AG 2007 10 15 - Laserfiche WebLink

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facilities or new investment in personal property by current property owners, will be includable toward the Contribution of the $30,000,000.00 tax base increase. 17. That Nolim shall be have a period often years to meet the $30,000,000.00 tax base increase goal under the terms of the Agreement. The ten year period shall commence upon the completion of the Fortune Drive road extension project and the final acceptance of the street extension by the City of Concord for maintenance. 18. In the event of default by Nolim in developing the requisite tax growth within the ten year period, Nolim will repay the balance of the County's investment in accordance with the formula agreed upon by the parties, taking into account and crediting any tax base increases achieved by Nolim during the ten year period. If Nolim should fail to reimburse the County at the conclusion of the ten year period, the County will have the right to foreclose on the collateralized property and the amount due at such foreclosure shall be based upon the formula agreed to herein and shall further include al] fees and expenses incurred by the County in maintaining the foreclosure proceeding, including attorney's fees. 19. That the parties intend that any default in tax payment liability by a future owner (who is not Nolm) of the developed property shall not be attributable to Nolim nor shall the efforts of,a future owner/taxpayer of the developed property resulting in a tax exemption negatively affect Nolim's credit towards the creation of new tax inventory. In such case, Nolim shall be credited for the amount of tax growth that would have been realized but for the tax exemption or incentive granted. 20. The County intends that future builders in this project will be fully eligible to participate in any future government tax or development incentives offered by the City G-2