AG 1998 11 16 - Laserfiche WebLink

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It is BSL's Landlord's current plan (which is subject to change) to begin making investments in the Facility on or after January 1, 1999, which is the date as of which the value of property will be determined for assessment for ad valorem taxes for the fiscal year of the County beginning July l, 1999 and ending June 30, 2000. If BSL's current plan does not change, BSL expects that at some time during the calendar year and as a result of BSL's investment in the Facility, the value of the Property for ad valorem tax purposes will be $6,746,800.00 greater than such value as of January 1, 1998. If the base level investment requirement for the proposed project is met, then as of January 1, 2000, BSL will have qualified for a Level I Grant. If BSL shall determine after any January 1 that it has invested sufficiently in the Facility to qualify for a Grant and BSL shall before the next January 1 elect to begin the five-year period for such Grant, then the County shall allow investments made by BSL in the Property after the date of such election to be counted toward BSL's qualification for a separate Grant for the Facility o{ for other improvements to the Property. Thus, for example, if BSL shall have invested sufficiently in the Facility as of June 15, 2000 to qualify for a Grant and shall so notify the County, then investments in the Facility or other improvements to the Property made by BSL after June 15, 2000 shall be available to be counted toward BSL's qualification for a separate Grant if BSL meets the investment requirement for consideration of a separate five-year period. 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 of a separate grant. Adjustments to the project's base level of investment must be confirmed by written acknowledgement and agreement between BSL and the County. After BSL shall have qualified for a Grant and shall have notified the County of its election to begin the five-year period lot' such Gr~:,.t, BSL 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: (i) a summary report confirming the current employment levels of__ at the Facility; (ii) the average salary of the employees of__ at the Facility; (iii) and a copy of the receipt for such property tax payment and any accompanying correspondence. The County agrees that the Grant payments to be made to BSL each year will be made within thirty (30) days after the payment by BSL of all property taxes due to the County for such year and the delivery of the other items referred to in the preceding sentences. IT IS UNDERSTOOD BY ALL PARTIES THAT BSL MUST BE CURRENT IN THE PAYMENT OF ALL TAXES OWED THE COUNTY AT THE TIME APPLICATION FOR A GRANT IS MADE. NO GRANT WILL BE MADE BY THE COUNTY IF ALL TAX PAYMENTS ASSOCIATED WITH BSL'S BUSINESS ACTIVITIES IN CABARRUS COUNTY ARE NOT PAID IN FULL.