AG 2004 03 08 RECESSED - Laserfiche WebLink

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Grant shall be calculated over an award period of three (3) consecutive years (the "Grant Award Period") beginning on a date to be selected by Philip Morris (the "Trigger Date"). Philip Morris shall notify the County. of the Trigger Date pursuant to the procedure described in paragraph 4.1 of this Agreement. The Cabarrus County Tax Assessor shall determine, as of the Trigger Date, the assessed value of the New Personal Property and the increase in property tax paid on account of the New Personal Property. 1.2 Grant Repayment. The combined net increase in the assessed value of New Personal Property for local property tax purposes (the "Combined Net Increase") shall determine the final investment "Level" for the Program for purposes of this Agreement. Because the New Personal Property will be added to the Facility over a multiple year period, Combined Net Increase shall be defined as the sum of the cumulative assessed values of each item of New Personal Property as determined in the first year such property is placed in service. In the event that the total of such Combined Net Increase does not equal or exceed One Hundred Million Dollars ($100,000,000.00) as of the end of the Grant Award Period, the initial Grant Level III shall be recalculated to the appropriate Level under the Program, and the amount of the Grant shall be recalculated accordingly. Philip Morris shall pay to the County an amount equal to the difference between (i) the Grant installments paid to it and (ii) the amount that should have been paid calculated at the correct Level based on the actual Combined Net Increase. Interest shall be paid on such amount calculated at the rate applicable to unpaid County personal property taxes, based on the amount of each overpayment of a Grant installment from the date such installment was paid to Philip Morris. 1.3 Grant Proqram. The process of assessment of the tax value of the New Personal Property, the calculation of the total Grant amounts and the payment of the Grant are more particularly described in the Program and are incorporated herein. The County hereby confirms that the Board has approved the application of the Program to the Facility and has authorized the Grant and other terms of this Agreement. The County and Philip Morris 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. -. :... 1.4 Timing of Gran, t Payments. Philip Morris agrees to forward to the County Manager, at the time it makes its annual property tax payments, a copy of the property tax payment receipt and the Cabarrus County Tax Assessor's statement (the "Assessor's Statement") of the valuation of the New Personal Property located at the Facility, both during the current year of the Grant Award Period and previous years of the Grant Award Period The Assessor's Statement may be issued only after: (a) Philip Morris has completed the Assessor's questionnaire and other substantiating corroborating documentation identified in the Program to the satisfaction of the Assessor; and