AG 1997 09 15 - Laserfiche WebLink

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[he Ci_tv's and Coun.ty's The EIP will be funded to the Developer by the C~cy *'.,, ::d upon a formula which is applied to the sales tax proceeds generated by Concord Mills. :'bllows: Two percent (2%) of all sales tax proceeds are.distributed from the State of North C_ .~x'olina to the local municipalities. Based upon the 1997 sales tax distribution fommla as authorized by the Board of County Commissioners, the City receives approximately 22.75% of th? 2.% allocated from the Statel As an economic inducement to the Developer, the City shall unde: .::xke an economic incentive program substantially consistent with the County's EIP Grant ?;'ogram as described on. ~ attached hereto and made a part hereof whereby the Developer shrill receive from the City quarterly EIP payments equal to seventy-five percem (5'5%) of the sales tax proceeds received by the City that are generated by Concord Mills for a period of 59 months commencing with the expiration of the first full calendar quarter after the Commencement Date. The funds will be wire wansferred from the City and County, as the case may be, to Developer on the earlier to occur of ten (I0) days after receipt of funds from the State or seventy- five (75) days after the end of the calendar quarter. The EIP will be funded to the Developer by the County based upon the Level III Grant Program described on Schedule 2-B. It is the understanding of the Developer that the County shall adopt the Schedule 2-B Program prior to the execution and delivery of the Memorandum of Understanding. There shall be no minimum or maximum amount which the Developer may receive during said 59-month period. 2