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AG 2012 04 16
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AG 2012 04 16
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4/18/2012 10:55:43 AM
Creation date
11/27/2017 11:08:33 AM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
4/16/2012
Board
Board of Commissioners
Meeting Type
Regular
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construction and equipment installation of the New Investment in the Facility at the Site. <br />The County shall pay Grants to Corning as follows: <br />(a) For a period of three (3) consecutive years, the County shall make <br />a grant to Corning based upon the increased ad valorem tax value of the real and personal <br />property New Investment at the Site; and <br />(b) Corning may elect the initial year in which the Grants identified in <br />Paragraphs 1(a) and shall commence and shall so notify the County in writing; provided <br />that the initial Grant year shall commence no later than twelve (12) months after the <br />qualifying equipment or construction has been released from an in- process stage to a <br />fully - operational stage. <br />The process of assessment of the tax value of the New Investment, the calculation <br />of the Grant amounts and the payment of the Grants are more particularly described in <br />the Program, which provisions are part of this Agreement. The County hereby confirms <br />that it has approved the application of the Program to the Facility and has authorized the <br />Grants and other terms of this Agreement. The County and Corning further confirm that <br />this Agreement constitutes the "formal agreement" required under the Program and that <br />the terms of this Agreement and those contained in the attached description of the <br />Program shall govern the application of the Program to the Facility. The net increase in <br />the assessed value of real property and business personal property in the Facility for local <br />property tax purposes occasioned by the placement of the New Investment at or in the <br />Facility shall determine the investment "level" for the Program in effect. Corning agrees <br />to forward to the EDC and the County Manager, at the time it makes its annual property <br />tax payments, a copy of the property tax payment receipt, which must be requested from <br />the Tax Collector, and the Cabarrus County Tax Assessor's statement (the "Assessor's <br />Statement ") of the valuation of the New Investment located at the Facility. The <br />Assessor's Statement may be issued only after: <br />(a) Corning has completed the Assessor's questionnaire and other <br />substantiating corroborating documentation identified in the Program to the satisfaction <br />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 each annual Grant payment to be made to Corning during <br />the respective term shall be made within thirty (30) days after payment by Corning of the <br />respective annual property taxes due to the County and the delivery of the Assessor's <br />Statement; provided, however, that if at the time of such property tax payment Corning <br />has not paid all taxes due and payable to the County, including but not limited to taxes <br />disputed by Corning, the County shall withhold the annual Grant payment until such time <br />that Corning is current on payment of all such taxes. <br />Economic development grant Cab Co- Corning expansion <br />Attachment number 4 <br />G -1 Page 153 <br />
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