AG 2004 03 08 RECESSED - Laserfiche WebLink

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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.