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AG 2008 03 24
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AG 2008 03 24
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Last modified
2/1/2009 12:20:40 PM
Creation date
11/27/2017 11:28:06 AM
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Meeting Minutes
Doc Type
Minutes
Meeting Minutes - Date
3/24/2008
Board
Board of Commissioners
Meeting Type
Regular
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l~ ~ ~~ ° <br />(a) For a period of three (3) consecutive years, the County shall make <br />a grant to F1yRight based upon the increased ad valorem tax value of the New Investment <br />in business personal property at the Site; <br />(b) F1yRight may elect the initial year in which the Grants identified in <br />Paragraphs 1(a) and (b) and shall commence and shall so notify the County in writing; <br />provided that the initial grant year shall commence no later than twelve (12) months after <br />the qualifying equipment or construction has been released from an in-process stage to a <br />fully-operational stage. <br />(c) F1yRight may also elect to divide the Grants into two phases, so <br />long as the initial phase meets the minimum threshold new investment amount of <br />$1,500,000.00 as provided in the Program. <br />The process of assessment of the tax value of the New Investment, the calculation <br />of the grant amounts and the payment of the Grants aze more particularly described in the <br />Program, which provisions aze part of this Agreement. The County hereby confirms that <br />it has approved the application of the Program to the Facility and has authorized the <br />Grants and other terms of this Agreement. The County and F1yRight further confirm that <br />this Agreement constitutes the "formal agreement" required under the Program and that <br />the terms of this Agreement and those contained in the attached description of the <br />Program shall govern the application of the Program to the Facility. The net increase in <br />the assessed value of real property and business personal property in the Facility for local <br />property tax purposes occasioned by the placement of the New Investment at or in the <br />Facility shall determine the investment "level" for the Program in effect. F1yRight agrees <br />to forward to the EDC and the County Manager, at the time it makes its annual property <br />tax payments, a copy of the property tax payment receipt, which must be requested from <br />the Tax Collector and the Cabarrus County Tax Assessor's statement (the "Assessor's <br />Statement") of the valuation of the New Investment located at the Facility. The <br />Assessor's Statement maybe issued only after: <br />(a) F1yRight has completed the Assessor's questionnaire and other <br />substantiating corroborating documentation identified in the Program to the satisfaction <br />of the Assessor; and <br />(b) The Assessor has had the reasonable opportunity to review, <br />evaluate and verify a value for the New Investment. <br />The County agrees that the Grant payments to be made to F1yRight during the <br />respective term will be made within thirty (30) days after payment by F1yRight of all <br />property taxes due to the County and the delivery of the Assessor's Statement. <br />2. State and City Incentives. The County agrees to assist F1yRight in <br />obtaining any incentives, grants and programs that may be or become available from the <br />State of North Carolina and/or the City of Concord; however, the County shall not be <br />G~I <br />
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