BC 2008 10 20 Regular - Laserfiche WebLink

Home Browse Search

October 20, 2008 (Regular Meeting) Page 1025 7. The beginning date of the Grant period shall be flexible in order to accommodate construction and production start-up time, but shall commence with a tax year that begins no later than three years after the date the BOC votes to approve the Grant. The taxpayer must inform the Tax Assessor in writing which tax year begins the Grant Program. An extension may be granted by the BOC based upon specific project related issues. 8. The annual Grant award due to the recipient will be paid each year during the Grant period within a thirty day period of submission of all data requested by the Tax Assessor necessary to determine appropriate assessments on the Grant assets and the delivery of the Tax assessor's Statement. Should the assessments yield a grant in excess of that budgeted for the Grant assets, another thirty day period may be necessary for remittance in order to accommodate budget revisions. The initial Grant date is subject to the project's date of useful occupancy and/or production startup, subject to the provisions of Paragraph 7, above. If the recipient-taxpayer fails to properly list property for purposes of taxation and the unlisted property is subsequently discovered by the Tax Assessor's office, then the Grant may be terminated at the discretion the BOC. Acceptance of a Grant payment constitutes approval of the assessed value of Grant assets. 9. During the Grant period, the recipient of the Grant must be current in any and all tax and other payments (including, but not limited to fees for services or permits, fines and penalties) to the County. Failure to be current in payments to the County shall result in termination of the remainder of the Grant. 10. Should the recipient of the Grant (a) fail to construct or install substantially all of the assets contemplated by the Agreement; (b) be or become the debtor in a bankruptcy or receivership proceeding; (c) substantially curtail, close or mothball the facility subject to the Program or, (d) fail to meet hiring, wage or benefit goals; then in any such event the balance of the Grant shall be terminated. 11. Grant requests information and the Tax Assessor Questionnaire must be completed within the calendar year following the tax year for which the recipient is eligible to receive a Grant. The information must be complete, forthcoming and adequate to the satisfaction of the Assessor in order to make an accurate Grant calculation. Failure to fully or timely provide this information will result in forfeiture of that year's Grant or cause termination of the remainder of the Grant as provided in Paragraph 13, below. 12. Grants are not transferable and may not be conveyed to another party. 13. The Grant recipient shall provide the necessary source documents and reports satisfactory to the Tax Assessor subsequent to execution of the Agreement and during the Grant period to ensure compliance with the terms, conditions and other specific requirements of the Agreement. Necessary source documents and reports may include, but are not limited to, real estate acquisition and construction costs, schedules of assets, depreciation schedules, leasing arrangements with named parties holding a financial interest in assets covered by the Program, releases signed by those holding financial interests in those assets and proof of all business and corporate names that may be applicable for purposes of asset ownership. In order for anasset to be included in the Grant, it must reasonably have been contemplated to be within the scope of the project as reflected in the Agreement. Such information shall remain confidential as allowed by law. Failure of the recipient to provide required documentation shall cause termination of Grant. 19. The County shall provide detailed reporting processes to monitor and assure compliance with the terms, conditions and other specific requirements of the Agreement. Any information obtained by the County in connection with an incentive grant request will be kept confidential by the County to the extent permitted by law. 15. Violation of local, state or federal laws, ordinances or regulations by the recipient company shall result in termination of the Grant. Section 5. GRANT APPROVAL PROCEDURE