AG 2018 11 19 - Laserfiche WebLink

Home Browse Search

I . Incentive Grants. Pursuant to the Program, the County shall in accordance with and as provided by this Agreement, pay to Project Jersey Hydro Applicant an incentive grant (the "Grants") in an amount equal to 85 percent of the increase in property tax paid by Project Jersey Hydro Applicant upon the actual assessed ad valorem tax value increase occasioned by construction and equipment installation of the New Investment in the Facility at the Site. The County shall pay Grants to Project Jersey Hydro Applicant as follows: (a) For a period of five (5) consecutive years, the County shall make a grant to Project Jersey Hydro Applicant based upon the increased ad valorem tax value of the New Personal Property Investment in business personal property at the Site; (b) For a period of five (5) consecutive years, the County shall make a grant to Project Jersey Hydro Applicant based upon the increased ad valorem tax value of the New Real Property Investment at the Site; (c) Project Jersey Hydro Applicant may elect the initial year in which the Grants identified in Paragraphs 1(a) and (b) and shall commence and shall so notify the County in writing; provided that the initial grant year shall commence no later than twelve (12) months after the qualifying equipment or construction has been released from an in -process stage to a fully -operational stage. The process of assessment of the tax value of the New Investment, the calculation of the grant amounts and the payment of the Grants are more particularly described in the Program, which provisions are part of this Agreement. The County hereby confirms that it has approved the application of the Program to the Facility and has authorized the Grants and other terms of this Agreement. The County and Project Jersey Hydro Applicant further confirm that this Agreement constitutes the "formal agreement" required under the Program and that the terms of this Agreement and those contained in the attached description of the Program shall govern the application of the Program to the Facility. The net increase in the assessed value of real property and business personal property in the Facility for local property tax purposes occasioned by the placement of the New Investment at or in the Facility shall determine the investment "level" for the Program in effect. Project Jersey Hydro Applicant acknowledges that its proposed investment is at the threshold level under the Program and that if it does not make such minimum investment as determined by the Cabarrus County Tax Assessor, then no Grants will be paid. Project Jersey Hydro Applicant agrees to forward to the EDC and the County Manager, at the time it makes its annual property tax payments, a copy of the property tax payment receipt, which must be requested from the Tax Collector and the Cabarrus County Tax Assessor's statement (the "Assessor's Statement") of the valuation of the New Investment located at the Facility. The Assessor's Statement may be issued only after: (a) Project Jersey Hydro Applicant has completed the Assessor's questionnaire and other substantiating corroborating documentation identified in the Program to the satisfaction of the Assessor; and Page 207