AG 2009 08 17 - Laserfiche WebLink

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such records of property tax collections and payments as each may reasonably request. (c) The COUNTY shall pay the first annual Grant to COMPANY within 30 days of the later of (i) the date on which the COMPANY has submitted its request for payments to begin pursuant to Section 1.04, or (ii) the date on which the Cabarrus County Tax Assessor lists COMPANY'S property for tax valuation purposes and COMPANY pays taxes for property located at the Facility, provided that the provisions of ARTICLES I and II have been met and that the COMPANY has requested such grant payment. Subsequent annual Grants shall be paid similarly upon submission of the Grant payment request by the COMPANY, provided that the Company has met all of the requirements of ARTICLES I and II for each subsequent year. 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 such records of property tax collections and payments as each may reasonably request. (d) In no case shall the COUNTY make any Grant payments in an amount greater than the total amount of taxes paid by the COMPANY as of the date on which Grants are paid. (e) In no case shall the COUNTY make any Grant payments for the taxes paid by the COMPANY in the preceding year, or portion of a year, during which the COMPANY did not have the Facility completed as a speculative industrial shell building as described in Article I. (f) The COUNTY shall consider subsequent grant requests from individual end users of the speculative industrial shell building in accordance with the policies of the Economic Development Grant Program. ARTICLE III REDUCTION AND RECAPTURE OF INCENTIVES 3.01. If COMPANY is not current on all taxes, fees, assessments or other amounts owed to the COUNTY by COMPANY, the COUNTY may set off from any Grant any amounts so owed by COMPANY to the COUNTY. 3.02. If for any reason COMPANY fails to make the $7,800,000 investment required by Section 1.01 within the time allotted, then any grant due after the expiration of the 24- month period will be reduced by the percentage by which COMPANY's capital investment fell short of the $7,800,000 requirement. An example showing the operation of this section appears in Exhibit A. 3.03. The provisions of this Article survive the termination of this Agreement as provided in Article VI. Page 3 of 14 S/IS/ZOOQttachment number 5 Page 235 of 315 G-1