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Page four <br /> <br />Level 2 grant - a grant award based upon a project's estimated tax revenue generation <br />value, to be calculated to equate to approximately 80% of the value of real and personal <br />property, tax revenue value anticipated to be generated by the project. The value for real <br />property, investments shall be calculated based on a period of five (5) consecutive years <br />with the value of personal property investments being considered for a period of three (3) <br />consecutive years in determining value for grant calculation purposes. The beginning <br />date for grant calculations is to be the date of useful occupancy and'or production startup. <br /> <br />Level 3 grant - a grant award based upon the project's estimated tax revenue generation <br />value, to be calculated to equate to approximately 85% of the value of real and personal <br />property, tax revenue value anticipated to be generated by the project. The value for real <br />property, investments shall be calculated based on a period of five (5) consecutive years <br />with the value of personal property investments being considered for a period of three (3) <br />consecutive years in determining value for grant calculation purposes. The beginning <br />date for grant calculations is to be the date of useful occupancy and;or production startup. <br /> <br />Calculations of the project grant award shall be based upon anticipated new property tax <br />revenues the county, expects to receive from a specific project; the annual grant award due <br />to the grantee will be paid on or before April 15th each year during the ~ant period <br />subject to the project's date of useful occupancy ancL'or production startup. <br /> <br />During the grant award period, the grantee must remain current with all real and property <br />taxes assessed, other fees, taxes or other assessments levied by the ~antors to remain <br />eligible for the ~ant. Failure to do so, results in termination of the grant award. <br /> <br />The coun¢' will monitor the assessed valuation of the project during the award period to <br />assure that the process used to determine the award of the grant remains consistent with <br />estimates used. Excessive fluctuations in the estimated project value may be cause for <br />review of the grant inclusive of modification to the terms of the grant subject to review <br />and action by the County Commission. (It is not intended that grants and the property <br />taxes of a specific grant project equate exactly for the grant period. Additions, changes in <br />real estate valuations and other factors may impact upon the actual property tax <br />assessment base during the grant period. Estimates are used only to establish a rational <br />link between a project and its economic impact upon the county, and its citizens.) <br /> <br />Grants are not transferable and may not be otherwise conveyed to another party without <br />the specific consent of the grantors. <br /> <br />Grantees are required to provide and maintain evidence that the average wages paid to <br />employees associated with a project given a grant meet or exceed the existing average <br />wage rate for positions of similar employment within the county's wor.kforce during the <br />~ant period. <br /> <br /> <br />