AG 1999 08 30 - Laserfiche WebLink

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that this Agreement and attached E:daibits 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 Facili~'. The parties agree that the time periods for the Grants (as described in E.,daibits C and D} to the company shall begin no later than one fiscal year within twelve months of the commencement of operations at the Facility as generally described in Exhibit A-I as defined by the Company. The project shall begin construction of Tenant Improvements no later than January 1, 2000 and the Grant periods with regards to the project shall be in accordance with Exhibits C and D. Failure to comply with the established schedule may result in a termination of the Grants as awarded. It is understood that this provision recognizes a commitment of the County and City to award Grants on the basis of the project value as proposed by the Company; paid for Grant periods consistent with the timing 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 these Grants, but prior to completion of the proposed project as represented by the company. The amount of the investment "level" for the Grants 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 vehicles and other roiling stock) which is added or installed after the August 30, 1999 to the Property as part of the Facility and which is not a part of the assessed value of the Property as dethned in Exhibit E. The calculations for the grant program shall consider the equivalent value of tax payments made by the Company and collected by the County and City. Adjustments to real or personal property values not associated with the project as proposed and included within this agreement shall not be included ha 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 the Company. A copy of the Cabarrus County Tax Assessor's record for the actual real and personal property assessment for the site proposed for the project is attached to this agreement for reference (Exhibit E). After the Company shall have qualified for a Grant(s) and the Grant(s) award period begins, the Company shall during the period of the such Grant(s) send to the County Manager and City Manager. at the time it makes its annual property tax payments, the following: · a summary report confu'ming the current emplo2~x~ent levels at the Cabarms Facility. of the · the average annual salary of the employees of the Company at the Facility · a copy of the receipt for such property Tax payment and any accompanying correspondence The County and the City agree that the Grant(s) payments to be made to the Company each year will be made on/or before April 15th each calendar year during the grant period(s) pending the County's and City's receipt of support documentation referred to in the preceding sentences. The Company must remain current in the payment of all taxes, fees, charges or other assessments levied by the grantors during the Grant(s) period(s). Failure of the Company to pay all taxes associated with the Company's business activities in Cabarrus County may result in termination of the grant award and subsequent grant payments.