BC 1998 09 21 - Laserfiche WebLink

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54 WHEREAS, P&S located 4515 Enterprise Drive NW, Concord, North Carolina (the "Property)" currently plans to undertake capital equipment expansion, as generally described in the attached Exhibit A, and WHEREAS, the anticipated capital equipment investment is Ten Million Dollars ($10,000,000.00) (the "Anticipated Project Value"); and WHEREAS, in order to induce P&S to undertake capital expansion, and to assist P&S in such activity, the City and the County hereby offer to P&S various incentives and other agreements hereinafter set forth; and WHEREAS after careful consideration and evaluation of these proposals, P&S has based its decision to expand its operation upon the property for the Anticipated Project Investment in reliance upon the incentives and other agreements from the City and the County contained in this Agreement. NOW, THEREFORE, in consideration of the mutual promises set forth in this agreement and of other consideration, the receipt and sufficiency of which are now acknowledged by the parties, the City, the County and P&S do hereby agree as follows: SECTION 1. Incentive Grant~, (a) The City and the County hereby grant 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 "formal 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, 1998. 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. Section 2. State Incentives, The City and the County agree to assist P&S in obtaining any incentives, grants and programs that may be or become available from the State of North Carolina and shall "pass through" to the benefit of P&S any incentives, grants and programs that the State of North Carolina provides to cities and counties for economic development purposes. Section 3. Validity of Incentives, As stated in the Program, no change in the Program after the date hereof shall apply to the provisions of this Agreement or to the capital equipment expansion. In the event one (1) or more lawsuits or other proceedings are brought against the City or County or the City or any City or County elected official challenging the legality of this Agreement or any portion thereof, then the City and County shall defend against any and all such lawsuits or other proceedings, including appealing any adverse judgment to the appropriate Court. In the event that any of the incentives or other agreements of the City or County are determined to be invalid, the city and County agree they will, to the extent permitted by law, to provide P&S with incentives of substantially equal value pursuant to one (1) or more replacement grant incentive programs. Section 4. Miscellaneous. 4.1 Notices. All notices, certificates or other communications required by or made pursuant to this Agreement shall be sufficiently given and shall be deemed given when delivered or mailed by registered or certified mail, postage prepaid or sent by telefacsimile (confirmed by the party providing notice) as follows: The City: The City of Concord P. 0. Box 308. 26 Union Street, South