AG 2003 10 20 - Laserfiche WebLink

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