AG 2016 05 16 - Laserfiche WebLink

Home Browse Search

(a) For a period of three (3) consecutive years, the County shall make a grant to 4540 Fortune Ave based upon the increased ad valorem tax value of the New Investment at the Site; (b) 4540 Fortune Ave 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 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 New Investment and has authorized the Grants and other terms of this Agreement. The County and 4540 Fortune Ave 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 New Investment, except as specifically modified herein. 4540 Fortune Ave 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 Site. The Assessor's Statement may be issued only after: (a) 4540 Fortune Ave 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 4540 Fortune Ave during the respective term will be made within ninety (90) days after payment by 4540 Fortune Ave of all property taxes due to the County and the delivery of the Assessor's Statement. These are conditions precedent to any Grant payment. 4540 Fortune Ave agrees to designate a person within its organization responsible for compliance with the provisions of this Agreement and for communication with the County concerning the Grants and this Agreement. 2. State and City Incentives. The County agrees to assist 4540 Fortune Ave in obtaining any incentives, grants and programs that may be or become available from the State of North Carolina and /or the City of Concord; however, the County shall not be responsible for obtaining or paying any State or City incentives to 4540 Fortune Ave, except as otherwise provided by law. Attachment number 3 \n G -2 Page 142