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AG 2006 05 15
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AG 2006 05 15
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Last modified
5/16/2006 11:07:31 AM
Creation date
11/27/2017 11:33:00 AM
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Template:
Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
5/15/2006
Board
Board of Commissioners
Meeting Type
Regular
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<br />[Q)[gf~[F1J <br /> <br />(a) For a period of three (3) consecutive years, the County shall make <br />a grant to Haas based upon the increased ad valorem tax value of the New Investment in <br />the Facility at the Site; <br /> <br />(b) Haas may elect the initial year in which the Grants identified in <br />Paragraphs I (a) and shall commence and shall so notify the County in writing; provided <br />that the initial grant year shall commence no later than twelve (12) months after the <br />qualifying equipment or construction has been released from an in-process stage to a <br />fully-operational stage. <br /> <br />The process of assessment of the tax value of the New Investment, the calculation <br />of the grant amounts aJ!td the payment of the Grants are more particularly described in the <br />Program, which provisions are part of this Agreement. The County hereby confirms that <br />it has approved the application ofthe Program to the Facility and has authorized the <br />Grants and other tenns of this Agreement. The County and Haas further confirm that this <br />Agreement constitutes the "formal agreement" required under the Program and that the <br />terms ofthis Agreement and those contained in the attached description of the Program <br />shall govern the application ofthe Program to the Facility. The net increase in the <br />assessed value of real property and business personal property in the Facility for local <br />property tax purposes occasioned by the placement of the New Investment at or in the <br />Facility shall determin~ the investment "level" for the Program in effect. Haas agrees to <br />forward to the EDC and the County Manager, at the time it makes its annual property tax <br />payments, a copy of the property tax payment receipt, which must be requested from the <br />Tax Collector and the Cabanlls County Tax Assessor's statement (the "Assessor's <br />Statement") of the valuation of the New Investment located at the Facility. The <br />Assessor's Statement may be issued only after: <br /> <br />(a) Haas has completed the Assessor~s questionnaire and other <br />substantiating corroborating documentation identified in the Program to the satisfaction <br />ofthe Assessor; and <br /> <br />(b) The Assessor has had the reasonable opportunity to review, <br />evaluate and verify a value for the New Investment. <br /> <br />The County agl)ees that the Grant payments to be made to Haas during the <br />respective term will beimade within thirty (30) days after payment by Haas of all <br />property taxes due to tQ.e County and the delivery of the Assessor's Statement. <br /> <br />2. State and Town Incentives. The County agrees to assist Haas in <br />obtaining any incentives, grants and programs that may be or become available from the <br />State of North Carolina and/or the City of Concord; however, the County shall not be <br />responsible for obtainil1g or paying any State or City incentives to Haas, except as <br />otherwise provided by law. <br /> <br />G-I <br />
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