AG 2016 07 18 - Laserfiche WebLink

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COVENANTS, TERMS and CONDITIONS 1. Tax Investments. Pursuant to the Program, as modified, the County shall in accordance with and as provided by this Agreement, pay to Project Hornet Applicant an economic development investment (the "Investments ") as follows: (a) For a period of three (3) consecutive years, the County shall make Investments to Project Hornet Applicant in an amount equal to 85 percent of the increase in property tax paid by Project Hornet 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 Hornet Applicant may elect the initial year in which the Investments identified in Paragraph 1(a) shall commence and shall so notify the County in writing; provided that the initial Investment 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 Investment amounts and the payment of the Investments 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 Investments and other terms of this Agreement. The County and Project Hornet 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 Hornet 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: (a) Project Hornet 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. The County agrees that the Investment payments pursuant to Paragraph I (a) to be made to Project Hornet Applicant during the respective term will be made within ninety (90) days after payment by Project Hornet Applicant of all property taxes due to the County and the delivery of the Assessor's Statement. These are conditions precedent to any Investment payment. Project Hornet Applicant also agrees to designate a person within its organization responsible for compliance with the provisions of this Agreement Attachment number 3 \n G -1 Page 110