Joint-County Industrial and Business Park and Special Source Revenue Credit Sample Clauses

Joint-County Industrial and Business Park and Special Source Revenue Credit. The County agrees that the Company has already invested at least Twenty Million Dollars ($20,000,000), total, including in non-FILOT property, in the Project during the Investment Period, and has therefore agreed to amend the 2010 joint-county industrial and business park agreement (the “Park Agreement”) with Xxxxxxxx County to create or expand a Park, pursuant to Section 13 of Article VIII of the South Carolina Constitution and Section 4-1-170 of the Code, to include the Project and the other property of the Company located at the Company’s site(s) within the County, and to undertake and execute those procedures and documents necessary for the expansion of such Park, and to keep the Project site(s) in such Park or any other Park of the County during the term of the incentives provided in this Agreement or subsequent ordinance(s) or agreement(s). Further, the County shall use its best efforts and endeavor to work with Xxxxxxxx County or one or more contiguous counties (and, to the extent the Project site(s) is located within the corporate limits of a municipality, will work with such municipality) to establish the Project in such Park in accordance with the terms of this Agreement, and, in any event, to keep the Project site(s) as part of such Park or any other Park of the County throughout the term of the incentives provided in this Agreement or subsequent ordinance(s) or agreement(s). Further, inasmuch as the Company has invested at least Twenty Million Dollars ($20,000,000) in new taxable investment in the Project (including non-FILOT investment) by the end of the Investment Period, the provisions, terms, and conditions of an Infrastructure Financing Agreement between the County and the Company, granting the Company a twenty percent (20%) credit against FILOT payments for the Project in the Park , for ten (10) years that such payments are made (the “Infrastructure Credits”, as defined herein), have been authorized by the same ordinance(s) of the County that authorized this Agreement, and shall be, to the extent not prohibited by law, consistent with the terms of this Agreement. Such credits may be taken by the Company, to the extent of documented investment by the Company in Infrastructure Costs in accordance with Section 5.01, hereof, beginning with the County property tax bill to be issued by the County in the fall of 2016 (for County property taxes on property placed in service through December 31, 2015).
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