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AG 1998 11 16
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AG 1998 11 16
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Last modified
3/25/2002 6:09:44 PM
Creation date
11/27/2017 11:52:51 AM
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Template:
Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
11/16/1998
Board
Board of Commissioners
Meeting Type
Regular
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of which are hereby acknowledged by the parties, the City, the County, and FQPIV do hereby <br />agree as follows: <br /> <br /> I. Info,marion Regarding FQPW. FQPIV is a Georgia corporation that was duly <br />incorporated on September 28, 1994 and which is qualified to do business in the State of North <br />Carolina. FQPIV is solely owned by Stanley E. Thomas, one of the premier developers of "big <br />box" retail centers in the country. Mr. Thomas has developed retail centers in ranges of <br />anywhere from 250,000 square feet of gross leasable floor area up to over 1,000,000 square feet <br />of gross leasable floor area in Georgia, Florida, Kentucky and North Carolina, including Carolina <br />Pavilion in Charlotte, North Carolina, which is nearly 900,000 square feet. A copy of the deed <br />vesting title to the property in FQPIV and more detailed information regarding Mr. Thomas and <br />FQPIV's plans for The Pavilion at Kings Grant are attached hereto as Exhibit D and incorporated <br />herein by this reference. <br /> <br />2. Incentive Grants. <br /> <br /> (a) Payment of Incentive Grants. Each of the City and the County, in <br />accordance with and as provided by this Agreement, agree to pay FQPIV the incentive grants (the <br />"Grants") generally described in the County Program and in the City Program (collectively, the <br />"Incentive Programs"). During the time period that the Grants are in effect, FQPIV shall remain <br />current on payments of real property taxes applicable to the Property and other fees, taxes or <br />other assessments levied by the City or the County against ihe Property or the Facility in order to <br />remain eligible for the grants. Failure of FQPIV to do so after reasonable notice and an <br />opportunity to cure any default shall result in termination of the Grants. Real and personal <br />property assessments shall be made in a manner consistent with and in compliance with <br />recognized state and local standards and procedures and shall take into account FQPIV's <br />representations as to the scope, quality and value of the Facility. <br /> <br /> (b) Approval of Application of Grants to the Facility. The City and the <br />County hereby confirm that the County's Board of Commissioners and the City's City Council <br />have approved the application of the Incentive Programs to the Facility and have authorized the <br />Grants described below in this Agreement, so long as FQPIV commences construction on the <br />Facility (by applying for building permits according to an approved site plan) within twelve (12) <br />months of the final approvals of the award of the Grants to it by both the City and the County. <br /> <br /> (c) Contractual Agreement. The City and the County further confirm that this <br />Agreement constitutes the "contractual agreement" required under the Incentive Programs and <br />that the terms of this Agreement and the applicable terms contained in the attached descriptions <br />of the Incentive Programs shall govern the application of the Incentive Programs to the Facility. <br /> <br /> (d) Grant Payments. After the Facility achieves a sales tax goal of at least <br />$200.00 per square foot of gross leasable area, the City and the County shall distribute to FQPIV <br />incentive payments as provided in the Incentive Programs which shall be calculated based on the <br />sales tax generated from the Facility (such distribution by the City and the County being referred <br />to hereinafter as "Grant Payments"). Grant Payments shall be for a period of five (5) full years <br /> <br />2 <br /> <br /> <br />
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