AG 1997 06 16 - Laserfiche WebLink

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County a copy of which is attached hereto as EXHIBIT C-1 and as previously approved by the Board of Aldermen of the City a copy of which is attached hereto as Exhibit C-2. The City and the County hereby confirm that the Board of County Commissioners of the County and the Board of the Aldermen of the City have approved the application of the Program to the Facility-and have authorized the Grants described below in this Agreement. The City and the County further confirm that this Agreement constitutes the "formal agreement" required under the Program and that the terms of this Agreement and the applicable terms contained in the attached descriptions of the Program (Exhibits C-l and C-2) shall govern the application of the Program to the Facility. The City and the County shall partially refund as the Grant, at the following rate, IMSA's payments of all real and personal property taxes (the "Property Taxes"), including taxes for all buildings, machinery, equipment and other personal property, when the amount of the assessed value of the Facility for Property Taxes which will be added or installed on or after January 1, 1997 (such assessed value being the "Assessed Value") reaches the following criteria. (The above refunding by the City and the County being the "Grant Payment") Level 1 Grant: Level 2 Grant: Level 3 Grant: the Assessed Value $5,000,000 or greater $20,000,000 or greater $100,000,000 or greater the rate Grant Payment 75% of Property Taxes 80% of Property Taxes 85% of Property Taxes Adjustments to the above criteria can be confirmed by a t~xitten agreement among the City, the County and IMSA. Adjustments to assessed values of real or personal property shall not be included in any calculation of values for establishment of the Grant. Reappraisals or adjustments to assessed values of real or personal property based upon market adjustments or changes in the laws of the State of North Carolina shall be adjusted by the City and the County so as to avoid any distortion of the Assessed Value resulting from IMSA's investments. (A). Initial Grant. IMSA is planning to launch the construction of the Facility in accordance with the investment project described in EXHIBIT A hereto (the "PROJECT") on or after January 1, 1997. It is expected that IMSA's investment will reach "Level I Grant" defined above, where the Assessed Value shall be $5,000,000 or greater. A copy of the Cabarrus County, Tax Assessor's record for the current assessed value of the Property as of January 1, 1997 shall be attached hereto as EXHIBIT D. 2