AG 1997 12 15 - Laserfiche WebLink

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NOW, THEREFORE, in consideration of the mutual promises set forth in this agreement and of other consideration, the receipt and sufficiency of which axe now acknowledged by the parties, the City, the County and P&S do hereby agree as follows: SECTION 1. Incentive Grants. (a) The City and the County hereby gram Industrial Development Incentive Grants (the "Grants") to P&S as described in their respective Industrial Development Grant Programs (the "Programs") for a period of five (5) years with respect to the capital equipment expansion undertaken by P&S upon the Property; (b) The City and the County hereby affirm that (i) the Concord City Council and the Board of County Commissioners of the County have authorized and approved this Agreement; (ii) this Agreement constitutes the 'Tormal agreement" required under the Programs of the City and the County; (iii) the terms of this Agreement and those contained in the attached description of the Programs ( Exhibit B-1 and B-2 ) shall govern the application of the Programs to the capital equipment expansion; (c) The base year for this Grant is January 1, 1997. The Grant amount shall be determined according to the assessed value for local property tax purposes of all real and personal property involved in the capital equipment expansion. P&S will send to the County Tax Collector, at the time it makes its annual property tax payments, the completed Industrial Incentive Grant Questionnaire provided by the County. This form should capture all real and personal property expenditures involved in the capital equipment expansion. Verification of the property tax payment will be made by the appropriate Tax Collectors. At the request of either the City or the County, P&S will furnish either of them with such other information as may be reasonably requested to verify compliance with the terms of this Agreement. The City and the County agree further that the Grant payments to P&S will be made within twenty (20) days after the payment by P&S of all property taxes due to the City and the County and the delivery of the remaining items referred to identified in the preceding sentence; and (d) The parties agree that any qualified expansion after the commencement of the five (5) year Grant period shall (provided the Program is still in effect) be eligible for separate Grants under the Programs for a separate five (5) year Grant period beginning for such tax year as P&S shall elect by written notice to the City and County.