AG 1998 08 17 - Laserfiche WebLink

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Reappraisals or adjustment 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 expansion project to be completed by AmeriServe. A copy of the Cabarrus County Tax Assessor's record for the actual real and personal property assessment for the Facility within the project area is to be attached to this agreement for reference (Exhibit D). It is AmeriServe's current plan (wkich is subject to change) to begin making investments in the Facility on or after January 1, 1998, which is the date as of which the value of property will be determined for asse~Luent for ad valorem taxes for the fmc,al year of the County beginning July 1, 1998 and ending June 30, 1999. If AmeriServe's current plan does not change, AmeriServe expects that at some time during the 1999 calendar year and as a result of AmeriServe's investment in the Facility, the value of the Property for ad valorem tax purposes will be $1 ~, , 560, c)<~00 greater than such value as of January 1, 1998. If the base level investment requirement for the proposed project is met, then as of January 1, 2000, AmeriServe will have qualified for a Level I Grant. If AmeriServe shall detemfiae after any January 1 that it has invested sufficiently in the Facility to qualify for a Grant and AmeriServe shall before the next January 1 elect to begin the five-year period for such Grant, then the County shall allow investments made by AmeriServe in the Property after the date of such election to be counted toward AmeriServe's qualification for a separate Grant for the Facility or for other improvements to the Property. Thus, for example, if AmeriServe shall have invested sufficiently in the Facility as of June 15, 2000 to qualify for a Grant and shall so notify the County, then investments in the Facility or other improvements to the Property made by AmeriServe after June 15, 2000 shall be available to be counted toward AmeriServe's qualification for a separate Grant if AmeriServe meets the investment requirement for consideration of a separate five-year period. Investments above the grant base investment levels in the initial five-year period can be applied to the remaining time still available within the initial five year grant period for any projects that fail to total to the investment required for consideration of a separate grant. Adjustments to the project's base level of investment must be confLrmed by written acknowledgment and agreement between AmeriServe and the County. After AmeriServe shall have qualified for a Grant and shall have notified the County of its election to begin the five-year period for such Grant, AmeriServe shall, during the five-year period of such Grant, send to the County Manager, at the time it makes its annual property tax payments, each of the following: (i) a summary report cord'ming the current employment levels of AmefiServe at the Facility;