AG 2003 12 15 - Laserfiche WebLink

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Pa~oe four of pe~'onal property investments being considered.for a period of three (3) consecutive years in determining value for grant calculation pu. rposes. The beginning date for grant calculations is to be the date of usefid occupancy and/or production startup. Level 2 grant - a grant award based upon a project's estimated tax revenue generation value, to be calculated to equate to approximately 80 70% of the value of real and personal property tax revenue value anticipated to be generated by the project. The value for real property investments, shall be calculated based on a period of five (5) consecutive years with the value of personal property investments being considered for a period of three (3) consecutive years in determining value for grant calculation purposes. The beginning date for grant calculations is to be the date of useful occupancy and/or production starmp. Level 3 grant - a grant award based upon the project's estimated tax revenue generation value, to be calculated to equate to approximately 8475% of the value of real and personal property tax revenue value anticipated to be generated by the project. The value for real property investments ~hall be calculated based on a period of five (5) consecutive years with the value of personal property investments being considered for a period of three (3) consecutive years in determining value for grant calculation purposes. The beginning date for grant calculations- is to be the date of useful occupancy and/or production startup. Corporate lleadquarters FaciliG' Lease Provision - Prqjects meeting all of the criteria required for one of the grant level categories' noted above, but involving the lease of a new building to be constructed for a corporate headquarters rather than direct ownership, may be grant eligible undar certain conditions. In such instances, the owner of the building to be constructed shall be responsible for providing documentation showing the estimated new tax revenue generation value for the building and permanent fixtures, plus ~tny eligible new personal property of the lessee that will generate tax revenue. Tile owner shall also be required to provide a copy of the proposed lease with the prospective company thai demonstrates it is at least five (5) years in length. Ifa grant is awarded, it will be conditioned upon the owner of the building and tile company executing the lease that the buiMing(s) will house the center of the company's operations inch~ding the main offices for its management and adrainistrative officers during the grant period. Agreements e~cecuted using this provision shall normally be with the tenant but based on the value of the building since it will be the p~.~mary permanent generator of new tccr revenue. The building owner may be the recipient ~' the incentive grant depending on the structure of the lease. The agreement may include an option to automatically transfkr the grant if the lessee decides to purchase the building during the grant period. Tile incentive agreement shall become void, however, if the lessee tel~ninates the lease without purchase of the building. Calculations of the project g~ant award shall be based upon anticipated new property tax revenues the county expects to receivef~om a specific project; the annual grant award due to the grantee will be paid on or before April 15th each year during the grant period subject to the project's date of useful occupancy and/or production startup.