AG 2006 06 19 - Laserfiche WebLink

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DRAFT valorem tax value increase occasioned by construction and equipment installation of the New Investment in thb Facility at the Site. The County shall pay Grants to Fanz as follows: (a) For a period of three (3) consecutive years, the County shall make a grant to Fanz based upon the increased ad valorem tax value of the New Personal Property Investment ip business personal property at the Site; (b) For a period of four (4) consecutive years, the County shall make a grant to Fanz based upon the increased ad valorem tax value of the New Real Property Investment at the Site; (c) Fanz may elect the initial year in which the Grants identified in Paragraphs l(a) and (b) and shall commence and shall so notify the County in writing; provided that the initi~l 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 ofthe grant amounts and the payment of the Grants are more particularly described in the Program, which provisions are part of this Agreement. The County hereby confirms that it has approved the application ofthe Program to the Facility and has authorized the Grants and other termS of this Agreement. The County and Fanz further confirm that this Agreement constitute$ the "formal agreement" required under the Program and that the terms of this Agreem~nt 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 occasioned by the placement of the New Investment at or in the Facility shall determine the investment "level" for the Program in effect. Fanz agrees to forward to the EDC al1d the County Manager, at the time it makes its annual property tax payments, a copy of t~e property tax payment receipt, which must be requested from the Tax Collector and theiCabarrus County Tax Assessor's statement (the "Assessor's Statement") of the valuation of the New Investment located at the Facility. The Assessor's Statement may be issued only after: (a) Fanz 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. The County agrees that the Grant payments to be made to Fanz during the respective term will bb made within thirty (30) days after payment by Fanz of all property taxes due to the County and the delivery of the Assessor's Statement. ~-2