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AG 2004 05 31 RECESSED
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AG 2004 05 31 RECESSED
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Last modified
3/9/2006 9:19:38 PM
Creation date
11/27/2017 11:38:08 AM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
5/31/2004
Board
Board of Commissioners
Meeting Type
Regular
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renegotiate the Grant percentage to a level below <br />percent (. %), but in no case shall the level be below <br />__percent ( %). This determination shall be based <br />upon a comparison or actual dollar investments and new <br />full-time employment levels achieved as compared to <br />target levels of new additional investments and/or new <br />additional employment anticipated herein. If the parties <br />are unable to agree on a renegotiated grant percentage, <br />the percentage shall be ( %) percent. <br />Notwithstanding any term or condition in this or any <br />other agreement, if Oiles fails for whatever reason to <br />continue in business as a fully operational facility at <br />the Site, the County shall cease payment of any further <br />Grant payments. <br /> <br />Upon e~eeution of this Agreement and at any other point in time <br />reasonably requested by the County, Oiles agrees to provide to the <br />County full and complete projected and final capital project <br />expenditures for the Improvements as well as time lines for <br />phasing in the expanded facility construction and the purchase and <br />installation of the additional Personal Property. Such information <br />shall be provided the County in the form of individual summary <br />numbers and cumulative summary numbers. <br /> <br /> 2. Incentive Grants. Pursuant to the Program, the County <br />shall, in accordance with this Agreement, pay to Oiles an <br />incentive grant (the "Grants") equivalent to Level of the <br />Program, i.e., an amount equal to percent ( %) of the <br />property tax paid by Oiles upon the actual assessed ad valorem tax <br />value occasioned by construction of, respectively, the <br />Improvements at the Site. The County shall pay Grants to Oiles as <br />follows: <br /> <br /> (a) For a period of ~ consecutive years, the County <br />shall make a grant to Oiles based on the ad valorem tax value of <br />the Improvements at the Site. (***Commissioners, Ryan, John-are we <br />paying incentives for all Personal Property and Real Property <br />improvements over ~he entire five years? Normally, Personal <br />Property incentives are paid for three years, and Real Property <br />incentives are for four years. Just making sure I have it correct- <br />-- Marilyn) <br /> <br /> (b) Oiles shall elect the initial year in which the Grants <br />shall commence and shall notify the County in writing; provided <br />that the initial grant year shall commence no later than twelve <br />(12) months after the new qualifying Personal Property has been <br />installed or construction of the new expansion to the existing <br /> <br /> <br />
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