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AG 2005 10 17
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AG 2005 10 17
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Last modified
3/3/2006 8:33:58 AM
Creation date
11/27/2017 11:36:24 AM
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Template:
Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
10/17/2005
Board
Board of Commissioners
Meeting Type
Regular
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<br />G~2- <br /> <br /> <br />WHEREAS, to indu~e Grantee to locate the New Investment in the <br />Facility at the Sit~ and to assist Grantee in such activity, the <br />County has offered: incentives to Grantee consistent with the <br />Program as described herein; <br /> <br />NOW, THEREFORE, r in consideration of the mutual promises set <br />forth in this Agreem$nt and other good and valuable consideration, <br />the receipt and sufficiency of which are hereby acknowledged, the <br />County and Grantee do hereby agree as follows: <br /> <br />1.0 Incentive Qrants. Pursuant to the Program, the County <br />shall, in accordance' with and as provided by this Agreement, pay <br />to Grantee an incentive. grant (the "Grants") equivalent to the <br />Levell of the Program, i.e. an amount equal to 65 percent of the <br />increase in property tax paid by Grantee upon the actual assessed <br />ad valorem tax value increase occasioned by construction and <br />equipment installati~n of the New Investment in the Facility at <br />the Site. The County shall pay Grants to Grantee as follows: <br /> <br />(a) For a period of three (3) consecutive years, the County <br />shall make a grant to Grantee based upon the iricreased ad valorem <br />tax value of the New Personal Property Investment in business <br />personal property at 'the Site; <br /> <br />(b) For a periJod of four (4) consecutive years, the County <br />shall make a grant tp Grantee based upon the increased ad valorem <br />tax value of the New iReal Property Investment at the Site; <br /> <br />(c) The Grantee shall elect the initial year in which the <br />grants identified in ..Paragraphs 1.0 (a) and (b) and shall commence <br />and shall notify the. County thereof. in writing; provided that the <br />initial grant year s4all commence no later than twelve (12) months <br />after the qualifying! equipment or construction has been released <br />from an in-process s~age to a fully-operational stage. <br />i <br />The process of assessment of the tax value of the New <br />Investment, the calculation of the Grant amounts and the payment <br />of the Grant.s are more particularly described in the Program and <br />are incorporated herein. The County hereby confirms that it has <br />approved the applicaf:ion of the Program to the Facility and has <br />authorized the Grant land other terms of this Agreement. The County <br />and Grantee further 'confirm that this Agreement constitutes the <br />"formal agreement" r~quired under the Program and that the terms <br />of this Agreement an~ those contained in the attached description <br />of the Program shalligovern the application of the Program to the <br />Facility. The net increase in the assessed value of real property <br />and business personal property in the Facility for local property <br />
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