AG 2004 01 26 - 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 sufficiency 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 accordance with and as provided by this Agreement, pay to Grantee an incentive grant (the "Grants") equivalent to Level I of the Program, i.e. an amount equal to 75 percent of the increase in property tax paid by Grantee upon the actual assessed ad valorem tax value increase occasioned by construction and equipment installation 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 increased ad valorem tax value of the New Personal Property Investment in business personal property at the Site; (b) For a period of five (5) 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 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 shall commence no later than twelve (12) months after the qualifying equipment or construction has been released from an in-process stage to a fully-operational stage. The process of assessment of the tax value of the New Investment, the calculation of the Grant amounts and the payment of the Grants are more particularly described in the Program and are incorporated herein. The County hereby confirms that it has approved the application of the Program to the Facility and has authorized the Grant and other terms of this Agreement. The County and Grantee further confirm that this Agreement constitutes the "formal agreement" required under the Program and that the terms of this Agreement and those contained in the attached description of the Program shall govern 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 tax purposes occasioned by the placement of the New Investment at or in the Facility shall determine the investment "level" for the