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AG 2012 11 19
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AG 2012 11 19
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Last modified
11/20/2012 10:25:00 AM
Creation date
11/27/2017 11:12:18 AM
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Template:
Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
11/19/2012
Board
Board of Commissioners
Meeting Type
Regular
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1. Incentive Grants. Pursuant to the Program, the County shall in <br />accordance with and as provided by this Agreement, pay to Tuxedo an incentive grant <br />(the "Grants ") in an amount equal to 85 percent of the increase in property tax paid by <br />Tuxedo upon the actual assessed ad valorem tax value increase occasioned by <br />construction and equipment installation of the New Investment in the Facility at the Site. <br />The County shall pay Grants to Tuxedo as follows: <br />(a) For a period of five (5) consecutive years in four (4) phases, the <br />County shall make a grant to Tuxedo based upon the increased ad valorem tax value of <br />the New Personal Property Investment in business personal property at the Site; <br />(b) For a period of five (5) consecutive years in four (4) phases, the <br />County shall make a grant to Tuxedo based upon the increased ad valorem tax value of <br />the New Real Property Investment at the Site; <br />(c) Tuxedo may elect the initial years in which each phase of the <br />Grants identified in Paragraphs 1(a) and (b) and shall commence and shall so notify the <br />County in writing; provided that the initial grant year shall commence no later than <br />twelve (12) months after the qualifying equipment or construction has been released from <br />an in- 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 grant amounts and the payment of the Grants are more particularly described in the <br />Program, which provisions are part of this Agreement. The County hereby confirms that <br />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 Tuxedo 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. Tuxedo 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) Tuxedo 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 />Attachment number 3 <br />G -1 Page 201 <br />
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