AG 2006 04 17 - Laserfiche WebLink

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[Q)rR1~[Fu actual assessed ad valorem tax value increase o.ccasio.ned by co.nstructio.n and equipment installation of the New Investment in the Facility at the Site. The County shall pay Grants to. JHE as fo.llo.ws: (a) For a perio.d o.fthree (3) co.nsecutive years, the Co.unty shall make a grant to. JHE based upo.n the increased ad valo.rem tax value o.fthe New Perso.nal Property Investment in business perso.nal property at the Site; (b) For a period o.ffo.ur (4) consecutive years, the Co.unty shall make a grant to. JHE based upo.n the increased ad valorem tax value o.fthe New Real Property Investment at the Site; (c) JHE may elect the initial year in which the Grants identified in Paragraphs lea) and (b~ and shall co.mmence and shall so. no.tify the Co.unty in writing; provided that the initial grant year shall co.mmence no. later than twelve (12) mo.nths after the qualifying equipm~nt o.r co.nstructio.n has been released fro.m an in-process stage to. a fully-o.peratio.nal stage. The process o.fassessment of the tax value o.fthe New Investment, the calculatio.n o.fthe grant amo.unts and the payment o.fthe Grants are more particularly described in the Pro.gram, which provisio.ns are part o.fthis Agreement. The Co.unty hereby co.nfirms that it has approved the application o.fthe Program to the Facility and has autho.rized the Grants and o.ther terms of this Agreement. The County and JHE further co.nfirm that this Agreement co.nstitutes,the "fo.rmal agreement" required under the Program and that the terms o.f this Agreemel'lt and tho.se co.ntained in the attached descriptio.n o.fthe Program shall go.vem the applicatio.n o.fthe Program to. the Facility. The net increase in the assessed value o.freal property and business perso.nal property in the Facility fo.r lo.cal property tax purpo.ses occasio.ned by the placement o.fthe New Investment at o.r in the Facility shall determine the investment "level" fo.r the Program in effect. JHE agrees to. fo.rward to. the EDC an\:! the Co.unty Manager, at the time it makes its annual property tax payments, a co.py o.fthll property tax payment receipt, which must be requested fro.m the Tax Co.lIecto.r and the ~abarrus Co.unty Tax Assesso.r's statement (the "Assesso.r's Statement") of the vahlatio.n o.fthe New Investment lo.cated at the Facility. The Assesso.r!s Statement may be issued o.nly after: (a) JHE has co.mpleted the Assessor's questio.nnaire and o.ther substantiating co.rrobo.nating do.cumentatio.n identified in the Program to. the satisfactio.n o.fthe Assessor; and (b) The Assesso.r has had the reaso.nable o.ppo.rtunity to. review, evaluate and verify a value fo.r the New Investment. The Co.unty agrees that the Grant payments to. be made to. JHE during the respective term will be made within thirty (30) days after payment by JHE of all property taxes due to. the Co.unty and the delivery o.fthe Assesso.r's Statement. C::-3