Common use of Incentive Grants Clause in Contracts

Incentive Grants. Pursuant to the Program, the County shall in accordance with and as provided by this Agreement, pay to Applicant an economic development grant (the “Grants”) in an amount equal to 85 percent of the increase in property tax paid by Applicant upon the actual assessed ad valorem tax value increase occasioned by construction of the New Investment at the Site. The County shall pay Grants to Applicant as follows: a) For a period of three (3) consecutive years, the County shall make a grant to Applicant based upon the increased ad valorem tax value of the New Investment at the Site; b) Applicant may elect the initial year in which the Grants identified in Paragraph 1(a) 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 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 New Investment and has authorized the Grants and other terms of this Agreement. The County and 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 New Investment, except as specifically modified herein. 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 Site. The Assessor’s Statement may be issued only after: a) Applicant 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 Applicant during the respective term will be made within ninety (90) days after payment by Applicant of all property taxes due to the County and the delivery of the Assessor’s Statement. These are conditions precedent to any Grant payment. Applicant agrees to designate a person within its organization responsible for compliance with the provisions of this Agreement and for communication with the County concerning the Grants and this Agreement.

Incentive Grants. Pursuant to the Program, the County shall in accordance with and as provided by this Agreement, pay to Project ▇▇▇▇ Applicant an economic development incentive grant (the “Grants”) in an amount equal to 85 percent of the increase in property tax paid by Project ▇▇▇▇ Applicant upon the actual assessed ad valorem tax value increase occasioned by construction of the leasehold upfits and installation of equipment, furniture and fixtures (New Investment Investment) at the Site. The County shall pay Grants to Project ▇▇▇▇ Applicant as follows: (a) For a period of three (3) consecutive years, the County shall make a grant to Project ▇▇▇▇ Applicant based upon the increased ad valorem tax value of the New Investment at the Site; (b) Project ▇▇▇▇ Applicant may elect the initial year in which the Grants identified in Paragraph 1(a) and shall commence and shall so notify the County in writing; provided that the initial New Investment and new job commitment is met. In the event Project ▇▇▇▇ Applicant meets the requirements for Grant payments earlier than anticipated, it may elect to request payments under this Agreement at that time. This Agreement shall be terminated and no Grant shall be payable in the event the New Investment is not fully operational by calendar year end 2023 and the annual wage requirement and the number of new jobs required are not met by the end of calendar year 2023. (1) Only the fully operational permanent investments in the calendar year prior to the initiation year are grant eligible. (2) Grants are payable in the first ninety (90) days of the County’s fiscal year that begins following the calendar year of the respective property tax payment(s); provided that all required information (i.e. questionnaire, audit documents, initiation letter/application, etc.) are submitted within the first 6 months of the respective grantable year and upon delivery of the Assessor’s Statement; however, if at the time, Project ▇▇▇▇ Applicant has not paid all taxes due and payable to the County, or any taxes are under dispute, the County shall commence withhold their respective annual Grant Payments until such time that Project ▇▇▇▇ Applicant is current on payment of all such taxes and/or until the dispute is resolved. If the information required is not forthcoming or if tax payments are not timely paid, then the grant payable period will likewise be delayed by a year as will all subsequent payments (only one grant year payment can be made in any County fiscal year) based upon proper submission within the latter 6 months of the respective grant year. Any other nonconformance to the required information timeline will result in the forfeiture of the remaining Grant. For purposes of this Agreement the term Grant Year shall mean the tax year (1/1/20xx valuation date through calendar year end 12/31/20xx) for which a Grant is calculated on and payable for. (c) All parties agree that calculation of the incentives is based solely on the North Carolina Department of Revenue’s valuation of the Project ▇▇▇▇ Applicant’s public service company property value as verified by the Cabarrus County Tax Assessor. The property valuations made by the Cabarrus County Tax Assessor are deemed by all parties to be the conclusive and final determination of the investments made by the Applicant. (d) In no later than twelve case shall the County make any ▇▇▇ ▇▇▇▇▇ payment(s) for any year and any subsequent year during which the Project ▇▇▇▇ Applicant ceases or substantially curtails operations at the Facility. For the purpose of this Agreement, operations are substantially curtained when the total workforce is reduced by 25% or more. It becomes the responsibility of the Grantee to give notice to the office of the Tax Assessor as soon as practical when potential for curtailment occurs. (12e) months after the qualifying 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 grant amounts and the payment of the Grants are more particularly particularity 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 New Investment Facility and has authorized the Grants and other terms of this Agreement. The County and Project ▇▇▇▇ 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 New Investment, except as specifically modified hereinFacility. Project ▇▇▇▇ 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 SiteFacility. The Assessor’s Statement may be issued only after: a(1) Project ▇▇▇▇ Applicant has completed the Assessor’s questionnaire and other substantiating corroborating documentation identified in the Program to the satisfaction of the Assessor; and b(2) The Assessor has had made the reasonable opportunity to review, evaluate and verify a value for the New Investment. . (f) The County agrees that the Grant payments to be made to Applicant during the respective term will be made within ninety (90) days after payment by Applicant of all property taxes due to the County and the delivery total amount of the Assessor’s Statement. These are conditions precedent EDI Grants paid to any Grant payment. Project ▇▇▇▇ Applicant agrees to designate a person within its organization responsible for compliance with the provisions of under this Agreement and shall not exceed the Maximum Total Grants of $385,332.00 for communication with the County concerning the Grants and this AgreementCounty.

