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AG 2011 08 15
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AG 2011 08 15
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Last modified
8/16/2011 9:32:21 AM
Creation date
11/27/2017 11:16:35 AM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
8/15/2011
Board
Board of Commissioners
Meeting Type
Regular
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that its decision to locate the Project at the Site resulted from the County's offer of local <br />incentives and other assistance described in this Agreement. <br />NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth <br />herein, the parties hereby agree as follows. <br />L County Incentives Generally <br />The County will provide Economic Development Incentive Grants ( "EDI Grants ") as <br />defined and described below in Section 11. County Economic Development Incentives; <br />provided that the provisions of this Agreement are met. <br />II. County Economic Development Incentives <br />In consideration of the Company's agreement to locate the Project at the Site, the County <br />will provide the following Economic Development Incentive /Grants ( "EDI Grants ") to <br />the Company. <br />A. Company intends to construct the Facility over a period of three years, beginning <br />in 2011, as further described in the following table: <br />Table 1 <br />Investment <br />Phase <br />First Year <br />of Taxation <br />Investment <br />Amount <br />2011 <br />2012 <br />$26,000,000 <br />2012 <br />2013 <br />$74,000,000 <br />2013 <br />2014 <br />$5,000,000 <br />TOTAL <br />$105,000,000 <br />The investment amounts shown are only for the purposes of (1) calculating the <br />County's EDI Grants, and (2) establishing a minimum investment by Company <br />for each Investment Phase, subject to the Section III. C pro- ration reduction. <br />B. The County will provide three EDI Grants to Company, one per each Investment <br />Phase. The EDI Grants are for each Investment Phase and three years each in an <br />amount equal to the following formula for each year of the three -year period: <br />Assessed Valuation of the real property improvements and the new personal <br />property associated with the Project for the applicable year of the Investment <br />Phase X 0.0063 X 85% <br />For each of the three Investment Phases the EDI Grants will begin with the first <br />year that Company pays ad valorem property taxes associated with that <br />Investment Phase of the Project (noted in Table 1 as the "First Year of Taxation "). <br />Page 2 of 15 <br />Attachment number 1 <br />G -2 Page 216 <br />
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