AG 2005 10 17 - Laserfiche WebLink

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G~2- WHEREAS, to indu~e Grantee to locate the New Investment in the Facility at the Sit~ and to assist Grantee in such activity, the County has offered: incentives to Grantee consistent with the Program as described herein; NOW, THEREFORE, r in consideration of the mutual promises set forth in this Agreem$nt and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the County and Grantee do hereby agree as follows: 1.0 Incentive Qrants. Pursuant to the Program, the County shall, in accordance' with and as provided by this Agreement, pay to Grantee an incentive. grant (the "Grants") equivalent to the Levell of the Program, i.e. an amount equal to 65 percent of the increase in property tax paid by Grantee upon the actual assessed ad valorem tax value increase occasioned by construction and equipment installati~n of the New Investment in the Facility at the Site. The County shall pay Grants to Grantee as follows: (a) For a period of three (3) consecutive years, the County shall make a grant to Grantee based upon the iricreased ad valorem tax value of the New Personal Property Investment in business personal property at 'the Site; (b) For a periJod of four (4) consecutive years, the County shall make a grant tp Grantee based upon the increased ad valorem tax value of the New iReal Property Investment at the Site; (c) The Grantee shall elect the initial year in which the grants identified in ..Paragraphs 1.0 (a) and (b) and shall commence and shall notify the. County thereof. in writing; provided that the initial grant year s4all commence no later than twelve (12) months after the qualifying! equipment or construction has been released from an in-process s~age to a fully-operational stage. i The process of assessment of the tax value of the New Investment, the calculation of the Grant amounts and the payment of the Grant.s are more particularly described in the Program and are incorporated herein. The County hereby confirms that it has approved the applicaf:ion of the Program to the Facility and has authorized the Grant land other terms of this Agreement. The County and Grantee further 'confirm that this Agreement constitutes the "formal agreement" r~quired under the Program and that the terms of this Agreement an~ those contained in the attached description of the Program shalligovern 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