AG 2007 06 18 - Laserfiche WebLink

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of the incentive grant depending on the siructure of the lease. The.agreement may include an oprion to automatically transfer the grant if the lessee decides to purchase the building during the grant period. The incentive agreement shall become void, however, if the lessee terminates the lease withouf purchase of the building. Calculations of the project grant award shall be based upon anticipated new property tax revenues the county expects to receive from a specific project; the ~nnual grant awazd due to the grantee will be paid on or before April 15th each year during the graat period subject to the projecYs date of useful occupancy andior production startup.' During thc grant awazd period, the grantee must remain current with aIl real and property taxes assessed, other fees, taxes or other assessments levied by the grantozs to remain eligible for the grant. Failure to do so, results in termination of the grant award. The county will monitor the assessed valuation of the project during the award period to assure that the process used to determine the award of the..grant remains consistent. with estimates used. Excessive fluctuations in the estimated project value may be cause for review of the grant inclusive of modifioation to the terms of the grant subject to review and action by the County Commission. (Tt is not intended that grants and the property taxes of a speci5c gant project equate exactly for the grant period. Additions, changes in real estate valuations and other factors may impact upon the actual property tax assessment base during the grant period. Estimates aze used only to establish a rational link between a project and its econornic impact upon the oounty and its citizens.). Crrants are not transferable and may not be otherwise conveyed fo another party without tfle specific consent of the grantors. Grantees are required to provide and maintain evidence that the average wages paid to employees associated with a project given a grant meet or exceed the existing average wage rate for positions o~ siinilar employment within the county's workforce during the grant period. Grants for expansion of existing industries will account for reducrions in value associated with machinery. and equipment being phased out, replaced or retrofitted as part of a project. Factors impacting employment will be evaluated and enter into determinarions of grant awazds. The company must agree to the value of the older assets being replaced if new assets aze for replacement purposes. Grants for new proj ects will only consider estimated enhancements to the property tax assessment . base ahove those existing prior.to the project as proposed. The county shal] provide detailed reporting processes to. monitor and assure compliance with ttie terms, conditians and other specific requirements of the grani award agreement. :'I'he grantee shall comply with the reporting requirements during the grant period. The county aerees to maintain confidentiality of information deemed to be proprietary in nature. The grantee .shall provide the county access to verifiable grant related support documentation. Failure of the county to obtain required grantee documentation shall cause termination of grant. -5- G-3