AG 1999 03 15 - Laserfiche WebLink

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SECTION 1. Incentive Grants. The County and City shall in accordance with and as provided by this Agreement, agree to pay ROUSH the incentive grants (each a "Grant" and, collectively, the "Grants") generally described in the Industrial Development Incentive Grant Programs (collectively, the "Programs") as previously approved by the Board of County Commissioners of the County, and the City Council for the City of Concord which attached hereto as Exhibit C (County Program) and Exhibit D (City Program). The Programs as described in Exhibit C and Exhibit D shall apply except as amended within the context and content of this Agreement. Where a conflict or a modification of conditions shall exist within the terms of this, the terms as stated within the Agreement shall supersede those as originally stated in the Program as described in Exhibit C and/or Exhibit D. The County and the City hereby confirm that the Board of County Commissioners and the Concord City Council have approved the application of the Program to the Facility and has authorized the Grants and other terms of this Agreement as outlined herein. The County and City further confirm that this Agreement and attached Exhibits constitutes the "formal agreement" required under the Program and that the terms of this Agreement and the applicable terms contained in the attached description of the Programs (Exhibit C and Exhibit D) shall govern the application of the Programs to the Facility. These parties agree that the five-year period for the initial Grant to ROUSH shall begin with such fiscal year of the County and City as ROUSH shall elect by written notice to the County and the City but shall begin no later than one fiscal year within twelve months of the completion of Phase I of the proposed project as generally described in Ex_hibit B as defined by ROUSH. The project shall begin construction not later than December 1, 1999, and the grant period of five years shall be completed by January. 1, 2008. with regards to Phase I of the project. ROUSH agrees that the shakedown track that is part of the project shall not be used in the morning, after dark or on Sunday. ROUSH has described the proposed project as three (3) separate elements within the entire site as being interrelated in business function, project design and ultimately considered the complete project. Based upon the representations of ROUSH the County Commission and Concord City Council have offered to extend the incentives granted within this Agreement at a combined level of value (LEVEL II GIL~NT) if ROUSH shall pursue the project and its separate phases according to the time table set forth as: Phase I to begin construction not later than December 1. 1999 Phase I][ to begin construction not later than December 1. 200 l Phase III to begin construction not later than December 1, 2003 Each phase will be allowed to be considered for a separate five year period with only the values attributed to each individual phase being used as the basis of consideration for the grant award for the grant period associated with each phase. 2