AG 1998 11 16 - Laserfiche WebLink

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These parties agree that the five-year period for the initial Grant to BSL shall begin with such fiscal year of the County as BSL shall elect by written notice to the County but shall begin no later than one fiscal year within twelve months of the completion of the proposed project as defined by Exhibit A. Further, any qualifying expansion of the Facility or the Property after the election by BSL of the initial five-year Grant period shall (provided the Program is still in effect) be eligible for consideration as separate Grants under the Program, each for a separate five-year Grant period and each beginning with such fiscal year as BSL shall elect, but no later than one fiscal year within twelve months of completion of the added expansion to be defined by BSL, by written notice to the County. Projects that may not separately qualify under the investment level criteria as established by the County if completed within the initial five-year grant period may qualify for consideration within the remainder of the initial five-year grant term upon a written request from BSL and consent of the County. Any agreement to add further investments made by BSL during the initial five-year period for grant program considerations shall have no impact upon previous fiscal- periods that the grant payments may have been completed and shall apply only to the remaining time period available under the initial five-year grant. This provision is intended to allow for consideration of investments that BSL might pursue which do not reach the base investment level for a separate grant consideration but are consistent with the investments in facility improvements for which the initial Industrial Development Incentive Grant applied. The amount of the investment "level" for the initial Grant under the Program shall be equal to the assessed value for ad valorem tax purposes of all real and personal property (including all buildings, machinery, equipment and other personal property which is added or installed after January 1, 1999 to the Property as part of the Facility and which is not a part of the assessed valne of the Property as of January l, 1998. The calculations for the grant program shall considcc the value of tax payments made by Calvin A. Caldwell Attorney in Fact for Elizabeth C. Harris and collected by the County on behalf of the Harrisburg Fire District in the same manner and proportion in the grant program as to the County. The allocation of incentive grant payments inclusive of the applicable proportionality for the Harrisburg Fire District shall be administered and implemented by the County consistent with the Cabarrus County Industrial Development Incentive Grant Program guidelines as established by the Board of County Commissioners. Adjustments to real or personal property values not associated with the projects as proposed'and included within this agreement shall not be included in any calculation of value for establishment of the Industrial Development Incentive Grant. Reappraisals or adjustment to real and personal property 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 proposed expansion project to be completed by BSL. A copy of the Cabarrus Tax County Tax Assessor's record for the actual real and personal property assessment for the Facility within the project area is to be attached to this agreement for reference (Exhibit D).