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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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previously approved by the Board of County Cowmh_~ion¢i-~ of thc County a copy of <br />which is attached hereto as ~ and as previously approved by the City Council <br />of the City a copy of which is attached hereto as <br />2 each a "Program" and, collectively, the "Programs"). The City and thc County he--by <br />confirm th.t the City Council of the City and the Board of County Cow,ni~sioners of thc <br />County, respectively, have approved the application of the Programs to the FCI Plans and <br />have authorized the Grants and the other terms of Programs and this Agreement. The <br />City and the County further co.~rrn that this Agreernenl constitutes the "formal <br />agreement" required under the Programs and that the lerm_~ of the Agreement and the <br />applicable tc....~ contained in the descriptions of th~ Prol~ams set forth on Exhibit C~I <br />and Exhibit C-2, respectively, shall goveia the application of the Programs to the FCI <br />Plans. <br /> <br /> (b) All patties understand that even though the City and <br />County have chosen the property tax assessment base as the value criterium for the <br />Programs, financial incentives offend by the City and County are nov to be considered as <br />allocated from any dedicated revenue source. Incentives from the County are to be paid <br />from thc County's Gen~ial Fund alter appropriate budgetary actions by thc County <br />Commission. The Coullty's Ctelle~ Fund consists of revenue sources inclusive of ad <br />valorem taxes, local sales rexes, interRovemmental revenues, permit and fce revenues, <br />sales and service fee revenues, financing sources, interest earnin_.os and other <br />miscellaneous revenues. Other thsn as established by applicable ~ederal or stall laws, <br />revenues have no dedi~_ed expenditure purpose. <br /> <br />1.2 Grant Period~. <br /> <br /> 1.2.1 Initial Grant Pe.riod. (a) The parties agree that the five- <br />year period for the initial Grant to FCI (the "Initial Grant Period") shall be~ with' such <br />fiscal year of thc City and the County as FCI shall elect by written notice to the City and <br />the County but shall begin no later then one fiscal year within twelve mouths of the <br />completion of the FCI Plan. It is FCI's current plan (which is subject to change) to begin <br />implementing the FCI Plan on or after San~ I, 1998, which is the date as of which <br />value of real and personal property will be determined for assessment for ad valorem <br />taxes° <br /> <br /> Co) The FCI investment for purposes ofdetermlnlng thc base <br />investment level for the initial Grant under the Program shall be thnt amount eq-*! to the <br />assessed value for ad valorem tax purposes of ail real and personal property (including all <br />buildings~ Illa~hlnery, equipment and other personal property) which is added or in~t. nlled <br />alter lanuary I, 1998. To allow for consideration of investments that FCI might pursue <br />which do not reach the base investment level for a separate Crrant consideration but arc <br />consistent with the investments in facility improvements for which ~ initial Industr/al <br />Development Incentive Cu-ant applied, projects that may not separately meet thc hasc <br />investment levcl criteria under the Programs complctcd Within the Initial Crrant Period <br />may also qualify for consideration w/thin the remainder of the Initial Grant Period upon a <br /> <br />shared~a~en~esbat~s2" <br /> <br />2 <br /> <br /> <br />
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