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October 20, 2008 (Regular Meeting) Page 1024 award of the Grant, or to encourage the development or help ensure the success of certain targeted businesses and/or geographic areas. The amount of the Grant for each year shall be limited in the following manner: In each of years 2 and 3 of the Grant, a calculation shall be performed where the amount of the Grant is subtracted from the amount of ad valorem taxes paid. If the remainder in years 2 or 3 is less than the remainder from the same calculation in year 1, then the amount of the grant in those years will be reduced by an amount sufficient to make the remainder in that year equal to the remainder in year 1. The County has chosen as the value criterion for a Program Grant the estimated property tax assessment for the new real and personal property investment to be placed in the County. Although the Grant is calculated as a percentage of the ad valorem tax actually paid on the new asset investment, the Grant is paid from the County's general fund. The general fund consists of revenue derived from ad valorem taxes, local sales taxes, revenues from services, permits and fees, interest income and miscellaneous revenues. 3. Documentation. The Grant application must provide documentation satisfactory to the Tax Assessor that fully supports the expenditures upon which the assessed value is to be based. The documentation includes but is not limited to schedules and source documents defining capital expenditures including project time lines with accurate descriptions of grantable assets by cost, dates of phase in any existing assets which are being replaced by Program eligible assets, blueprints, financial statements and appraisal by a state board certified appraiser. Only assets documented to the satisfaction of the Tax Assessor will be eligible for the Program. 4. Speculative Buildings and Leases. Construction of a new structure to attract an eligible Program user may also qualify for the Program. Such a Grant must begin with a tax year prior to the third year after construction is completed. The taxpayer must inform the Tax Assessor in writing which tax year begins the Grant Program. If a structure or personal property is to be leased, the lease term must exceed the length of the Grant period. In the event the building is not leased within three years of its completion date so long as it is maintained for lease, the speculative building may still qualify as a Program asset. Only one Grant may be awarded and the owner and lessee must agree in writing as to which will be eligible to receive the Grant. Section 4. PROGRAM RULES 1. Although a Grant may be awarded by the BOC to an applicant, the Grant is not required to be paid until the applicant has fully complied with this Program and has executed a written agreement ("Agreement") in a form satisfactory to County that sets forth the specific provisions relating to the Grant. 2. The BOC reserves the right to waive one or more provisions of this Program, but any waiver must be approved by the BOC. 3. The Agreement shall include with reasonable specificity a project site plan, description of the project, any phasing, projected new employment with job descriptions, description of the structures to be built, description of the personal property assets to be installed and any other data that would be relevant to comprehension of the scope and value of the project such that other assets, installed outside of those Grant eligible, are not commingled within the contemplated Grant. 4. The applicant must furnish proof satisfactory to the Tax Assessor or County Attorney of ownership of any of the assets subject to the Program. 5. Rolling stock, inclusive of automobiles, trucks, tractors, trailers or other licensed vehicles and airplanes shall not qualify as Program assets eligible for a Grant. 6. County contributions to the project's infrastructure costs shall be deducted from the calculated Grant award for that project.