BC 1998 08 17 - Laserfiche WebLink

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21 initial five year grant term upon a written request from AmeriServe and consent of the County. Any agreement to add further investments made by AmeriServe during the initial five year period for grant program considerations shall have no impact upon previous fiscal periods that the grant payments may have been completed and shall apply only to the remaining time period available under the initial five year grant. This provision is intended to allow for consideration of investments that AmeriServe might pursue which do not reach the base investment level for a separate grant consideration but are consistent with the investments in facility improvements for which the initial Industrial Development Incentive Grant applied. The amount of the investment "level" for the initial Grant under the Program shall be equal to the assessed value for ad valorem tax purposes of all real and personal property including all buildings, machinery, equipment and other personal property which is added or installed after January 1, 1998 to the Property as part of the Facility and which is not a part of the assessed value of the Property as of January 1, 1998. The calculations for the grant program shall consider the value of tax payments made by AmeriServe and collected by the County on behalf of the Odell Fire District in the same manner and proportion in the grant program as to the County. The allocation of incentive grant payments inclusive of the applicable proportionality for the Odell Fire District shall be administered and implemented by the County consistent with the Cabarrus County Industrial Development Incentive Grant Program guidelines as established by the Board of County Commissioners. Adjustments to real or personal property values not associated with the projects as proposed and included within this agreement shall not be included in any calculation of value for establishment of the Industrial Development Incentive Grant. Reappraisals or adjustment to real and personal property values based upon market adjustments or changes in North Carolina property assessment laws will be adjusted so as to avoid any distortion of the base value and the value of the proposed expansion project to be completed by AmeriServe0 A copy of the Cabarrus County Tax Assessor's record for the actual real and personal property assessment for the Facility within the project area is to be attached to this agreement for reference (Exhibit D). It is AmeriServe's current plan (which is subject to change) to begin making investments in the Facility on or after January 1, 1998, which is the date as of which the value of property will be determined for assessment for ad valorem taxes for the fiscal year of the County beginning July 1, 1998 and ending June 30, 1999. If AmeriServe's current plan does not change, AmeriServe expects that at some time during the 1999 calendar year and as a result of AmeriServe's investment in the Facility, the value of the Property for ad valorem tax purposes will be $12,100,000.00 greater than such value as of January 1, 1998. If the base level investment requirement for the proposed project is met, then as of January 1, 2000, AmeriServe will have qualified for a Level I Grant. If AmeriServe shall determine after any January 1 that it has invested sufficiently in the Facility to qualify for a Grant and AmeriServe shall before the next January 1 elect to begin the five-year period for such Grant, then the County shall allow investments made by AmeriServe in the Property after the date of such election to be counted toward AmeriServe's qualification for a separate Grant for the Facility or for other improvements to the Property. Thus, for example, if AmeriServe shall have invested sufficiently in the Facility as of June 15, 2000 to qualify for a Grant and shall so notify the County, then investments in the Facility or other improvements to the Property made by AmeriServe after June 15, 2000 shall be available to be counted toward ArneriServe's qualification for a separate Grant if AmeriServe meets the investment requirement for consideration of a separate five-year period. Investments above the grant base investment levels in the initial five-year period can be applied to the remaining time still available within the initial five year grant period for any projects that fail to total to the investment required for consideration of a separate grant. Adjustments to the project's base level of investment must be confirmed by written acknowledgment and agreement between AmeriServe and the County. After AmeriServe shall have qualified for a Grant and shall h~ve notified the County of its election to begin the five-year period for such Grant, AmeriServe shall, during the five-year period of such Grant, send to the County Manager, at the time it makes its annual property tax payments, each of the following: (i) a summary report confirming the current employment levels of AmeriServe at the Facility; (ii) the average salary of the employees of AmeriServe at the Facility; (iii) and a copy of the receipt for such property tax payment and any accompanying correspondence. The County agrees that the Grant payments to be made to AmeriServe each year will be made within thirty (30) days after the payment by AmeriServe of all property taxes due to the County for such year and the delivery of the