AG 2016 02 15 - 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 Burgundy 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 Burgundy Applicant an economic development grant (the "Grants ") as follows: (a) For a period of five (5) consecutive years, the County shall make a grant to Project Burgundy Applicant on an amount equal to 85 percent of the increase in property tax paid by Project Burgundy 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 Burgundy Applicant may elect the initial year in which the Grants identified in Paragraph 1(a) and 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. (b) In addition, the County agrees to convey to Project Burgundy Applicant the Site, which is owned by the County, at a price of $10,000.00 per acre, which Site is valued at from $13,000.00 to $15,800.00 per acre. Such Site shall be conveyed on the conditions specified by N.C. Gen. Stat. § 158- 7.l(d2) and shall be completed prior to the commencement of construction of the Facility. 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 Project Burgundy 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 Burgundy Applicant 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: Attachment number 3 \n G -1 Page 96