AG 2001 12 17 - Laserfiche WebLink

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Section 1. Violation of Agreement Negate~ 1999 Grant, As to the County and to Concord, the failure of Pillowtex to pay in full the annual property taxes due as of the date of filing the application for the 1999 grant constituted a violation of the terms of the Agreement and thus negated any obligation for the County or Concord to make payment under the grant for the 1999 tax year. Section 2. Pillowtex still eligible to receive grant in tax year~ 2000 and 2001. Should Pillowtex make payment to the County and to Concord in an amount sufficient to satisfy all outstanding property taxes due for both tax year 2000 and also tax year 2001 on or prior to January 7, 2002, then Pillowtex will be deemed current on its tax obligations and shall be eligible, under the terms of the Agreement, to make application for reimbursement grants from the County and Concord for said tax years. Should Pillowtex fail to make payment sufficient to satisfy the outstanding property tax obligations on or prior to January 7, 2002, then such unpaid obligation shall constitute a violation of the terms of the Agreement and negate the eligibility for Pillowtex to make application to Concord and the County under the terms of the Agreement. Section 3. Other Terms and Conditions of Agreement Still in Effect. In regards to the relationship between Pillowtex and Kannapolis and except as specifically amended herein, the terms and conditions of the Agreement remain in full force and effect. [The remainder of this page intentionally left blank.]