AG 1998 08 17 - Laserfiche WebLink

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Programs (collectively, the "Program") as previously approved by the Board of County Commissioners of the County, a copy of which is attached hereto as Exhibit C. The County hereby confmus that the Board of County Commissioners has approved the application of the Program to the Facility and baa authorized the Grants and the other terms of this Agreement. The County further confhms that this Agreement constitutes the "fmmal agreement" required under the Program and that the terms of this Agreement and the applicable texms contained in the attached description of the Program (~xhibit C) shall govern the application of the Program to the Facility. The County and AmeriServe agree that the five-year period for the initial Grant to AmeriServe shall begin with such fiscal year of the County as AmeriServe shall elect by written notice to the County but shall begin no later than one fiscal year within twelve months of the completion of the proposed project as defined by AmeriServe. Further, any qualifying, expanqon of the Facility or the Property after the election by ArneriServe of the initial five-year Grant period shall (provided the Program is still in effect) be eligible for consideration as separate Grants under the Program, each for a separate five-year Grant period and each beginning with such fiscal year as AmeriServe shall elect, but no later than one fiscal year within twelve month~ of the completion of the added expansion to be defined by AmeriServe by written notice to the County. Projects that may not separately qualify under the investment level criteria as established by the County if completed within the initial five year grant period may qualify for consideration within the remainder of the initial five year grant tem~ upon a written request from AmeriServe and consent of the County. Any agreement to add further investments made by AmeriServe during the initial five year period for grant program considerations shall have no impact upon previous fiscal periods that the grant payments may have been completed and shall apply only to the remaining time period available under the initial five year grant. This provision is intended to allow for consideration of investments that AmeriServe might pursue which do not reach the base investment level for a separate grant consideration but are consistent with the investments in facility improvements for which the initial Industrial Development Incentive Grant applied. The amount of the investment "level" for the initial Grant under the Program shall be equal to the assessed value for ad valorem tax purposes of all real and personal property including all buildings, machinery, equipment and other personal property which is added or installed after Janna_ry 1, 1998 to the Property as part of the Facility and which is not a part of the assessed'value of the Property as of Sanuary 1, 1998. The calculations for the, grant program shall consider the value of tax payments made by AmeriServe and collected by the County on behalf of the Odell Fire District in the same manner and proportion in the grant program as to the County. The allocation of incentive grant payments inclusive of the applicable proportionality for the Odell Fire · Disi~ict shall be administered and implemented by the County consistent with the Cabarrus County Industrial Development Incentive Grant Program guidelines as established by the Board of County Commissioners. 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.