Approval to move forward with an Economic Development Incentive Agreement for a prospective new business based on the following:
To induce the Company to make the commitments described in Section 3 of this Agreement, the Authority agrees to provide the Company with the following incentive grants (“Incentive Grants”) up to a maximum of FIFTY THOUSAND DOLLARS ($50,000), subject to appropriation of sufficient funds to the Authority by the County for the purpose of funding the Authority’s obligations under this Agreement:
(a) BPOL Incentive Grant. The Authority will provide a grant to the Company equal to 100% of the Business, Professional, and Occupational License (“BPOL”) taxes paid by the Company to the County for five (5) consecutive tax years commencing with the 2018 tax year (the “BPOL Incentive Grant”). The total amount of the BPOL Incentive Grant described in this paragraph shall not exceed TWENTY THOUSAND DOLLARS ($20,000). Once the total amount paid to the Company under this paragraph reaches $20,000, even if such event occurs prior to the end of the Incentive Period, then the Authority shall have no further obligation to provide payments to the Company under this paragraph. The Authority will disburse such grant payments to the Company only after the Company makes a request in writing to the Authority and County and provides evidence satisfactory to the Authority and the County that (i) the Company’s BPOL taxes for the appropriate tax year have been paid and trued up to the County and (ii) the Company has met all the applicable Company Commitments described in Section 3 of this Agreement. It is understood that this typically means that the grant payment for the first year’s BPOL taxes paid by the Company, for example, would not be disbursed before June 30th of the following calendar year. If the BPOL tax is repealed, then the County and the Authority shall have no obligation to make these grant payments.
(b) Personal Property Incentive Grant. The Authority will provide a grant to the Company equal to 50% of the tangible personal property taxes, including furniture and fixtures, paid by the Company to the County for five (5) consecutive tax years commencing with the 2018 tax year the (“Personal Property Incentive Grant”). The total amount of the Personal Property Incentive Grant described in this paragraph shall not exceed TWENTY THOUSAND DOLLARS ($20,000). Once the total amount paid to the Company under this paragraph reaches $20,000, even if such event occurs prior to the end of the Incentive Period, then the Authority shall have no further obligation to provide payments to the Company under this paragraph. The Authority will disburse such grant payments to the Company only after the Company makes a request in writing to the Authority and County and provides evidence satisfactory to the Authority and the County that (i) the Company’s tangible personal property taxes for the appropriate tax year have been paid and trued up to the County and (ii) the Company has met all the applicable Company Commitments described in Section 3 of this Agreement. It is understood that this typically means that the grant payment for the first year’s tangible personal property taxes paid by the Company, for example, would not be disbursed before June 30th of the following calendar year. If the tangible personal property tax is repealed, then the County and the Authority shall have no obligation to make these grant payments.
(c) Permit Incentive Grant. The Authority will provide a grant in a total amount not to exceed TEN THOUSAND DOLLARS ($10,000) to the Company equal to the permit fees related to the development of the Company Facility that were (i) paid to the County from the date the Company began making improvements to the Company Facility through the date the Company Facility receives its final certificate of occupancy for the Company Facility which shall be no later than October 12, 2017 and (ii) that the Company is expressly responsible for paying under the terms of its lease for the Company Facility exclusive of any payments for rent. Such permit fees may include: application fees, building permits, site plan submittal/reviews, water and sewer hookup/tap fees, and any County fees associated with planning, building, constructing, improving, up-fitting, or building out the Company Facility up to the time the Company receives the occupancy permit. Company will submit all invoices for reimbursement after payment of each county fee is paid in full by Company. Permit fees do not include any recording or other fees associated with transferring property or recording documents in the County’s land records. The Authority will disburse such grant payment to the Company in one lump sum payment within 30 days from the date the Company Facility receives its certificate of occupancy provided that the Company provides evidence satisfactory to the Authority and the County that (i) all the applicable permit fees have been paid as called for herein and the County confirms such payment has been made in full and cleared the bank; (ii) that the Company is responsible for paying such permit fees under the terms of its lease for the Company Facility exclusive of any payments for rent; and (iii) the Company has met all the applicable Company Commitments described in Section 3 of this Agreement.
In the case of an occurrence of an Event of Default, the Incentive Grant provisions of this Agreement shall terminate immediately and neither the County nor the Authority shall have any further obligation relating thereto and the Company shall no longer be eligible for any Incentive Grants hereunder, provided, however, that Company will be provided with prior written notice and thirty (30) days opportunity to cure for subsection 6.1(b). Notwithstanding the foregoing, the provisions of Section 6.3 below shall survive the termination of this Agreement and the Company shall not be relieved from its obligations to make any repayments for non-compliance until all of the Company’s obligations have been satisfied.
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