AG 1998 11 16 - Laserfiche WebLink

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throughout the Term of this Agreement in accordance with the MOU. During the grant award period, the grantee shall remain current with ali proper~y taxes assessed, other fees, taxes or other assessments levied by the grantor(s) to remain eligible for the grants. Failure to do so shall result in termination of the grant award. Real and personal property assessment shall be made in a manner consistent with and in compliance with recognized State standards and procedures, and shall take into account developer representations as to the scope, quality and value of the project. SECTION 4: Future Expansion. Any expansion of the Project after the commencement of the five-year Grant period shall (provided the Programs are still in effect, respectively) be eligible for consideration for Grants under each of the Programs for a separate five-year Grant period beginning for such tax year as the Developer shall elect by written notice to the City and County. Notwithstanding anything to the contrary contained in this Section, if the Developer commences construction of a "Phase II" expansion of the Project of at least 250,000 square feet of GFA and such construction commences prior to expiration of the initial 5-year Grant period for the Project then, in that event, the parties agree that such Phase II shall be eligible for a Level I Grant (25% level) for a separate five-year Grant period beginning on a substantially equivalent "commencement date" as that described herein for the Project. SECTION 5: State Incentives. The City, the County, and the Tourism Authority,agree to assist the Developer in obtaining any incentives, grants and programs that may be or become available from the State of North Carolina and shall "pass through" to the benefit of the Developer any Fitenam¢- S\Planning\Incentiv¢ Grant Agreement.doc -10- Revised 11/9/98