AG 2007 10 15 - Laserfiche WebLink

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14. That Nolim intends to further guarantee the County's investment in this project by collateralizing atract of real property located within the parameters of the International Business Park in favor of the County in the amount of its economic incentive grant ($600,000.00) in the project. Nolim intends to designate the specific parcel of property to be collateralized and said parcel will have an appraised value at least equal to the County's investment in the project. The County will release the collateralized property, according to a proportionate formula that the parties will determine, as tax base growth is established within the International Business Park. The County willfully release its lien on the collateralized property when THIRTY MILLION DOLLARS ($30,000.000.00) of new investment growth in both taxable real and personal property has been created within the property located within International Business Park. At the request of Nolim, the County will agree to substitute the collateralized real property for a different tract within the International Business Park, or if the parties agree, outside the International Business Park, at any time for the full term of the duration of the Agreement, provided that the substituted collateral has a tax value at least equivalent to the outstanding lien amount remaining according to a formula established by the parties. 15. The Cabarrus County Tax Assessor shall determine the tax values of both real and personal property according to its regular established standards for the purposes of this Agreement. 16. That as part of the determination of the development of $30,000,000.00 in new tax base growth following the completion of the roadway extension project, the parties intend that any new development or construction by any developer or property owner located within the International Business Park, including the expansion of current CS"