AG 2006 04 17 - Laserfiche WebLink

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[Q)~~!Plr "Grants") in accordance with the Small Corporate Headquarters category of the Program, i.e. an amount equal to 50 percent of the increase in property tax paid by Bonitz upon the actual assessed ad valorem tax value increase occasioned by construction and equipment installation of the New Investment in the Facility at the Site. The County shall pay Grants to Bonitz as follows: (a) For a period of three (3) consecutive years, the County shall make a grant to Bonitz based upon the increased ad valorem tax value of the New Personal Property Investment in business personal property at the Site; (b) For a period off our (4) consecutive years, the County shall make a grant to Bonitz based upon the increased ad valorem tax value of the New Real Property Investment at the Site; (c) 130nitz may elect the initial year in which the Grants identified in Paragraphs I (a) and (b~ and shall commence and shall so notify the County in writing; provided that the initial grant year shall commence no later than twelve (12) months after the qualifying equipment or construction has been released from an in-process stage to a fully-operational stage. The process of'assessment of the tax value of the New Investment, the calculation of the grant amounts and the payment of the Grants are more particularly described in the Program, which provisions are part ofthis Agreement. The County hereby confirms that it has approved the application of the Program to the Facility and has authorized the Grants and other terms of this Agreement. The County and Bonitz further confirm that this Agreement constitutes the "formal agreement" required under the Program and that the terms ofthis Agreement and those contained in the attached description of the Program shall govern the application of the Program to the Facility. The net increase in the assessed value of real property and business personal property in the Facility for local property tax purposes ~ccasioned by the placement of the New Investment at or in the Facility shall determin~ the investment "level" for the Program in effect. Bonitz agrees to forward to the EDC iand the County Manager, at the time it makes its annual property tax payments, a copy dfthe property tax payment receipt, which must be requested from the Tax Collector and the Cabarrus County Tax Assessor's statement (the "Assessor's Statement") of the vah).ation of the New Investment located at the Facility. The Assessor's Statement may be issued only after: (a) Bonitz has completed the Assessor's questionnaire and other substantiating corroborating documentation identified in the Program to the satisfaction of the Assessor; and . (b) The Assessor has had the reasonable opportunity to review, evaluate and verify a value for the New Investment. C':: - 2...