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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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Grant shall be calculated over an award period of three (3) consecutive years (the "Grant <br />Award Period") beginning on a date to be selected by Philip Morris (the "Trigger Date"). <br />Philip Morris shall notify the County of the Trigger Date pursuant to the procedure <br />described in paragraph 4.1 of this Agreement. The Cabarrus County Tax Assessor shall <br />determine, as of the Trigger Date, the assessed value of the New Personal Property and <br />the increase in property tax paid on account of the New Personal Property. <br /> <br /> 1.2 Grant Repayment. The combined net increase in the assessed value of New <br />Personal Property for local property tax purposes (the "Combined Net Increase") shall <br />determine the final investment "Level" for the Program for purposes of this Agreement. In <br />the event that the total of such Combined Net Increase does not equal or exceed One <br />Hundred Million Dollars ($100,000,000.00) as of the end of the Grant Award Period, the <br />initial Grant Level III shall be recalculated to the appropriate Level under the Program, and <br />the amount of the Grant shall be recalculated accordingly. Philip Morris shall pay to the <br />County an amount equal to the difference between (i) the Grant installments paid to it and <br />(ii) the amount that should have been paid calculated at the correct Level based on the <br />actual Combined Net Increase. Interest shall-be paid on such amount calculated at the <br />rate applicable to unpaid County personal property taxes, based on the amount of each <br />overpayment of a Grant installment from the date such installment was paid to Philip <br />Morris. <br /> <br /> 1.3 Grant Program,. 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. <br /> <br /> 1.4 Timing of Graot 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 of the valuation of <br />the New Personal Property located at the Facility, both during the current year of the <br />Grant Award Period and previous years of the Grant Award Period, and any <br />accompanying correspondence. The County agrees that the Grant payments to be made <br />to Philip Morris during the three (3) year term of the Grant Award Period will be made <br />within twenty (20) days after each payment of property taxes due to the County by Philip <br />Morris with respect to New Personal Property and the delivery of the statement of the Tax <br />Assessor previously identified. <br /> <br /> 1.5 Current Tax Payments. Philip Morris acknowledges that it is not eligible to <br />receive any Grant under the Program unless it is current with respect to all real and <br />property taxes assessed, other fees, taxes or other assessments levied by the County. <br />For such purposes, the standard of N.C. Gen. Statute § 105-243.1 (a) shall apply; that is, <br /> <br /> <br />
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