AG 1997 06 16 - Laserfiche WebLink

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When the Assessed Value reaches "Level I Grant", IMSA shall be entitled to an initial Grant (the "Initial Grant") from the City an~ the County whether IMSA completes the Project or not at such time. The period of the Initial Grant shall be for five years and the beginning of the five-year period of the Initial Grant shall be within one (I) year after IMSA completes the Project or, ifIMSA does not complete the Project, within one (1) years after the Assessed Value reaches "Level I Grant". The procedure of the Initial Grant is as follows: l). IMSA shall elect the fiscal year with which the five-year period for the initial Grant begins and shall give a written notice to the City and the County for their consents to such election. ("Fiscal year" of the City and the County is a period of one (1) year commencing on July, 1 each year). 2). During the five-year period of the Initial Grant, IMSA shall send to the City and the County, at the time IMSA makes its annual payments of Property Taxes due to the City and the County, each of the followings: (i) a summary report confirming the current employment levels of IMSA at the Facility; (ii) the average salary of the employees oflMSA at the Facility, and (iii) a copy of the receipt for such Property Taxes payment and any accompanying correspondence. (3). During the five-year period of the Initial Grant, the City and the County shall make" the Grant Payment to IMSA each year within thirty (30) days after IMSA's annual payment of Property Taxes and the delivery of the documents referred to in the preceding Paragraph 2). The investment which is made after IMSA's qualification for Initial Grant and which is listed on EXHIBIT A, is entitled to addition to the Initial Grant upon written request of IMSA, provided however, that such addition shall have no impact upon the Grant Payments for previous years and shall apply only to the remaining years available during the five-year period of the Initial Grant. The investment, which is made after IMSA's qualifications for the Initial Grant and which is not listed on EXHIBIT A, may be entitled to addition to the Initial Grant upon written request of IMSA and consents of the City and the County, provided however that such addition shall have no impact upon the Grant Payments for previous years and shall apply only to the remaining years available during the five-year period of the Initial Grant.