My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
AG 1997 07 21
CabarrusCountyDocuments
>
Public Meetings
>
Agendas
>
BOC
>
1997
>
AG 1997 07 21
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
3/25/2002 6:29:29 PM
Creation date
11/27/2017 11:54:02 AM
Metadata
Fields
Template:
Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
7/21/1997
Board
Board of Commissioners
Meeting Type
Regular
Jump to thumbnail
< previous set
next set >
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
277
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
County a copy of which is attached hereto as EXHIBIT C-1 and as previously approved <br />by the City Council of the City a copy of which is attached hereto as Exhibit C-2. <br /> <br /> The City and the County hereby confirm that the Board of County Commissioners <br />of the County and the City Council of the City have approved the application of the <br />Program to the Facility and have authorized the Grants described below in this <br />Agreement. <br /> <br /> The City and the County further confirm that this Agreement constitutes the <br />"focmal agreement" required under the Program and that the terms of this Agreement and <br />the applicable terms contained in the attached descriptions of the Program (Exhibits C-I <br />and C-2) shall govern the application of the Program to the Facility. <br /> <br /> The City' and the County shall partially refund as the Grant, at the following rate, <br />IMSA's payments of all real and personal property taxes (the "Property Taxes"), <br />including taxes for all buildings, machinery, equipment and other personal property, <br />when the amount of the assessed value of the Facility for Property Taxes which will be <br />added or installed on or after January 1, 1997 (such assessed value being the "Assessed <br />Value") reaches the following criteria. (The above refunding by the City and the County <br />being the "Grant Payment") <br /> <br /> the Assessed Value <br />Level I Grant: $5,000,000 or greater <br />Level 2 Grant: $20,000,000 or greater <br />Level 3 Grant: $100,000,000 or greater <br /> <br />the rate Grant Payment <br />75% of Property Taxes <br />80% of Property Taxes <br />85% of Property Taxes <br /> <br /> Adjustments to the above criteria can be confirmed by a written agreement among <br />the City, the County and IMSA. Adjustments to assessed values of real or personal <br />property shall not be included in any calculation of values for establishment of the Grant. <br />Reappraisals or adjustments to assessed values of real or personal property based upon <br />market adjustments or changes in the laws of the State of North Carolina shall be adjusted <br />by the City and the County so as to avoid any distortion of the Assessed Value resulting <br />from IMSA's investments. <br /> <br />(A). Initial Grant. <br /> <br /> IMSA is planning to launch the construction of the Facility in accordance with the <br />investment project described in EXHIBIT A hereto (the "PROJECT") on or after January <br />1, 1997. It is expected that IMSA's investment will reach "Level I Grant" defined' <br />above, where the Assessed Value shall be $5,000,000 or greater. A copy of the Cabarrus <br />County Tax Assessor's record for the current assessed value of the Property as of January <br />1, 1997 shall be attached hereto as EXHIBIT D. <br /> <br /> <br />
The URL can be used to link to this page
Your browser does not support the video tag.