AG 2013 01 22 - Laserfiche WebLink

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(a) For a period of four (4) consecutive years, the County shall make a Grant to Simon based upon the increased ad valorem tax value of the New Investment in the Facility at the Site. (b) At no time shall the aggregate amount of the Grants paid to Simon exceed $238,000.00 pursuant to this Agreement. (c) Simon may elect the initial year in which the Grants identified in Paragraphs 1(a) 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, except as specifically modified by 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 Simon 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. Simon 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 made in the Facility. The Assessor's Statement may be issued only after: (a) Simon has completed the Assessor's questionnaire and other substantiating corroborating documentation identified in the Program to the satisfaction of the Assessor; and (b) The Assessor has had the reasonable opportunity to review, evaluate and verify a value for the New Investment. The County agrees that the Grant payments to be made to Simon during the respective term will be made within thirty (30) days after payment by Simon of all property taxes due to the County and the delivery of the Assessor's Statement. 2. State and Town Incentives. The County agrees to assist Simon in obtaining any incentives, grants and programs that may be or become available from the State of North Carolina and/or the City of Concord; however, the County shall not be responsible for obtaining or paying any State or City incentives to Simon, except as otherwise provided by law. Attachment number 1 G -1 Page 182