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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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Template:
Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
8/15/2011
Board
Board of Commissioners
Meeting Type
Regular
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"Assessed Valuation" means (a) for real property, the County Tax Assessor's <br />official valuation of the applicable real property for property taxation purposes, <br />and (b) for personal property, the value the Company declares on its property tax <br />return to the County, subject to the County's customary verification procedures <br />and valuation procedures for subsequent years. <br />The number 0.0063 set forth above is the County's current ad valorem tax rate. <br />This number will vary based on the applicable year in which each Grant is to be <br />paid. <br />C. County will provide the EDI Grants in a cumulative amount not to exceed <br />$1,686,825 as shown on Exhibit A (the cumulative amount of the estimated <br />annual grants shown on Exhibit A being referred to herein as the "Maximum <br />Total Grants "); provided, however, that: <br />(1) The amount of the Annual EDI Grant for any year shall be subject to <br />reduction as described in Section III below; and <br />(2) While the annual EDI Grants for each Investment Phase (and each <br />associated year) may vary from those set forth on Exhibit A ' the <br />cumulative amount of the annual EDI Grants paid to the Company shall <br />not exceed the Maximum Total Grant of $1,686,825. <br />D. For each of the three investment phases, the County will pay Grants to Company <br />in each of the first three years in which Company pays taxes for personal property <br />located at the Facility, provided that the provisions of Section II have been met <br />and that Company has requested such grant payment in writing. The County and <br />Company each are entitled to receive from one another such records related to the <br />Company's real and personal property investment in the Facility as each may <br />reasonably request. Because the Company is already receiving EDI Grants under <br />the terms of an Economic Development Agreement with the County dated June <br />10, 2010 ( "Current EDA "), to assist the County in tracking real and personal <br />property investment for the Project and making EDI Grants both under the <br />Current EDA and this Agreement, the parties will reasonably assist each other to <br />identify the real property and personal property which is the subject of EDI <br />Grants under this Agreement and which is the subject of EDI Grants under the <br />Current EDA and in such other reasonable actions as are requested. <br />E. Within 30 days of the date that the Company has submitted its requests for <br />payments to begin (and supplied to the County data evidencing the investment for <br />the applicable Phase), the County Tax Assessor will issue its statement <br />verifying the Company's data submitted incident to its request for a Grant <br />payment, and the County shall pay the annual EDI Grant to the Company. The <br />real and personal property valuations made by the County Tax Assessor are <br />deemed by both parties to be the conclusive and final determination of the <br />investments made by the Company; provided that the Company does not waive <br />any rights it may have to challenge any assessment under the County's standard <br />procedures and processes. The County shall make the EDI Grant Payments in <br />Page 3 of 15 <br />Attachment number 1 <br />G -2 Page 217 <br />
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