AG 2012 06 18 - Laserfiche WebLink

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(a) For a period of three (3) consecutive years, the County shall make a grant to Corning based upon the increased ad valorem tax value of the New Investment in business personal property at the Site; (b) Corning may elect the initial year in which the Grants identified in Paragraphs 1(a) and (b) 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 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 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 Facility and has authorized the Grants and other terms of this Agreement. The County and Corning 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. The net increase in the assessed value of real property and business personal property in the Facility for local property tax purposes occasioned by the placement of the New Investment at or in the Facility shall determine the investment "level" for the Program in effect. Corning 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) Corning 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 Corning during the respective term will be made within thirty (30) days after payment by Corning of all property taxes due to the County and delivery of the Assessor's Statement. 2. Special Conditions. The County's obligation to make the Grants provided in this Agreement are specifically conditioned upon Corning a) occupying the Site for at least five (5) years after installation of the New Investment, and b) maintaining the New Investment and Facility in operating condition in the County for at least five (5) years after installation of the New Investment. In the event that Corning does not fulfill any one or more of these conditions, any Grants not paid will be cancelled and Corning will be required to immediately repay all Grants previously paid. This remedy is in Attachment number 3 G -2 Page 241