AG 2011 08 15 - Laserfiche WebLink

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that its decision to locate the Project at the Site resulted from the County's offer of local incentives and other assistance described in this Agreement. NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein, the parties hereby agree as follows. L County Incentives Generally The County will provide Economic Development Incentive Grants ( "EDI Grants ") as defined and described below in Section 11. County Economic Development Incentives; provided that the provisions of this Agreement are met. II. County Economic Development Incentives In consideration of the Company's agreement to locate the Project at the Site, the County will provide the following Economic Development Incentive /Grants ( "EDI Grants ") to the Company. A. Company intends to construct the Facility over a period of three years, beginning in 2011, as further described in the following table: Table 1 Investment Phase First Year of Taxation Investment Amount 2011 2012 $26,000,000 2012 2013 $74,000,000 2013 2014 $5,000,000 TOTAL $105,000,000 The investment amounts shown are only for the purposes of (1) calculating the County's EDI Grants, and (2) establishing a minimum investment by Company for each Investment Phase, subject to the Section III. C pro- ration reduction. B. The County will provide three EDI Grants to Company, one per each Investment Phase. The EDI Grants are for each Investment Phase and three years each in an amount equal to the following formula for each year of the three -year period: Assessed Valuation of the real property improvements and the new personal property associated with the Project for the applicable year of the Investment Phase X 0.0063 X 85% For each of the three Investment Phases the EDI Grants will begin with the first year that Company pays ad valorem property taxes associated with that Investment Phase of the Project (noted in Table 1 as the "First Year of Taxation "). Page 2 of 15 Attachment number 1 G -2 Page 216