My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
AG 2003 10 20
CabarrusCountyDocuments
>
Public Meetings
>
Agendas
>
BOC
>
2003
>
AG 2003 10 20
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
3/3/2006 9:38:11 AM
Creation date
11/27/2017 11:42:00 AM
Metadata
Fields
Template:
Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
10/20/2003
Board
Board of Commissioners
Meeting Type
Regular
Jump to thumbnail
< previous set
next set >
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
216
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
occasioned by construction and equipment installation of the New Investment in the <br />Facility at the Site. The County shall pay Grants to Ganassi as follows: <br /> <br /> (a) For a period of three (3) consecutive years commencing with the first year <br />upon which the Cabarrus County Tax Assessor confirms that the qualifying New Personal <br />Property Investment in business personal property has been placed in service at the <br />Facility, the County shall make a grant to Ganassi based upon the ad valorem tax value of <br />the New Personal Property Investment in business personal property at the Site; <br /> <br /> (b) For a period of five (5) consecutive years commencing with the first year upon <br />which the Cabarrus County tax Assessor confirms that the qualifying New Real Property <br />Investment in the Facility at the Site has been placed in service, the County shall make a <br />grant to Ganassi based upon the ad valorem tax value of the New Real Property <br />Investment at the Site; <br /> <br /> The process of assessment of the tax value of the New Investment, the calculation <br />of the Grant amounts and the payment of the', Grants are more particularly described in the <br />Program and are incorporated herein. The County hereby confirms that the Board has <br />approved the application of the Program to the Facility and has authorized the Grant and <br />other terms of this Agreement. The County and Ganassi further confirm that this <br />Agreement constitutes the "formal agreement" required under the Program and that the <br />terms of this Agreement and those contained in the attached description of the Program <br />shall govern the application of the Program to the Facility. The net increase in the <br />assessed value of real property and business personal property in the Facility for local <br />property tax purposes occasioned by the placement of the New Investment at or in the <br />Facility shall determine the investment "level'" for the Program in effect. Ganassi agrees to <br />forward to the County Manager, at the time it makes its annual property tax payments, a <br />copy of the property tax payment receipt and the Cabarrus County Tax Assessor's <br />statement of the. valuation of the New Investment located at the Facility and any <br />accompanying correspondence. The County agrees that the Grant payments to be made <br />to Ganassi during the respective term will be made within twenty (20) days after Ganassi's <br />payment of all property taxes due to the County and the delivery of the statement of the <br />Tax Assessor previously identified. <br /> <br /> 2.0 State and City Incentives. The County agrees to assist Ganassi in obtaining any <br />incentives, grants and programs that may be .or become available from the State of North <br />Carolina and/or the City of Concord; however, the County shall not be responsible for <br />obtaining or paying any State or City incentives to Ganassi, except as otherwise provided <br />by law. <br /> <br /> 3.0 Validity of Incentives. As stated in the Program, no change in the Program after <br />the date hereof shall apply to the provisions of this Agreement or to the New Investment or <br />the Facility (as it may be expanded or modified) unless otherwise agreed to by the County <br />and Ganassi. In the event one or more lawsuits or other proceedings are brought against <br />the County or any County elected official challenging the legality of this Agreement or any <br />portion hereof, then the County shall defend against any and all such lawsuits or other <br /> <br /> <br />
The URL can be used to link to this page
Your browser does not support the video tag.