AG 2017 10 16 - Laserfiche WebLink

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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 Secure an economic development grant (the"Grants") as follows: (a) For a period of three (3) consecutive years, the County shall make Grants to Secure in an amount equal to 85 percent of the increase in property tax paid by Secure 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; Secure may elect the initial year in which the Grants identified in Paragraph 1(a) shall commence and shall so notify the County in writing; provided that the initial Grant year shall commence 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 amounts and the payment of the Grants 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 Grants and other terms of this Agreement. The County and Secure 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. Secure agrees to forward to the EDC and the County Manager, at the time it makes its annual property tax payments, 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) Secure 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. The County agrees that the Grant payments pursuant to Paragraph 1(a)to be made to Secure during the respective term will be made within ninety (90) days after payment by Secure of all property taxes due to the County and the delivery of the Assessor's Statement. These are conditions precedent to any Grant payment. Secure also agrees to designate a person within its organization responsible for compliance with the provisions of this Agreement and for communication with the County concerning these Grants and this Agreement. 2 Attachment number 1 \n G-1 Page 73