AG 2011 08 15 - Laserfiche WebLink

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"Assessed Valuation" means (a) for real property, the County Tax Assessor's official valuation of the applicable real property for property taxation purposes, and (b) for personal property, the value the Company declares on its property tax return to the County, subject to the County's customary verification procedures and valuation procedures for subsequent years. The number 0.0063 set forth above is the County's current ad valorem tax rate. This number will vary based on the applicable year in which each Grant is to be paid. C. County will provide the EDI Grants in a cumulative amount not to exceed $1,686,825 as shown on Exhibit A (the cumulative amount of the estimated annual grants shown on Exhibit A being referred to herein as the "Maximum Total Grants "); provided, however, that: (1) The amount of the Annual EDI Grant for any year shall be subject to reduction as described in Section III below; and (2) While the annual EDI Grants for each Investment Phase (and each associated year) may vary from those set forth on Exhibit A ' the cumulative amount of the annual EDI Grants paid to the Company shall not exceed the Maximum Total Grant of $1,686,825. D. For each of the three investment phases, the County will pay Grants to Company in each of the first three years in which Company pays taxes for personal property located at the Facility, provided that the provisions of Section II have been met and that Company has requested such grant payment in writing. The County and Company each are entitled to receive from one another such records related to the Company's real and personal property investment in the Facility as each may reasonably request. Because the Company is already receiving EDI Grants under the terms of an Economic Development Agreement with the County dated June 10, 2010 ( "Current EDA "), to assist the County in tracking real and personal property investment for the Project and making EDI Grants both under the Current EDA and this Agreement, the parties will reasonably assist each other to identify the real property and personal property which is the subject of EDI Grants under this Agreement and which is the subject of EDI Grants under the Current EDA and in such other reasonable actions as are requested. E. Within 30 days of the date that the Company has submitted its requests for payments to begin (and supplied to the County data evidencing the investment for the applicable Phase), the County Tax Assessor will issue its statement verifying the Company's data submitted incident to its request for a Grant payment, and the County shall pay the annual EDI Grant to the Company. The real and personal property valuations made by the County Tax Assessor are deemed by both parties to be the conclusive and final determination of the investments made by the Company; provided that the Company does not waive any rights it may have to challenge any assessment under the County's standard procedures and processes. The County shall make the EDI Grant Payments in Page 3 of 15 Attachment number 1 G -2 Page 217