AG 2006 04 17 - Laserfiche WebLink

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'.' , of the incentive grant depending on the structure of the lease. The agreement may include an option 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 without 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 annual grant award due to the grantee will be paid on or before April 15th each year during the grant period subject to the project's date of useful occupancy and/or production startup. During the grant award period, the grantee must remain current with all real and property taxes assessed, other fees, taxes or other assessments levied by the grantors 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 modification to the terms of the grant subject to review and action by the County Commission. (It is not intended that grants and the property taxes of a specific grant 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 are used only to establish a rational link between a project and its economic impact upon the county and its citizens.) Grants are not transferable and may not be otherwise conveyed to another party without the 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 of similar employment within the county's workforce during the grant period. Grants for expansion of existing industries will account for reductions 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 determinati~ns of grant awards. The company must agree to the value of the older assets being replaced ifnew assets are for replacement purposes. Grants for new projects will only consider estimated enhancements to the property tax assessment base above those existing prior to the proj ect as proposed. The county shall provide detailed reporting processes to monitor and assure compliance with the terms, conditions and other specific requirements of the grant award agreement. The grantee shall comply with the reporting requirements during the grant period. The county agrees 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-.:L