AG 2010 09 20 - Laserfiche WebLink

Home Browse Search

Agreement shall control. The net increase in the assessed value of real property and business personal property in the Facility for local property tax purposes occasioned by the placement of the New Investment at or in the Facility shall determine the investment "level" for the Program in effect. Grantees agrees to forward to the EDC and the County Manager, at the time it makes its annual property tax payments, a copy of the property tax payment receipt, which must be requested from the Tax Collector and the Cabarrus County Tax Assessor's statement (the "Assessor's Statement ") of the valuation of the New Investment located at the Facility. The Assessor's Statement will be issued only after: (a) Grantees have completed the Assessor's questionnaire and provided other substantiating corroborating documentation identified in the Program to the satisfaction of the Assessor; (b) Grantees have timely provided any other documentation reasonably requested by the Assessor relating to the existence, location, cost and identification of the New Investment; and (c) The Assessor has had the reasonable opportunity to review, evaluate and verify a value for the New Investment. The County agrees that the Grant payments to be made to Grantees during each year of this Agreement will be made within thirty (30) days after payment by Grantees of all property taxes due to the County and the delivery of the Assessor's Statement. Payments shall be made to that Grantee which appears to own the qualifying New Investment asset, unless the Grantees agree in writing to otherwise direct the payment. 3. Validity of Incentives. As stated in the Program, no change in the Program after the date of this Agreement shall apply to the provisions of this Agreement or to the New Investment or the Facility (as it may be expanded or modified) unless otherwise agreed to in writing by the County and Grantees. In the event one or more lawsuits or other proceedings are brought against the County or any County elected official challenging the legality of this Agreement or any provision, the County shall defend against any and all such lawsuits or other proceedings, including appealing any adverse judgment to the highest appellate court of the State of North Carolina. In the event that any of the incentives or other agreements of the County are determined to be invalid, the County agrees that it will, to the extent permitted by law, provide Grantees with incentives of substantially equal value pursuant to one or more replacement incentive grant programs. 4. Noncompliance by Grantees. Grantees acknowledge that at any time during the period that a Grant is paid or is to be paid to Grantees by County for a period of five (5) years thereafter, if Grantees have either (a) failed or fail to make or maintain the New Investment, (b) fail to continue in business a fully operational headquarters Facility or (c) fail to comply with any provision of this Agreement or any provision of the Program applicable to this Agreement, then Grantees shall be in default of this Arjt� number 2 G -2