AG 2018 01 16 - Laserfiche WebLink

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NOW, THEREFORE, in consideration of the foregoing, the City and the County desire to provide in this Interlocal Agreement for the basis on which the County Contribution will be made, the City and the County do hereby covenant, promise, agree and represent as follows: ARTICLE I GENERAL PROVISIONS SECTION 1.1 Purpose of the Interlocal Agreement. This Interlocal Agreement is being entered into as a means for the County to provide assistance to the City in funding the Downtown Revitalization Projects by making periodic payments to the City from the County's Incremental Revenues actually received by the County from the MSD, subject to the restrictions and limitations set forth in this Interlocal Agreement. The County's payment obligations under this Interlocal Agreement are solely contractual in nature and nothing in this Interlocal Agreement shall be construed as a pledge of any of the County's Incremental Revenues or other funds. The taxing power of the County is not and may not be pledged directly or indirectly to secure any amounts payable by the County under this Interlocal Agreement, and this Interlocal Agreement does not constitutes a pledge of the faith and credit of the County. SECTION 1.2 Duration of the Interlocal Agreement. This Interlocal Agreement shall be effective on the date of this Interlocal Agreement and shall remain in effect as long as any financing to finance or refinance Downtown Revitalization Projects listed in Exhibit A, as may be amended from time -to -time in accordance with Section 4.5, is outstanding. Notwithstanding any other provision of this Interlocal Agreement, if the City defaults in the timely payment of principal or interest on any financing for the Downtown Revitalization Projects, the County's obligation to make any payments under this Interlocal Agreement shall immediately terminate and the County shall have no further obligations under this Interlocal Agreement. ARTICLE II INCREMENTAL REVENUES SECTION 2.1 City Deposit of Incremental Revenues. The City will establish a separate, segregated fund or account in which it will deposit the Incremental Revenues received from the County. SECTION 2.2 Incremental Revenues. (a) From and after the date of this Interlocal Agreement in each year that the County's Tax Assessor shall determine that the current assessed value of taxable property located in that portion of the MSD that is located in the County exceeds the base valuation of property in the MSD, the difference shall be the incremental valuation of that portion of the MSD located in the County for such year. The base valuation of property in the MSD shall be the current assessed value of taxable property located in that portion of the MSD that is located in the County as of January 1, 2017, as adjusted in accordance with the following sentence. For purposes of this Interlocal Agreement, the properties on the North Carolina Research Campus with the tax identification numbers I j that will revert to ownership by the State of North PPAB 3705461x3 4 Attachment number 5 \n G-2 Page 162