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