BC 1999 06 01 - Laserfiche WebLink

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228 property investments being considered for a period of three (3) consecutive years in determining value for grant calculation purposes. The beginning date for grant calculations is to be the date of useful occupancy and/or production startup. Calculations of the project grant award shall be based upon anticipated new property tax revenues the county expects to receive from a specific project; the annual grant award due to the grantee will be paid on or before April 15th each year during the grant period subject to the project's date of useful occupancy and/or production startup. During the grant award period, the grantee must remain current with all real and property taxes assessed, other fees, taxes or other assessments levied by the grantors to remain eligible for the grant. Failure to do so, results in termination of the grant award. The county will monitor the assessed valuation of the project during the award period to assure that the process used to determine the award of the grant remains consistent with estimates used. Excessive fluctuations in the estimated project value may be cause for review of the grant inclusive of modification to the terms of the grant subject to review and action by the County Commission. (It is not intended that grants and the property taxes of a specific grant project equate exactly for the grant period. Additions, changes in real estate valuations and other factors may impact upon the actual property tax assessment base during the grant period. Estimates are used only to establish a rational link between a project and its economic impact upon the county and its citizens.) Grants are not transferable and may not be otherwise conveyed to another party without the specific consent of the grantors. Grantees are required to provide and maintain evidence that the average wages paid to employees associated with a project given a grant meet or exceed the existing average wage rate for positions of similar employment within the county's workforce during the grant period. Grants for expansion of existing industries will account for reductions in value associated with machinery and equipment being phased out, replaced or retrofitted as part of a project. Factors impacting employment will be evaluated and enter into determinations of grant awards. The company must agree to the value of the older assets being replaced if new assets are for replacement purposes. Grants for new projects will only consider estimated enhancements to the property tax assessment base above those existing prior to the project as proposed. The county shall provide detailed reporting processes to monitor and assure compliance with the terms, conditions and other specific requirements of the grant award agreement. The grantee shall comply with the reporting requirements during the grant period. The county agrees to maintain confidentiality of information deemed to be proprietary in nature. The grantee shall provide the county access to verifiable grant related support documentation. Failure of the county to obtain required grantee documentation shall cause termination of grant The grantee is required to give detailed information on assets to be considered as part of the grant application process, inclusive of anticipated depreciation schedules, leasing arrangements with named parties holding financial interest in assets covered by the grant program, all business or corporate names that may be applicable for purposes of asset ownership. Signed releases from those holding financial interests in assets may be required as documentation for grant awards. Rolling stock inclusive of automobiles, trucks, tractors, trailers or other licensed vehicles shall not qualify as listed assets under personal property for purposes of calculating the proposed projects investment value. County contributions to a specific project's infrastructure costs shall be deducted from the calculated INDUSTRIAL DEVELOPMENT GRANT PROGRAM award available for that specific project. The grantee shall provide documentation in support of the fact that the County's INDUSTRIAL DEVELOPMENT GRANT PROGRAM was an important factor in its decision to locate or expand facilities in Cabarrus County.