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1.3 Grant Pro.qram. The process of assessment of the tax value of the New
<br />Personal Property, the calculation of the total Grant amounts and the payment of the
<br />Grant are more particularly described in the Program and are incorporated herein. The
<br />County hereby confirms that the Board has approved the application of the Program to
<br />the Facility and has authorized the Grant and other terms of this Agreement. The County
<br />and Philip Morris further confirm that this Agreement constitutes the "formal agreement"
<br />required under the Program and that the terms of this Agreement and those contained in
<br />the attached description of the Program shall govern the application of the Program to the
<br />Facility.
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<br /> 1.4 Timing of Grant Payments. Philip Morris agrees to forward to the County
<br />Manager, at the time it makes its annual property tax payments, a copy of the property tax
<br />payment receipt and the Cabarrus County Tax Assessor's statement (the "Assessor's
<br />Statement") of the valuation of the New Personal Property located at the Facility, both
<br />during the current year of the Grant Award Period and previous years of the Grant Award
<br />
<br />Period~-~nd a, ',, .......... ,4
<br /> ~-acm__~mpap~, ,~ The r, .... , ........
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<br />....... ,,. +,~ h~, .-,,,~,4~, ,,-, Philip ~A,-...~o ,4,,r;..,. +h +hr,... r'~ ..... , ....f:th.e
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<br />' ""'"'"" "'" "'"' ''"'~'"~' "'"'"' """"",/ ~.'-'"/ '""-",/'" "'"'""' '"'"'""' I~'~,~''''-'''' '"'
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<br />t-Ae-(l;eunt-y-by-P-I~il~.,ith ...... + +,-, N, .... D..ro,.,.~, Property ~"d +~"~
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<br />sro+ .... + ,.¢ +~.,. T-.., Aoo..~o,.. ..... ; .... h, ~,4..,.+m..a The Assessor's Statement may be
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<br />issued only after'
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