AG 1999 08 30 - Laserfiche WebLink

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grant awards. The company must agree to the value of the older assets being replaced if new assets are for replacemerit purposes. Grants for new projects will only consider estimated enhancements to the property tax assessment base above those existing prior to the project as proposed. The city shall provide detailed reporting processes to monitor and assure compliance with the terms, conditions and other specific requirements of the grant award agreement. The grantee shall comply with the reporting requirements during the grant period. The city agrees to maintain confidentiality of information deemed to be proprietary in nature. The grantee shall provide the city access to verifiable grant related support documentation. Failure of the city to obtain required grantee documentation shall cause termination of grant. ' The grantee is required to give detailed infom]ation on assets to be considered as part of the grant application process, inclusive of anticipated depreciation schedules, leasing arrangements with named parties holding financial interest in assets covered by the grant program, all business or corporate names that may be applicable for purposes of asset ownership. Signed releases from those holding financial interests in assets may be required as documentation for grant awards. Rolling stock inclusive of automobiles, trucks, tractors, trailers or other licensed vehicles shall not qualify as listed assets under personal property for purposes of calculating the proposed projects investment value. The grantee shall provide documentation in support of the fact that the City's INDUSTRIAL DEVELOPMENT GRANT PROGRAM was an important factor in its decision to locate or expand facilities in the City of Concord. IV. PROGRAM ADOPTION, AMENDMENT AND EFFECTIVE DATES Earlier INDUSTRIAL DEVELOPMENT GRANT PROGRAM guidelines were adopted by the City Council in 1996. Subsequent modifications inclusive of dates of action by the City shall be routinely detailed and noted hereto. Applicability of a specific project to these program guidelines shall be consistent with latest date of appropriate action by the City Council and the date of application for the program. Only specific action by the Concord City Council shall be deemed acceptance of terms in a formal contractual grant agreement and by award of an INDUSTRIAL DEVELOPMENT GRANT thereto. A pre-application meeting with the City Council shall be held to validate project specifics and assure that current grant program criteria are applicable. Cabarrus Economic Development, Inc. shall provide a fiscal analysis of the project;s impact upon the community inclusive of a recommendation from its Board of Directors as to whether the project proposal should be considered for the award of an incentive grant as detailed within policy guidelines.