AG 2006 12 18 - Laserfiche WebLink

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company's operations including the main offices for its management and administrative officers. · Level 1 grant - a grant award based upon a project's estimated tax revenue generation value, calculated to equate to approximately 65% of the value of real and personal property tax revenue value anticipated to be generated by the project. The value for real property investments shall be calculated based on a period of four (4) consecutive years with the value of personal property investments being considered for a period of three (3) consecutive years in determining value for grant calculation purposes. The beginning date for grant calculations is to be the date of useful occupancy and/or production startup. · Level 2 grant - a grant award based upon a project's estimated tax revenue generation value, to be calculated to equate to approximately 70% of the value of real and personal property tax revenue value anticipated to be generated by the project. The value for real property investments shall be calculated based on a period of four (4) consecutive years with the value of personal property investments being considered for a period of three (3) consecutive years in determining value for grant calculation purposes. The beginning date for grant calculations is to be the date of useful occupancy and/or production startup. . Level 3 grant - a grant award based upon the project's estimated tax revenue generation value, to be calculated to equate to approximately 75% of the value of real and personal property tax revenue value anticipated to be generated by the project. The value for real property investments shall be calculated based on a period of four (4) consecutive years with the value of personal property investments being considered for a period of three (3) consecutive years in determining value for grant calculation purposes. The beginning date for grant calculations is to be the date of useful occupancy and/or production startup. . Corporate Headquarters Facility Lease Provision - Projects meeting all of the criteria required for one of the grant level categories noted above, but involving the lease of a new building to be constructed for a corporate headquarters rather than direct ownership, may be grant eligible under certain conditions. In such instances, the owner of the building to be constructed shall be responsible for providing documentation showing the estimated new tax revenue generation value for the building and permanent fixtures, plus any eligible new personal property of the lessee that will generate tax revenue. The owner shall also be required to provide a copy of the proposed lease with the prospective company that demonstrates it is at least five (5) years in length. If a grant is awarded, it will be conditioned upon the owner of the building and the company executing the lease that the building(s) will house the center of the company's operations including the main offices for its management and administrative officers during the grant period. Agreements executed using this provision shall normally be with the tenant but based on the value of the building since it will be the primary permanent generator of new tax revenue. The building owner may be the recipient of the incentive grant depending on the structure of the lease. The agreement may include an option to automatically transfer the grant if the lessee decides to purchase the building during the grant period. The incentive agreement shall become void, however, if the lessee terminates the lease without purchase of the building. 4 &- \