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AG 2003 10 20
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AG 2003 10 20
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Last modified
3/3/2006 9:38:11 AM
Creation date
11/27/2017 11:42:00 AM
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Template:
Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
10/20/2003
Board
Board of Commissioners
Meeting Type
Regular
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increase in property tax paid by Philip Morris upon the actual <br />assessed ad valorem tax value increase occasioned by the <br />installation of the New Personal Property at the Facility. The <br />County shall pay the Grant to Philip Morris for a period of three <br />(3) consecutive years commencing with the first year upon which <br />the Cabarrus County Tax Assessor confirms that the New Personal <br />Property has been installed upon and placed in service at the <br />Facility. The process of assessment of the tax value of the New <br />Personal Property, the calculation of the Grant amounts and the <br />payment of the Grant are more particularly described in the <br />Program and are incorporated herein. The County hereby confirms <br />that the Board has approved the application of the Program to the <br />Facility and has authorized the Grant and other terms of this <br />Agreement. The County and Philip Morris further confirm that this <br />Agreement constitutes the "formal agreement" required under the <br />Program and that the terms of this Agreement and those contained <br />in the attached description of the Program shall govern the <br />application of the Program to the Facility. The net increase in <br />the assessed value of business personal property in the Facility <br />for local property tax purposes occasioned by the installation of <br />the New Personal Property in the Facility shall determine the <br />investment "level" for the Program in effect. Philip Morris agrees <br />to forward to the County Manager, at the time it makes its annual <br />property tax payments, a copy of the property tax payment receipt <br />and the Cabarrus County Tax Assessor's statement of the valuation <br />of the New Personal Property located at the Facility and any <br />accompanying correspondence. The County agrees that the Grant <br />payments to be made to Philip Morris during the three (3) year <br />term will be made within twenty (20) days after Philip Morris' <br />payment of all property taxes due to the County and the delivery <br />of the statement of the Tax Assessor previously identified. <br /> <br />2.0 State and City Incentives. The County agrees to assist Philip <br />Morris in obtaining any incentives, grants and programs that may <br />be or become available from the State of North Carolina and/or the <br />City of Concord; however, the County shall not be responsible for <br />obtaining or paying any State or City incentives to Philip Morris, <br />except as otherwise provided by law. <br /> <br />3.0 Validity of Incentives. As stated in the Program, no change in <br />the Program after the date hereof shall apply to the provisions of <br />this Agreement or to the New Personal Property or the Facility (as <br />it may be expanded or modified) unless otherwise agreed to by the <br />County and Philip Morris. In the event one or more lawsuits or <br />other proceedings are brought against the County or any County <br />elected official challenging the legality of this Agreement or any <br />portion hereof, then the County shall defend against any and all <br /> <br /> <br />
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