AG 1999 03 15 - Laserfiche WebLink

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Shall the schedule established above for each phase as indicated not be met, then ROUSH shall repay twenty-five percent (25%) of the amount of the grants awarded for the prior phase of the project. The repayments shall be made to the County and to the City within one hundred twenty days (120) of the elapsed startups previously stated. Failure to comply wiil result in a termination of further grant payments as awarded for phases completed. It understood that this provision recognizes a commitment of the County and City to award grants to phases I, II. and III on the basis of individual combined value; paid in grants for five year periods that will overlap consistent with the phasing of the project; considering all elements of the project as consistent with the intent of the Program and Grants; regardless, of later changes to the program or grants that might occur after the award of this grant, but prior to Phase I, Phase II. or Phase III beginning construction as represented by ROUSH. The amount of the investment "level" for the initial Grant under the Program shall be equivalent to the assessed value for ad valorem tax purposes of all real and personal property including all buildings, machinery., equipment and other personal property (excluding motor x~ehicles and other roiling stock) which is added or installed after March 1, 1999, to the Property as part of the Facility and which is not a part of the assessed value of the Property as of January 1, 1999. The calculations for the grant program shall consider the equivalent value of tax payments made by ROUSH and collected by the County and City. Adjustments to real or personal property values not associated with the projects as proposed and included within this agreement shall not be included in any calculation of value for establishment of the Industrial Development Incentive Grant. Reappraisals or adjustments to real and personal property values based upon market adjustments or changes in North Carolina property assessment laws will be adjusted so as to avoid any distortion of the base value and the value of the proposed Project to be completed by ROUSH. A copy of the Cabarrus County Tax Assessor's record for the actual real and personal property assessment for the Facility within the project area is to be attached to this agreement for reference (Exhibit E). After ROUSH shall have qualified for a Grant and the initial grant award period begins, ROUSH shall during the five-year period of such Grant, send to the County Manager and the City Manager, at the time it makes its annual property tax payments, each of the following: · a summary report confirming the current employment levels at the Cabarrus Facility. · the average annual salary of the employees of ROUSH at the Facility, and · a copy of the receipt for such property tax payment and any accompanying correspondence. The County and the City agree that the Grant payments to be made to ROUSH each year will be made on or before April 15th each calendar year during the grant period(s) pending the County and City's receipt of the other items referred to in the preceding sentences. It is understood by all parties that ROUSH must remain current in the payment of all taxes, fees. charges or other assessments levied by the grantors during the grant period(s). Failure of ROUSH to pay all taxes associated with ROUSH's business activities in Cabarrus County may result in termination of the grant award and subsequent grant payments.