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<br />o.f the incentive grant depending o.n the structure o.fthe lease. The agreement may include an <br />o.ptio.n to. automatically transfer the grant if the lessee decides to. purchase the building during <br />the grant perio.d. The incentive agreement shall become void, ho.wever, if the lessee <br />temlinates the lease without purchase of the building. <br /> <br />Calculatio.ns o.fthe project grant award shall be based upo.n anticipated new property tax revenues <br />the co.unty expects to. receive from a specific project; the annual grant award due to the grantee will <br />be paid on or before April 15th each year during the grant period subject to the project's date.of <br />useful occupancy and/or production startup. <br />During the grant award perio.d, the grantee must remain current with all real and property taxes <br />assessed, o.ther fees, taxes or o.ther assessments levied by the grantors to. remain eligible fo.r the grant. <br />Failure to. do. so, results in terminatio.n o.fthe grant award. <br /> <br />The co.unty will mo.nitor the assessed valuatio.n o.fthe project during the award period to assure that <br />the process used to determine the award of the grant remains co.nsistent with estimates used. <br />Excessivefluctuatio.ns in the estimated project value may be cause for review o.fthe grant inclusive <br />o.fmodification to. the terms o.fthe grant subject to. review and actio.n by the Co.unty Co.mmissio.n. <br />(It is no.t intended that grants and the property taxes o.f a specific grant pro.ject equate exactly for the <br />grant period. Additio.ns, changes in real estate valuatio.ns and o.ther factors may impact upon the <br />actual property tax assessment base during the grant perio.d. Estimates are used o.nly to establish a <br />ratio.nallink between a project and its economic impact upo.n the county and its citizens.) <br /> <br />Grants are not transferable and may not be o.therwise conveyed to. ano.ther party witho.ut the specific <br />consent o.f the granto.rs. <br /> <br />Grantees are required to. provide and maintain evidence that the average wages paid to employees <br />asso.ciated with a project given a grant meet o.r exceed the existing average wage rate for positio.ns <br />o.f similar emplo.yment within the county's workforce during the grant period. <br /> <br />Grants fo.r expansio.n o.f existing industries will acco.unt for reductio.ns in value asso.ciated with <br />machinery and equipment being phased o.ut, replaced 0., retrofitted as part of a project. Factors <br />impacting emplo.yment will be evaluated and enter into. determinations o.f grant awards. The <br />company must agree to. the value o.fthe o.lder assets being replaced if new assets are fo.r replacement <br />purpo.ses. <br /> <br />Grants for new projects will o.nly consider estimated enhancements to. the property tax assessment <br />base abo.ve tho.se existing prior to the project as propo.sed. <br /> <br />The county shall provide detailed repo.rting processes to. mo.nito.rand assure co.mpliance with the <br />terms, conditio.ns and o.ther specific requirements o.fthe grant award agreement. The grantee shall <br />co.mply with the repo.rting requirements during the grant perio.d. The co.unty agrees to maintain <br />confidentiality of info.rmation deemed to be pro.prietary in nature. The grantee shall provide the <br />co.unty access to. verifiable grant related suppo.rt do.cumentatio.n. Failure o.f the co.unty to. o.btain <br />required grantee documentatio.n shall cause terminatio.n of grant. <br /> <br />- 5 - <br /> <br />(;-:3 <br />