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AG 2008 07 21
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AG 2008 07 21
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Last modified
2/1/2009 12:19:55 PM
Creation date
11/27/2017 11:28:37 AM
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Template:
Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
7/21/2008
Board
Board of Commissioners
Meeting Type
Regular
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i ~ , t DG3QC~~ <br />.. ~:~ <br />(a) For a period of three (3) consecutive years, the County shall make <br />a grant to Saddle Creek based upon the increased ad valorem tax value of the New <br />Investment for the Expansion at the Site; <br />(b) Saddle Creek may elect the initial year in which the Grants <br />identified in Paragraph 1(a) and shall commence and shall so notify the County in <br />writing; provided that the initial grant year shall commence no later than twelve (12) <br />months afer the qualifying equipment or construction has been released from an in- <br />process stage to afully-operational stage. <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 are more particularly described in the <br />Program, which provisions are part of this Agreement. The County hereby confirms that <br />it has approved the application of the Program to the Expansion and has authorized the <br />Grants and other terms of this Agreement. The County and Saddle Creek further confirm <br />that this Agreement constitutes the "formal agreement" required under the Program and <br />that 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 Expansion. The net increase <br />in the assessed value of real property and business personal property in the Expansion for <br />local property tax purposes occasioned by the placement of the New Investment at or in <br />the Expansion shall determine the investment "level" for the Program in effect. Saddle <br />Creek agrees to forward to the EDC and the County Manager, at the time it makes its <br />annual property tax payments, a copy of the property tax payment receipt, which must be <br />requested from the Tax Collector and the Cabarrus County Tax Assessor's statement (the <br />"Assessor's Statement") of the valuation of the New Investment located at the Facility. <br />The Assessor's Statement may be issued only after: <br />(a) Saddle Creek 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 Saddle Creek during the <br />respective term will be made within thirty (30) days after payment by Saddle Creek 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 Saddle Creek in <br />obtaining any incentives, grants and programs that maybe or become available from the <br />State of North Carolina and/or the Town of Harrisburg; however, the County shall not be <br />responsible for obtaining or paying any State or Town incentives to Saddle Creek, except <br />as otherwise provided by law. <br />3. Validity of Incentives. As stated in the Program, no change in the <br />Program after the date of this Agreement shall apply to the provisions of this Agreement <br />G-~ <br />
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