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<br />construction and equipment installation of the New Investment in the Facility at the Site. <br />The County shall pay Grants to Shoe Show as follows: <br /> <br />(a) For a period of three (3) consecutive years, the County shall make <br />a grant to Shoe Show based upon the increased ad valorem tax value of the New <br />Investment in the Facility at the Site; and <br /> <br />(b) Shoe Show may elect the initial year in which the Grants identified <br />in Paragraph 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 ofassessment ofthe tax value of the New Investment, the calculation <br />of the grant amounts afld 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 terms of this Agreement. The County and Shoe Show further confirm <br />that this Agreement constitutes the "formal agreement" required under the Program and <br />that the terms of this Agreement and those contained in the attached description of the <br />Program shall govern tpe application of the Program to the Facility. The net increase in <br />the assessed value ofr~al 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 determine the investment "level" for the Program in effect. Shoe Show <br />agrees to forward to the EDC and the County Manager, at the time it makes its annual <br />property tax payments, a copy of the property tax payment receipt, which must be <br />requested from the T~ Collector and the Cabarrus County Tax Assessor's statement (the <br />"Assessor's Statement") of the valuation of the New Investment located at the Facility. <br />The Assessor's Statement may be issued only after: <br /> <br />(a) Shoe Show has completed the Assessor's questionnaire and other <br />substantiating corroborating documentation identified in the Program to the satisfaction <br />of the Assessor; and <br /> <br />(b) The Assessor has had the reasonable opportunity to review, <br />evaluate and verify a v~lue for the New Investment. <br /> <br />, <br />The County ag11ees that the Grant payments to be made to Shoe Show during the <br />respective term will bel made within thirty (30) days after payment by Shoe Show of all <br />property taxes due to the County and the delivery of the Assessor's Statement. <br /> <br />2. State and Citv Incentives. The County agrees to assist Shoe Show in <br />obtaining any incentiv~s, grants and programs that may be or become available from the <br />State of North Carolimj and/or the City ofKannapolis; however, the County shall not be <br />responsible for obtaini~g or paying any State or City incentives to Shoe Show, except as <br />otherwise provided by law. <br /> <br />&-1. <br />