Incentive Grants. Pursuant to the Program, the County shall in accordance with and as provided by this Agreement, pay to Project Press Applicant an economic development incentive grant (the “Grants”) in an amount equal to 85 percent of the increase in property tax paid by Project Press 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 Press Applicant as follows: (a) For a period of three five (35) consecutive years, the County shall make a grant to Project Press Applicant based upon the increased ad valorem tax value of the New Investment at the Site; (b) Project Press Applicant may elect the initial year in which the Grants identified in Paragraph 1(a) and shall commence and shall so notify the County in writing; provided that the initial New Investment and new job commitment is met. In the event Project Press Applicant meets the requirements for Grant payments earlier than anticipated, it may elect to request payments under this Agreement at that time. This Agreement shall be terminated and no Grant shall be payable in the event the New Investment is not fully operational by calendar year end 2022 and the annual wage requirement and the number of new jobs required are not met by the end of calendar year 2024. (1) Only the fully operational permanent investments in the calendar year prior to the initiation year are grant eligible. (2) Grants are payable in the first ninety (90) days of the County’s fiscal year that begins following the calendar year of the respective property tax payment(s); provided that all required information (i.e. questionnaire, audit documents, initiation letter/application, etc.) are submitted within the first 6 months of the respective grantable year and upon delivery of the Assessor’s Statement; however, if at the time, Project Press Applicant has not paid all taxes due and payable to the County, or any taxes are under dispute, the County shall commence withhold their respective annual Grant Payments until such time that Project Press Applicant is current on payment of all such taxes and/or until the dispute is resolved. If the information required is not forthcoming or if tax payments are not timely paid, then the grant payable period will likewise be delayed by a year as will all subsequent payments (only one grant year payment can be made in any County fiscal year) based upon proper submission within the latter 6 months of the respective grant year. Any other nonconformance to the required information timeline will result in the forfeiture of the remaining Grant. For purposes of this Agreement the term Grant Year shall mean the tax year (1/1/20xx valuation date through calendar year end 12/31/20xx) for which a Grant is calculated on and payable for. (c) All parties agree that calculation of the incentives is based solely on the valuation of the Project Press Applicant’s property by the Cabarrus County Tax Assessor. The property valuations made by the Cabarrus County Tax Assessor are deemed by all parties to be the conclusive and final determination of the investments made by the Applicant. (d) In no later than twelve case shall the County make any ▇▇▇ ▇▇▇▇▇ payment(s) for any year and any subsequent year during which the Project Press Applicant ceases or substantially curtails operations at the Facility. For the purpose of this Agreement, operations are substantially curtained when the total workforce is reduced by 25% or more. It becomes the responsibility of the Grantee to give notice to the office of the Tax Assessor as soon as practical when potential for curtailment occurs. (12e) months after the qualifying 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 grant amounts and the payment of the Grants are more particularly particularity 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 New Investment Facility and has authorized the Grants and other terms of this Agreement. The County and Project Press 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 New Investment, except as specifically modified hereinFacility. Project Press 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 SiteFacility. The Assessor’s Statement may be issued only after: a(1) Project Press Applicant has completed the Assessor’s questionnaire and other substantiating corroborating documentation identified in the Program to the satisfaction of the Assessor; and b(2) The Assessor has had made the reasonable opportunity to review, evaluate and verify a value for the New Investment. . (f) The County agrees that the Grant payments to be made to Applicant during the respective term will be made within ninety (90) days after payment by Applicant of all property taxes due to the County and the delivery total amount of the Assessor’s Statement. These are conditions precedent EDI Grants paid to any Grant payment. Project Press Applicant agrees to designate a person within its organization responsible for compliance with the provisions of under this Agreement and shall not exceed the Maximum Total Grants of $1,371,535 for communication with the County concerning the Grants and this AgreementCounty.