AG 2010 09 20 - Laserfiche WebLink

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6. Because the nature of the Grantees' business, the New Investment shall be deemed to include the purchase and installation of additional qualified furniture, fixtures and equipment during the term of this Agreement. In consideration of the mutual promises set forth in this Agreement and other good and valuable consideration, the receipt and sufficiency of which are acknowledged by the parties, the County and Grantees agree as follows: COVENANTS, TERMS and CONDITIONS 1. Incentive Grants. Pursuant to the Program, except those provisions specifically modified or waived in this Agreement, the County shall, in accordance with and as provided by this Agreement, pay to Grantees an incentive grant (the "Grants ") in an amount equal to 99 percent of the increase in property tax actually paid by Grantees upon the actual assessed ad valorem tax value increase occasioned by renovation of the Facility and installation of the New Investment in the Facility at the Site. The County shall pay Grants to Grantees as follows: (a) For a period of five (5) consecutive years, the County shall make a Grant to Grantees based upon the increased ad valorem tax value of the New Investment in the Facility at the Site; (b) During the term of this Agreement, the Grantees may add to the Facility additional qualified furniture, fixtures and equipment, which shall be considered New Investment in the Facility at the Site pursuant to this Agreement, and upon which Grants will be paid to Grantee. (c) It is understood by the County and the Grantees that the Grants of the County and the City of Concord are being matched dollar for dollar by the State of North Carolina pursuant to the One North Carolina Fund Program, up to a maximum matched amount of $300,000.00, but in no event shall the Grants paid by the County to Grantee in the aggregate be greater than $180,000.00. (d) The Grantees have elected the Tax Year 2009 as the initial year in which the Grants identified above shall commence. 2. Calculation of Grants. The process of assessment of the tax value of the New Investment, the calculation of the Grant amounts and the payment of the Grants are more particularly described in the Program, which provisions are considered part of this Agreement. The County hereby confirms that it has approved the application of the Program to the Facility and has authorized the Grants and the other terms of this Agreement. The County and Grantees further confirm that this Agreement constitutes the "formal agreement" required under the Program and that the terms of this Agreement and those contained in the attached Program shall govern the application of the Program to the Facility. In the event of a conflict between the Program and this Agreement, this At number 2 G -2