AG 2003 10 20 - Laserfiche WebLink

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