AG 2005 05 23 - Laserfiche WebLink

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County has offered incentives to Grantee consistent with the Program as described herein; NOW, THEREFORE,' in consideration of the mutual promises set forth in this Agreement and other good and valuable consideration, the receipt and suf!iciency of which are hereby acknowledged, the County and Grantee do hereby agree as follows: 1. 0 Incentive Grants. Pursuant to the Program, the County shall, in accordanc~ with and as provided by this Agreement, pay to Grantee an inceptive grant (the "Grants") equivalent to the "Headquarters" level of the Program, i. e. an amount equal to 50 percent of the increase in property tax paid by Grantee upon the actual assessed ad valorem tax value increase occasioned by construction and eq\,lipment installation of the New Investment in the Facility at the Site. The County shall pay Grants to Grantee as follows: (a) For a per~od of three (3 ) consecutive years, the County shall make a grant to Grantee based upon the increased ad valorem tax value of the New Personal Property Investment in business personal property at the Site; (b) For a period of four (4). consecutive years, the County shall make a grant to Grantee based upon the increased ad valorem tax value of the New Real Property Investment at the Site; (c) The Grant~e shall elect the initial year in which the grants identified i~ Paragraphs 1.0(a) and (b) and shall commence and shall notify the County thereof in writing; provided that the initial grant year Shall commence no later than twelve (12) months after the qualifyiI1g equipment or construction has been released from an in-process $tage to a fully-operational stage. The process of assessment of the tax value of the New Investment, the ca~culation of the Grant amounts and the payment of the Grants are tnore particularly described in the Program and are incorporated h~rein. The County hereby confirms that it has approved the appliq:ation of the Program to the Facility and has authorized the Grant and other terms of this Agreement. The County and Grantee furthe~ confirm that this Agreement constitutes the "formal agreement" required under the Program and that the terms- of this Agreement ~nd those contained in the attached description of the Program sha~l govern the application of the Program to the Facility. The net 'increase in the assessed value of real property and business persoqal property in the Facility for local property tax purposes occasioned by the placement of the New Investment at c;-\