AG 1998 11 16 - Laserfiche WebLink

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