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AG 2007 06 18
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AG 2007 06 18
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Last modified
9/26/2007 2:40:23 PM
Creation date
11/27/2017 11:30:53 AM
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Template:
Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
9/26/2007
Board
Board of Commissioners
Meeting Type
Regular
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(a) For a period of five (5) consecutive yeazs, the County shall make a <br />grant to Great Wolf Resorts based upon the increased ad valorem tax value of the New <br />Investment in the Facility at the Site; <br />(b) Great Wolf Resorts 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 after the qualifying equipment or construction has been released from an in- <br />process stage to a fully-operational stage. <br />The process of assessment of the ta~c 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 are 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 Great Wolf Resorts further <br />confirm that this Agreement constitutes the "formal agreemenY' required under the <br />Program and that the terms of this Agreement and those contained in the attached <br />description of the Program shall govern the application of the Program to the Facility. <br />The net increase in the assessed value of real property and business personal property in <br />the Facility for local property tax purposes occasioned by the placement of the New <br />Investment at or in the Facility shall determine the investment "level" for the Program in <br />effect. Great Wolf Resorts agrees to forward to the EDC and the County Manager, at the <br />time it makes its annual property tax payments, a copy of the property tax payment <br />receipt, which must be requested from the Tax Collector and the Cabarrus County Ta~c <br />Assessor's statement (the "Assessor's StatemenY') of the valuation of the New <br />Investment located at the Facility. The Assessor's Statement may be issued only after: <br />(a) Great Wolf Resorts has completed the Assessor's questionnaire <br />and other substantiating corroborating documentation identified in the Program to the <br />satisfaction 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 Great Wolf Resorts <br />during the respective term will be made within thirty (30) days after payment by Great <br />Wolf Resorts of all property taxes due to the County and the delivery of the Assessor's <br />Statement. <br />2. State and City Incentives. The County agrees to assist Great Wolf <br />Resorts in obtaining any incentives, grants and programs that may be or become available <br />from the State of North Carolina and/or the City of Concord; however, the County shall <br />not be responsible for obtaining or paying any State or City incentives to Great Wolf <br />Resorts, except as otherwise provided by law. <br />G -3 <br />
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