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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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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
11/16/1998
Board
Board of Commissioners
Meeting Type
Regular
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written request from FC! and consent of ~he City end County. This nd_ditionaI <br />investment ~ be added to the aggregate FCI investment for purposes of calculating the <br />nmou~t of' the Gra,'lt for thc rcma~x~lg time in thc II~l~aJ ~t Period. Adjustments to thc <br />project's base level oflnveaLuient must be confirmed by written notice to the City and the <br />County. <br /> <br /> ( c ) Grants shall not excced five years in period of award and <br />any one s, ant award period must be completed within seven years a/ter its date of award <br />(date of action by the County Commission) to allow for construct/on s,~d business start- <br />up time. <br /> <br /> 1.2~. 8ubsequeltt Grant Periods. (a) Any qualifying <br />cxpansion of the FCI Pln,~s to the Property after the election by FCI of thc Initial (3rant <br />Period may be eligible for considcration as separate Grants (provided thc Programs or <br />similar progr~m~ remain in place), each for a separate, subsequcnt five~ycer Grant period <br />(each a "~ubsequent Grant Period") and each bcg~,~nlng with such fiscal year as FCI shall ' <br />elect, but no later than onc fiscal year within twelve monthe of thc completion of the <br />added expansion to be de/ined hy FCI, by written notice to the City and County. <br /> <br /> (b) If Fei shall determine after any January I that ii has invested <br />sufficiently in the I~CI Plan to meet the basc mvesimcnt level to qualify for a Grant undcr <br />the Programs and FCI shall before the next January 1 elect to begin a Subsequent Grant <br />Period for such Grant, then the City and the County shall allow a/~er the date of such <br />election investments made by FCI in the Property that in the aggregate independently <br />mcct the base inveslment levels for which a Grant is available under the Pwgrams to be <br />counted toward FCI's qualification for a separate ~rant and a Subsequent Grant Period. <br />For example, if FCI shall have invested sufficiently in the FCI Plan meeting the <br />invest'meat Icvel to qualify for a Grant under the Programs as of.lune 15 of a 8ivan year <br />and shall so not/fy the City and the County, then investments in thc FCI Plan or other <br />improvements to thc Property made by FCI subsequent to lune 15 of that year shall be <br />availablc to be counted toward FCI's qualification for a separate C-rant beginning a new <br />Subsequent Grant Period. Provided, however, FCI must again meet the basc inve~huent <br />level requirement under the Pro/~-ams for each Subsequent C-rani Period. <br /> <br /> 1.3 Leased Prouertv. The parties agree thnt if FCI leases <br />any l~r-~on*! property as pa~ of the FCI Plan or further investments, FCI shall be eligible <br />for Grants on such leascd pwperty provided that the owner of the leascd property <br />consents in writin~ to FCI's receipt of the Grant on thc leased property. <br /> <br /> 1.4 Proeertv Values. Adj~tments to real or personst_ property <br />values not a.ssociatcd with thc projcct, s as proposed and includcd within this Agreement <br />shall not bc included in any calculation of value for establishment of the Industrial <br />Development Incentive Grant. Reappzaisals oradjustment to real and pcrsonnl pmpe~ <br />values based upon market adjustments or changes in North Carolina property assessment <br />laws will be adjusted so as to avoid any distortion of the base value and the value of the <br /> <br /> <br />
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