AG 2003 10 20 - Laserfiche WebLink

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the receipt and sufficiency of which are hereby acknowledged, the County and Ganassi do hereby agree as follows: 1.0 Incentive Grants. Pursuant to the Program, the County shall, in accordance with and as provided by this Agreement, pay to Ganassi an incentive grant (the "Grants") equivalent to Level I of the Program, i.e. an amount equal to 75 percent of the increase in property tax paid by Ganassi upon the actual assessed ad valorem tax value increase occasioned by construction and equipment installation of the New Investment in the Facility at the Site. The County shall pay Grants to Ganassi as follows: (a) For a period of three (3) consecutive years commencing with the first year upon which the Cabarrus County Tax Assessor confirms that the qualifying New Personal Property Investment in business personal property has been placed in service at the Facility, the County shall make a grant to Ganassi based upon the ad valorem tax value of the New Personal Property Investment in business personal property at the Site; (b) For a period of five (5) consecutive years commencing with the first year upon which the Cabarrus County tax Assessor confirms that the qualifying New Real Property Investment in the Facility at the Site has been placed in service, the County shall make a grant to Ganassi based upon the ad valorem tax value of the New Real Property Investment at the Site; The process of assessment of the tax value of the New Investment, the calculation of the Grant amounts and the payment of the Grants 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 Ganassi 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 real property and business personal property in the Facility for local property tax purposes occasioned by the placement of the New Investment at or in the Facility shall determine the investment "level" for the Program in effect. Ganassi 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 Investment located at the Facility and any accompanying correspondence. The County agrees that the Grant