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AG 2016 07 18
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AG 2016 07 18
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Last modified
7/20/2016 11:45:58 AM
Creation date
11/27/2017 10:34:09 AM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
7/18/2016
Board
Board of Commissioners
Meeting Type
Regular
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COVENANTS, TERMS and CONDITIONS <br />1. Tax Investments. Pursuant to the Program, as modified, the County <br />shall in accordance with and as provided by this Agreement, pay to Project Hornet <br />Applicant an economic development investment (the "Investments ") as follows: <br />(a) For a period of three (3) consecutive years, the County shall make <br />Investments to Project Hornet Applicant in an amount equal to 85 percent of the increase <br />in property tax paid by Project Hornet Applicant on the actual assessed ad valorem tax <br />value increase occasioned by construction and equipment installation of the New <br />Investment in the Facility at the Site; <br />Project Hornet Applicant may elect the initial year in which the <br />Investments identified in Paragraph 1(a) shall commence and shall so notify the County <br />in writing; provided that the initial Investment year shall commence no later than twelve <br />(12) months after the qualifying equipment or construction has been released from an in- <br />process stage to a fully- operational stage. <br />The process of assessment of the tax value of the New Investment, the calculation <br />of the Investment amounts and the payment of the Investments are more particularly <br />described in the Program, which provisions are part of this Agreement. The County <br />hereby confirms that it has approved the application of the Program as modified to the <br />Facility and has authorized the Investments and other terms of this Agreement. The <br />County and Project Hornet Applicant further confirm that this Agreement constitutes the <br />"formal agreement" required under the Program and that the terms of this Agreement and <br />those contained in the attached description of the Program shall govern the application of <br />the Program to the Facility, except as specifically modified herein. Project Hornet <br />Applicant agrees to forward to the EDC and the County Manager, at the time it makes its <br />annual property tax payments, a copy of the property tax payment receipt, which must be <br />requested from the Tax Collector and the Cabarrus County Tax Assessor's statement (the <br />"Assessor's Statement ") of the valuation of the New Investment located at the Facility. <br />The Assessor's Statement may be issued only after: <br />(a) Project Hornet Applicant has completed the Assessor's <br />questionnaire and other substantiating corroborating documentation identified in the <br />Program to the satisfaction of the Assessor; and <br />(b) The Assessor has had the reasonable opportunity to review, <br />evaluate and verify a value for the New Investment. <br />The County agrees that the Investment payments pursuant to Paragraph I (a) to be <br />made to Project Hornet Applicant during the respective term will be made within ninety <br />(90) days after payment by Project Hornet Applicant of all property taxes due to the <br />County and the delivery of the Assessor's Statement. These are conditions precedent to <br />any Investment payment. Project Hornet Applicant also agrees to designate a person <br />within its organization responsible for compliance with the provisions of this Agreement <br />Attachment number 3 \n <br />G -1 Page 110 <br />
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