AG 2004 05 17 - Laserfiche WebLink

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(a) For a period of ten (10) consecutive years, the County shall make a grant to PPI based on the increased ad valorem tax value of the Phase I Improvements at the Site. (b) For a period of nine (9) consecutive years, the County shall make a grant to PPI based on the increased ad valorem tax value of the Phase II Personal Property at the Site. (c) For a period of eight (8) consecutive years, the County shall make a grant to PPI based on the increased ad valorem tax value of the Phase III Improvements at the Site. (d) For a period of seven (7) consecutive years, the County shall make a grant to PPI based on the increased ad valorem tax value of the Phase IV Personal Property at the Site. (e) For a period of six (6) consecutive years, the County shall make a grant to PPI based on the increased ad valorem tax value of the Phase V Personal Property at the Site. 4. Assessment.-- The- p~ocess -of-- ass~ss~en~ -o~ value of the PPI's new investments, the calculation of the Grant amounts and the method for payment of the Grants are more particularly described in the Propram~ Th9 ~pu~y__~9~r~..s. has approved the application of the Program and th~s A~reement to' Phases I throuph V as set forth and has authorized the Grant and '., other terms of this Agreement. The County and PPI further confirm that this Agreement constitutes the "formal apreement" required under the Propram and that the terms of this Agreement and those contained in the attached description of the Program shall 9overn the application of the Program to the Site. The net increase in the assessed value of real property and business personal property at the Site for local property tax purposes occasioned by the placement of the new investment at the Site shall determine the investment "level" for the Propram in effect. PPI aprees to forward to the County Tax Administrator, at the time it makes its annual property tax payments, a copy of the property tax payment receipt, which must be requested from the County Tax Collector, and the County Tax Assessor's statement (the "Assessor's Statement") of the valuation of the new investments located at the Site. The Assessor's Statement may be issued only after: (a) PPI has completed the County Assessor's questionnaire and provided all other substantiatin9 corroboratin9 documentation identified in the Propram and reasonably requested (f) The PPI shall elect the initial year in which the Gran~s shall commence and shall notify the County in writing; provided that the initial grant year shall commence no later than twelve (12) months after the qualifying ~ersonal ~roperty has been installed or construction of the real property facilities hae been released from an ~n-procees stage to a fully- operational stage.¶ 3 D~I~: and are set forth in Exhibit D, attached and incorporated by reference.