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AG 1998 08 17
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AG 1998 08 17
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Last modified
4/4/2002 7:32:05 PM
Creation date
11/27/2017 11:52:11 AM
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Template:
Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
8/17/1998
Board
Board of Commissioners
Meeting Type
Regular
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Programs (collectively, the "Program") as previously approved by the Board of County <br />Commissioners of the County, a copy of which is attached hereto as Exhibit C. The County <br />hereby confmus that the Board of County Commissioners has approved the application of the <br />Program to the Facility and baa authorized the Grants and the other terms of this Agreement. The <br />County further confhms that this Agreement constitutes the "fmmal agreement" required under <br />the Program and that the terms of this Agreement and the applicable texms contained in the <br />attached description of the Program (~xhibit C) shall govern the application of the Program to the <br />Facility. <br /> <br /> The County and AmeriServe agree that the five-year period for the initial Grant to <br />AmeriServe shall begin with such fiscal year of the County as AmeriServe shall elect by written <br />notice to the County but shall begin no later than one fiscal year within twelve months of the <br />completion of the proposed project as defined by AmeriServe. Further, any qualifying, expanqon <br />of the Facility or the Property after the election by ArneriServe of the initial five-year Grant <br />period shall (provided the Program is still in effect) be eligible for consideration as separate Grants <br />under the Program, each for a separate five-year Grant period and each beginning with such fiscal <br />year as AmeriServe shall elect, but no later than one fiscal year within twelve month~ of the <br />completion of the added expansion to be defined by AmeriServe by written notice to the County. <br /> <br /> Projects that may not separately qualify under the investment level criteria as established <br />by the County if completed within the initial five year grant period may qualify for consideration <br />within the remainder of the initial five year grant tem~ upon a written request from AmeriServe <br />and consent of the County. Any agreement to add further investments made by AmeriServe <br />during the initial five year period for grant program considerations shall have no impact upon <br />previous fiscal periods that the grant payments may have been completed and shall apply only to <br />the remaining time period available under the initial five year grant. This provision is intended <br />to allow for consideration of investments that AmeriServe might pursue which do not reach the <br />base investment level for a separate grant consideration but are consistent with the investments in <br />facility improvements for which the initial Industrial Development Incentive Grant applied. <br /> <br /> The amount of the investment "level" for the initial Grant under the Program shall be equal <br /> to the assessed value for ad valorem tax purposes of all real and personal property including all <br /> buildings, machinery, equipment and other personal property which is added or installed after <br /> Janna_ry 1, 1998 to the Property as part of the Facility and which is not a part of the assessed'value <br /> of the Property as of Sanuary 1, 1998. The calculations for the, grant program shall consider the <br /> value of tax payments made by AmeriServe and collected by the County on behalf of the Odell <br /> Fire District in the same manner and proportion in the grant program as to the County. The <br /> allocation of incentive grant payments inclusive of the applicable proportionality for the Odell Fire <br />· Disi~ict shall be administered and implemented by the County consistent with the Cabarrus County <br /> Industrial Development Incentive Grant Program guidelines as established by the Board of County <br /> Commissioners. Adjustments to real or personal property values not associated with the projects <br /> as proposed and included within this agreement shall not be included in any calculation of value <br /> for establishment of the Industrial Development Incentive Grant. <br /> <br /> <br />
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