AG 2017 09 18 - Laserfiche WebLink

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In consideration of the mutual promises set forth in this Agreement and other good and valuable considerations, the receipt and sufficiency of which are acknowledged by the parties, the County and Project Ali Applicant agree as follows: COVENANTS, TERMS and CONDITIONS 1. Tax Grants. Pursuant to the Program, as modified, the County shall in accordance with and as provided by this Agreement, pay to Project Ali Applicant an economic development grant (the "Grants") as follows: (a) For a period of one (1) year, the County shall make a Grant to Project Ali Applicant in an amount equal to 85 percent of the increase in property tax paid by Project Ali Applicant on the actual assessed ad valorem tax value increase occasioned by construction and equipment installation of the New Investment in the Facility at the Site; Project Ali Applicant may elect the year in which the Grant identified in Paragraph 1(a) shall commence and shall so notify the County in writing; provided that the Grant year shall be no later than twelve (12)months after the qualifying equipment or construction has been released from an in-process stage to a fully-operational stage. The process of assessment of the tax value of the New Investment, the calculation of the Grant amount and the payment of the Grant are more particularly described in the Program, which provisions are part of this Agreement. The County hereby confirms that it has approved the application of the Program as modified to the Facility and has authorized the Grant and other terms of this Agreement. The County and Project Ali Applicant further confirm that this Agreement constitutes the"formal agreement" required under the Program and that the terms of this Agreement and those contained in the attached description of the Program shall govern the application of the Program to the Facility, except as specifically modified herein. Project Ali Applicant agrees to forward to the EDC and the County Manager, at the time it makes its annual property tax payment, a copy of the property tax payment receipt, which must be requested from the Tax Collector and the Cabarrus County Tax Assessor's statement(the "Assessor's Statement") of the valuation of the New Investment located at the Facility. The Assessor's Statement may be issued only after: (a) Project Ali Applicant has completed the Assessor's questionnaire and other substantiating corroborating documentation identified in the Program to the satisfaction of the Assessor; and (b) The Assessor has had the reasonable opportunity to review, evaluate and verify a value for the New Investment. 2 Attachment number 1 \n G-1 Page 98