AG 2007 12 17 - Laserfiche WebLink

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value increase occasioned by renovation and equipment installation of the New Investment in the Facility at the Site. The County shall pay Grants to Grantees as follows: (a) For a period of three (3) consecutive years, the County shall make a grant to Grahtees based upon the increased ad valorem tax value of the New Investment in the Site; (b) Grantees may elect the initial year in which the Grants identified in Paragraphs 1(a) and (b) and shall commence and shall so notify th~;County in writing; provided that the initial grant year shall commence no later thap twelve (12) months after the qualifying equipment or construction has been released fl' an in-process stage to a fully-operational stage. a, ~~a The process of assessment of the tax value of the grant amounts and the payment of the Grains are Program, which provisions are part of this AgPent. it has approved the application of the Program to tlis: Grants and other terms of this Ageement. The Coun't~% this Agreement constitutes the "fonn~~ggreement" regi the terms of this Agreement and those Program shall govern the application < conflict between the Program and this increase in the assessed value. of real F Facility for local prop~Iy tax`1Xrpose Investment at or effect. Grantees makes its annual which must~b~~l` the F.ai3ty. The provided othe`i' the satisfaction in the atta to the the calculation ascribed in the ,bounty hereb~~)xifirms that y'~ud has authorized the Grantees further confirm that ,under the Program and that hid description of the ~,~ .: ~a~1~lty. In the event of a ;gent shall control. The net opexty ~iid busirii;~s personal property in the occas~~pned by the placement of the New ermin"e~~the investment "level" for the Program in to the EDC `d"the County Manager, at the time it t~~ co~~of the property tax payment receipt, I'ax~b~a~~'tor and the Cabarrus County Tax Assessor's ;nt") of the valuation of the New Investment located at ~~nt may be issued only after: ~s have completed the Assessor's questionnaire and corroborating documentation identified in the Program to (b) °~~rantees have timely provided any other documentation reasonably requested by the Assessor relating to the existence, location, cost and identification of the New Investment; and (c) The Assessor has had the reasonable opportunity to review, evaluate and verify a value for the New Investment. The County agrees that the Grant payments to be made to Grantees during the respective term will bemade within thirty (30) days after payment by Grantees of all property taxes due to the County and the delivery of the Assessor's Statement. Payments }~'