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15 <br />information obtained by the County in connection with an incentive grant request will <br />be kept confidential by the County to the extent permitted by law. <br />Violation of local, state or federal laws, ordinances or regulations by the recipient <br />company shall result in termination of the Grant. <br />' Section 5. GRANT APPROVAL PROCEDURE <br />1. Completion — Prior to initiating a project for which a Grant application is proposed, the <br />applicant shall complete a Development Grant Application for submittal to the Cabarrus <br />Economic Development Corporation. <br />' <br />2. <br />Recommendation — Upon completion of the Development Grant Application by the <br />applicant, the Cabarrus Economic Development Corporation Board will review the <br />application and determine if the application will be recommended to the BOC. <br />' <br />3. <br />Application — Applications recommended by the Cabarrus Economic Development <br />Corporation Board will be submitted to the County Manager's office for scheduling a <br />' <br />public hearing before the BOC. <br />4. <br />Acceptance —The BOC may consider acceptance of the Development Grant Application. <br />A public hearing must be scheduled by law prior to the approval of a Grant. The County <br />shall publish a notice of the public hearing at least 10 days before the hearing is held. <br />The notice shall describe the project and the BOC's intention to consider approval of the <br />' <br />Grant request. <br />5. <br />Public Hearing — The BOC shall conduct a public hearing on the Development Grant <br />Application to inform the public of the Grant request, invite comments and vote on it. <br />6. <br />Agreement — The BOC approves the Grant by offering the applicant an Agreement. <br />Offers not accepted are deemed rejected by the applicant. Unless otherwise adopted <br />and approved by the BOC, the Grant offer remains open for 30 days from the date of <br />' <br />tender of the proposed Agreement to the applicant. Acceptance is the execution of the <br />Agreement between the County and the applicant. The BOC reserves the right to reject <br />any Grant application. <br />' <br />7. <br />Construction — Construction shall be required to adhere to plans approved in the plan <br />review and permitting process, as well as to plans, or plan elements approved as <br />' <br />conditions of the Agreement. <br />8. <br />Assessment — The value of the subject property following the completion of <br />construction shall be established by the Tax Assessor. The actual increase in post - <br />construction assessed value over pre- construction assessed value shall equal, or exceed <br />G -1 <br />Attachment number 4 <br />Page 116 <br />