AG 2008 10 20 - Laserfiche WebLink

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' Section 5. GRANT APPROVAL PROCEDURE 1. Completion -Prior to initiating a project for which a Grant application is proposed, the applicant shall complete a Development Grant Application for submittal to ' the Cabarrus Economic Development Corporation. 2. Recommendation - Upon completion of the Development Grant ' Application by the applicant, the Cabarrus Economic Development Corporation Board will review the application and determine if the application will be recommended to the BOC. ' 3. Application -Applications recommended by the Cabarrus Economic Development Corporation Board will be submitted to the County Manager's office for ' scheduling a public hearing before the BOC. 4. Acceptance The BOC may consider acceptance of the Development Grant Application. A public hearing must be scheduled by law prior to the approval of a ' Grant. The County shall publish a notice of the public hearing at least 10 days before the hearing is held. The notice shall describe the project and the BOC's intention to consider approval of the Grant request. ' S. Public Hearing -The BOC shall conduct a public hearing on the Development Grant Application to inform the public of the Grant request, invite comments and vote on it. 6. Agreement -The BOC approves the Grant by offering the applicant an Agreement. Offers not accepted are deemed rejected by the applicant. Unless otherwise adopted and approved by the BOC, the Grant offer remains open for 30 days from the date of tender of the proposed Agreement to the applicant. Acceptance is the execution of the Agreement between the County and the applicant. The BOC reserves ' the right to reject any Grant application. 7. Construction -Construction shall be required to adhere to plans approved ' in the plan review and permitting process, as well as to plans, or plan elements approved as conditions of the Agreement. 8. Assessment -The value of the subject property following the completion ' of construction shall be established by the Tax Assessor. The actual increase in post- construction assessed value over pre-construction assessed value shall equal, or exceed the estimated increase specified in the Agreement. Failure to meet or exceed ' the Grant approval threshold of $1.5 million, where applicable, shall render the Grant void. Adopted this the 20th day of October, 2008 by the Cabarrus County Board of Commissioners. Item# 5 Attachment number 1 F_3 Page 77 of 468