AG 1998 11 16 - Laserfiche WebLink

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calendar year and as a result of BOC's investment in the Facility, the value of the Property for ad valorem tax purposes will be $31,000,000.00 greater than such value as of January l, 1999. If the base level investment requirement for the proposed project is met, then as of January l, 2001, BOC will have qualified for a Level II Grant. If BOC shall determine after any January 1 that it has invested sufficiently in the Facility to qualify for a Grant and BOC shall before the next January 1 elect to begin the five-year period for such Grant, then the County shall allow investments made by BOC in the Property after the date of such election to be counted toward BOC's qualification for a separate Grant for the Facility or for other improvements to the Property. Thus, for example, if BOC shall have invested sufficiently in the Facility as of June 15, 2001, to qualify for a Grant and shall so notify the County, then investments in the Facility or other improvements to the Property made by BOC after June 15, 2001, shall be available to be counted toward BOC's qualification to be considered for a separate Grant if BOC meets the investment requirement for consideration of a separate five-year period as long as an incentive grant program shall remain in effect. 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 ora separate grant. Adjustments to the project's base level of investment must be confirmed by written acknowledgment and agreement between BOC and the County. After BOC shall have qualified for a Grant and shall have notified the County of its election to begin the five-year period for such Grant, BOC 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: