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AG 2016 11 21
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AG 2016 11 21
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Last modified
11/23/2016 2:25:13 PM
Creation date
11/27/2017 10:35:48 AM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
11/21/2016
Board
Board of Commissioners
Meeting Type
Regular
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Linder Applicant an incentive investment (the "Investments ") in an amount equal to <br />$500.00 for each new employee hired and retained by Project Linder Applicant. <br />(a) For a period of four (4) consecutive years, the County shall make <br />an Investment to Project Linder Applicant based upon the hiring and retention of <br />employees, as indicated in Exhibit B. <br />(b) Project Linder Applicant may elect the initial year in which the <br />Investments identified in Paragraphs 1(a) shall commence and shall so notify the County <br />in writing; provided that the initial grant year shall commence no later than twelve (12) <br />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 is more <br />particularly described in the Program, which provisions are part of this Agreement except <br />to the extent modified herein. The County hereby confirms that it has approved the <br />application of the Program as modified to the Facility and has authorized the Investments <br />and other terms of this Agreement. The County and Project Linder Applicant further <br />confirm that this Agreement constitutes the "formal agreement" required under the <br />Program and that the terms of this Agreement and those contained in the attached <br />description of the Program as modified shall govern the application of the Program to the <br />Facility. Project Linder Applicant agrees to forward to the EDC and the County <br />Manager, at the time it makes its annual property tax payments, a copy of the property tax <br />payment receipt, which must be requested from the Tax Collector and the Cabarrus <br />County Tax Assessor's statement (the "Assessor's Statement ") of the valuation of the <br />New Investment located at the Facility. The Assessor's Statement may be issued only <br />after: <br />(a) Project Linder Applicant has completed the Assessor's <br />questionnaire and other substantiating corroborating documentation, including but not <br />limited to payroll reports and employment tax returns, to the satisfaction of the Assessor; <br />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 to be made to Project Linder <br />Applicant during the respective term will be made within ninety (90) days after payment <br />by Project Linder Applicant of all property taxes due to the County and the delivery of <br />the Assessor's Statement. <br />2. State and City Incentives. The County agrees to assist Project Linder <br />Applicant in obtaining any incentives, grants and programs that may be or become <br />available from the State of North Carolina and /or the City of Kannapolis; however, the <br />County shall not be responsible for obtaining or paying any State or City incentives to <br />Project Linder Applicant, except as otherwise provided by law. <br />Attachment number 3 \n <br />G -3 Page 217 <br />
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