Infrastructure Credit for Project. Subject to the provisions herein, the County grants a Special Source Revenue Credit (“SSRC”) to the Company in an amount equal to thirty percent (30%) of each Fee Payment due for the Project for a period of ten (10) years (“Credit Period”). The SSRC set forth in this Agreement shall only apply to the Fee Payments due with respect to the Project. For purposes of this Agreement, the Project commences as of January 1, 2012. The Credit Period shall commence in the first year for which the Company elects to claim the SSRC in accordance with Section 4 of this Agreement. The Company and the County anticipate that the first year of the Credit Period will begin in property tax year 2013 (i.e., the Fee Payment due on or before January 15, 2014). Any SSRC provided under this Agreement shall be used to reimburse the Company for eligible expenditures, as permitted by the Infrastructure Credit Act, which includes the cost of designing, acquiring, constructing, improving, or expanding the infrastructure serving the Company’s property, for improved or unimproved real estate or for machinery and equipment provided that any SSRC benefits shall be first deemed to be applied to the eligible expenditures other than the machinery and equipment. In no event shall the aggregate amount SSRCs received as of any point in time exceed the amount of the Company’s aggregate investment in such eligible expenditures as of such time.
Infrastructure Credit for Project. Subject to the provisions herein, the County grants an annual Infrastructure Credit (“Infrastructure Credit”) to the Company in an amount equal to $50,000 per year for a period of six (6) years (“Credit Period”), the aggregate value of which shall not exceed $300,000. The Infrastructure Credit set forth in this Agreement shall only apply to the Fee Payments due with respect to the Land, Buildings and Improvements. The Credit Period shall commence in the first year for which the Company elects to claim the Infrastructure Credit in accordance with Section 4 of this Agreement. The Company and the County anticipate that the first year of the Credit Period will begin in property tax year 2013 (i.e., the Fee Payment for which is anticipated to become due on or before January 15, 2014). Any Infrastructure Credit provided under this Agreement shall be used to reimburse the Company for eligible expenditures, as permitted by the Infrastructure Credit Act, which includes the cost of designing, acquiring, constructing, improving, or expanding the infrastructure serving the Company’s property, for improved or unimproved real estate or for machinery and equipment provided that any Infrastructure Credit benefits shall be first deemed to be applied to the eligible expenditures other than the machinery and equipment. In no event shall the aggregate amount of Infrastructure Credits received as of any point in time exceed the amount of the Company’s aggregate investment in such eligible expenditures as of such time. To the extent that the Company is unable to apply the annual Infrastructure Credit to its fullest extent in any given year of the Credit Period, the Company may use any remaining amount of annual Infrastructure Credit in any of the succeeding years of the Credit Period. To the extent that the Company has any remaining, unused Infrastructure Credit upon the end of the Credit Period, the Company may request that the County extend the Credit Period so that the Company may apply such amount to future Fee Payments, the extension of which may be approved by the County Administrator, without further action by County Council.
