AG 2004 01 26 - Laserfiche WebLink

Home Browse Search

December 15, 2003 Page 324 three (3) consecutive years in determ~nzng value for grant calculataon purposes. The beglr~lng date for grant calculataons as to be the date of useful occupancy and/or productaon startup. Corporate headquarters deflned as the locatLon of the center of the company's operations including the ma~ offices for its management and administrative offacers. · Level I grant - a grant award basedupo~ a prosect's estimated tax revenue generation value, calculated to equate to approximately 65% of the value of real and personal property tax revenue value alltlclpated to be generated by the project. The value for real property investments shall be calculated based on a period of four (4) consecutive years wath the value of personal property anvestments being consadered for a period of three (3) consecutive years in determining value for grant calculataon purposes. The begl~n//lg date for grant caloulataons as to be the date of useful OCCUpancy and/or produotaon startup. · Level 2 grant - a grant award based upo~a prosect'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 antlcapated to be generated by the project. The value for real property investments shall be calculated based on a peraod of four (4) conseoutave years with the value of personal property anvestments beang consadered for a peraod of three (3) consecutave years an determ~nang value for grant calculataon purposes. The beginning date for grant caloulataons is to be the date of useful occupancy and/or production startup. · Level 3 grant - a grant award based upon the pro]act'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 antacapated to be generated by the project. The w~alue for real property lnvest_ments shall be calculated based on a period of four (4) consecutive years with the value of personal property investments belng considered for a period of three (3) consecutive years in dete~l~lng value for grant calc~lataon purposes. The begLr~nang date for grant calcul~taons as to be the date of useful occupancy and/or production startup. · Corporate Headquarters Facility Lease Provision - Pro]acts meets_~g all of the craterla 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 tmder certal~ condatlons. In snch instances, the owner of the building to be constructed shall be responsible for providing documentation showing the estimated new tax revenue generataon value for the building and pe~na~ent fixtures, plus any ellgable new personal property of the lessee that will generate tax revenue. The owner shall also be required to provade s copy of the proposed lease with the prospective company that demonstrates it as at least five (5) years in length. If a grant awarded, at wall be conditioned upon the owner of the bulldang and the company exec~tlng the lease that the building(s) will ho~se the center of the con~any's operataons including that main offices for its management and ac~ir~istratave officers during the grant period. Agre~raents executed using this provasaon shall normally be with the tenant but based on the value of the hulldlng s~nce it will be the primary permanent generator of new tax r~enue. The building owner may be the recipient of the incentive grant dependang on the structure of the lease. The agreement may include an option to automatically transfer the grant if the lessee decides to purchase the bualdang durang the grant period. The incentive agreement shall become road, however, if the lessee terminates the lease wlthout purchase of the building. Calculations of the prosect grant award shall be based upon anticipated new property tax revenues the county ex~ects to receave fro~ a spaclfac prosect; the a~nual grant award due to the grantee will be paad on or before April 15th each year durang the grant peraod subsect to the pro]act's date of useful occupancy and/or productaon startup. During the grant award pa=lo~, the grantee n~t remain current wath all real and property taxes assessed, other fees, taxes or other assessmo~ts levied by the grantors to remaan eligable for the grant. FaLlure to do so, results in ta~natLon of the grant award. The coullty will monitor the assessed valuation of the project during the award peraod to assure that the process used to determine the award of the grant re,sins consistent with eStl~ates used. Excessive fluctuatao~s in the estimated project value may be cause for review of the grant Inclusive of modification to the terms of the grant s~bsect to review and action by the Cotmty Co~nlsslon. (It is not Intended that grants and the property taxes of a specific grant prosect equate exactly for the grant period. Additions, changes an real estate valuataons and other factors may impact upon the actual property tax assessment base during the grant peraod. Est/mates are used only to establash a rational lank between a pro]eot and ars economic ln~act upon the county and its cltazens.) Grants are not transferable and moy not be otherwise conveyed to another party without the speclfac consent of the grantors. Grantees are requared to provide and maanta~n evidence that the average wages paId to employees associated with a project given a grant ~eet or exceed the existing average wage rate for positlor~s of s~lar employment withan the county's workforce during the grant period.