AG 2009 08 17 - Laserfiche WebLink

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Facility shall include such appurtenances as are necessary and traditional for a speculative shell building. By way of illustration, such appurtenances may, but are not required to, include parking lots, loading and unloading bays, stormwater retention or detention facilities, and landscaping. (b) COMPANY must provide for the Completion Date of the shell Facility to be within 24 months of the Agreement Date. Following the Completion Date, COMPANY shall continuously market the Facility as a speculative industrial shell building for the term of this Agreement, or until fully occupied by lessees, or sold. 1.03 Provide Documentation of Investment to the COUNTY COMPANY shall send copies of the Cabarrus County Tax Assessor's listing of tax value for the property described in Exhibit A to the persons listed as COUNTY contactees in section 9.03 below along with a request that the incentive payments begin. COMPANY shall update this information at least annually on the anniversary date of the first notification that the investment has been made, for the term of this Agreement. ARTICLE II COUNTY COMMITMENTS In return for COMPANY's obligation under this Agreement, the COUNTY agrees as follows: 2.01. Provide a Grant (a) The COUNTY will provide grants (the "Grants") to COMPANY in an amount equal to the following formula: (Assessed Valuation of the Facility as of January 1 of the calendar year immediately following Completion Date minus Assessed Valuation of the Facility as of January 1, 2009) x the County's ad valorem tax rate in the calendar year immediately preceding the grant payment x 85% each year for three .years following COMPANY'S request for incentive payments pursuant to Section 1.03 during which COMPANY pays ad valorem property taxes at the Facility. An example showing the operation of this section appears in Exhibit A. (b) The COUNTY will pay the grants to COMPANY beginning with the first month after the Cabarrus County Tax Assessor lists COMPANY'S property for tax valuation purposes in each of the first three years in which COMPANY pays taxes for property located at the Facility, provided that the provisions of ARTICLE I have been met and that the COMPANY has requested such grant payment. The COUNTY has no obligation to make any payments related to such property tax collections unless and until amounts are first paid by COMPANY. The COUNTY and COMPANY each are entitled to receive from one another Page 2 of 14 S/IS/200Qttachment number 5 Page 234 of 315 G-1