AG 2003 10 20 - Laserfiche WebLink

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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 payments to be made to Ganassi during the respective term will be made within twenty (20) days after Ganassi's 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 Ganassi 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 Ganassi, 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 Investment or the Facility (as it may be expanded or modified) unless otherwise agreed to by the County and Ganassi. 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 such lawsuits or other