistance related to the project undertaken at 3 Grace Avenue, Great Neck Plaza, NY.

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What is payment in lieu of?

Payment in lieu of is a financial compensation provided as a substitute for something else, often used in the context of compensation for time off instead of a paycheck.

Who is required to file payment in lieu of?

Employers are typically required to file payment in lieu of for employees who are eligible for certain types of compensation, such as unused vacation days or severance.

How to fill out payment in lieu of?

To fill out payment in lieu of, one must complete the appropriate forms provided by the company or governing body, including details such as the employee's name, the amount being compensated, and the reason for the payment.

What is the purpose of payment in lieu of?

The purpose of payment in lieu of is to provide financial compensation to employees when they are unable to take certain benefits, such as paid time off, allowing them to receive their due compensation.

What information must be reported on payment in lieu of?

Information that must be reported on payment in lieu of includes the employee's name, the amount of payment, the date of payment, the reason for the payment, and any applicable tax information.

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