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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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the receipt and sufficiency of which are hereby acknowledged, the <br />County and Ganassi do hereby agree as follows: <br /> <br /> 1.0 Incentive Grants. Pursuant to the Program, the County <br />shall, in accordance with and as provided by this Agreement, pay <br />to Ganassi an incentive grant (the "Grants") equivalent to Level I <br />of the Program, i.e. an amount equal to 75 percent of the increase <br />in property tax paid by Ganassi upon the actual assessed ad <br />valorem tax value increase occasioned by construction and <br />equipment installation of the New Investment in the Facility at <br />the Site. The County shall pay Grants to Ganassi as follows: <br /> <br /> (a) For a period of three (3) consecutive years commencing <br />with the first year upon which the Cabarrus County Tax Assessor <br />confirms that the qualifying New Personal Property Investment in <br />business personal property has been placed in service at the <br />Facility, the County shall make a grant to Ganassi based upon the <br />ad valorem tax value of the New Personal Property Investment in <br />business personal property at the Site; <br /> <br /> (b) For a period of five (5) consecutive years commencing <br />with the first year upon which the Cabarrus County tax Assessor <br />confirms that the qualifying New Real Property Investment in the <br />Facility at the Site has been placed in service, the County shall <br />make a grant to Ganassi based upon the ad valorem tax value of the <br />New Real Property Investment at the Site; <br /> <br /> The process of assessment of the tax value of the New <br />Investment, the calculation of the Grant amounts and the payment <br />of the Grants are more particularly described in the Program and <br />are incorporated herein. The County hereby confirms that the <br />Board has approved the application of the Program to the Facility <br />and has authorized the Grant and other terms of this Agreement. <br />The County and Ganassi further confirm that this Agreement <br />constitutes the "formal agreement" required under the Program and <br />that the terms of this Agreement and those contained in the <br />attached description of the Program shall govern the application <br />of the Program to the Facility. The net increase in the assessed <br />value of real property and business personal property in the <br />Facility for local property tax purposes occasioned by the <br />placement of the New Investment at or in the Facility shall <br />determine the investment "level" for the Program in effect. <br />Ganassi agrees to forward to the County Manager, at the time it <br />makes its annual property tax payments, a copy of the property tax <br />payment receipt and the Cabarrus County Tax Assessor's statement <br />of the valuation of the New Investment located at the Facility and <br />any accompanying correspondence. The County agrees that the Grant <br /> <br /> <br />
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