AG 2016 05 16 - Laserfiche WebLink

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F1yRight upon the actual assessed ad valorem tax value increase occasioned by construction and equipment installation of the New Investment in the Facility at the Site. The County shall pay Grants to F1yRight as follows: (a) For a period of three (3) consecutive years, the County shall make a grant to F1yRight based upon the increased ad valorem tax value of the New Investment in business personal property at the Site; and (b) F1yRight may elect the initial year in which the Grants identified in Paragraphs 1(a) and (b) 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. 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 to the Facility and has authorized the Grants and other terms of this Agreement. The County and F1yRight 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. The net increase in the assessed value of business personal property in the Facility for local property tax purposes occasioned by the placement of the New Investment at or in the Facility shall determine the investment "level" for the Program in effect. F1yRight 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) F1yRight 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 to be made to F1yRight during the respective term will be made within nineth (90) days after payment by F1yRight of all property taxes due to the County and the delivery of the Assessor's Statement. 2. Special Conditions. The County's obligation to make the Grants provided in this Agreement is specifically conditioned upon F1yRight not applying for any grants under its existing Incentive Grant Agreement (as modified), for any leasehold improvements to its existing location on West Winds Boulevard. Attachment number 3 \n G -1 Page 133