AG 2011 02 21 - Laserfiche WebLink

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Such Grant amount shall be for a period of three (3) consecutive years. Grant amounts shall be calculated based on the increase in assessed real and personal property values generated by the project, as determined by the County Tax Assessor. Grants for plant expansions by business or industry already located in the County will be based on the net incremental tax value, after reduction for machinery, equipment and other assets which are depreciated, replaced or retrofitted as part of the project. The Grant will only be awarded to bring about the relocation or expansion of a business that would not have occurred except for the award of the Grant, or to encourage the development or help ensure the success of certain targeted businesses and /or geographic areas. In particular, the BOC desires to encourage development and redevelopment within municipal boundaries where supporting infrastructure already exists and in areas where infill development or redevelopment may spur additional investment. The amount of the Grant for each year shall be limited in the following manner: In each of years 2 and 3 of the Grant, a calculation shall be performed where the amount of the Grant is subtracted from the amount of ad valorem taxes paid. If the remainder in years 2 or 3 is less than the remainder from the same calculation in year 1, then the amount of the grant in those years will be reduced by an amount sufficient to make the remainder in that year equal to the remainder in year 1. The County has chosen as the value criterion for a Program Grant the estimated property tax assessment for the new real and personal property investment to be placed in the County. Although the Grant is calculated as a percentage of the ad valorem tax actually paid on the new asset investment, the Grant is paid from the County's general fund. The general fund consists of revenue derived from ad valorem taxes, local sales taxes, revenues from services, permits and fees, interest income and miscellaneous revenues. 3. Documentation. The Grant application must provide documentation satisfactory to the Tax Assessor that fully supports the expenditures upon which the assessed value is to be based. The documentation includes but is not limited to schedules and source documents defining capital expenditures including project time lines with accurate descriptions of grantable assets by cost, dates of phase in any existing assets which are being replaced by Program eligible assets, blueprints, financial statements and appraisal by a state board certified appraiser. Only assets documented to the satisfaction of the Tax Assessor will be eligible for the Program. 4. Speculative Buildings and Leases. Construction of a new structure to attract an eligible Program user may also qualify for the Program. Such a Grant must begin with a tax year prior to the third year after construction is completed. The taxpayer must inform the Tax Assessor in writing which tax year begins the Grant Program. If a structure or personal property is to be leased, the lease term must exceed the length of 0 Attachment number 4 G -1 Page 113