Sample Written Agreement

NEW PERSONAL PROPERTY EXEMPTION AGREEMENT

Per 328 PA 1998 MCL 211.9f

NEW PERSONAL PROPERTY EXEMPTION LETTER OF AGREEMENT:

This agreement between [company] and [governmental unit] is for the purpose of fulfilling the requirements of P.A. 328 of 1998 (MCL 211.9f). In consideration of approval of this exemption, the [company] understands that through its investment of new personal property, and the [governmental unit], by its granting of the exemption, are mutually investing in and benefiting from this economic development project, and, furthermore, agree to the following:

1. [Insert agreement language.]
2. [Insert agreement language.]
3. [Add additional agreement language as needed.]
4. The exemption subject to this agreement, and granted under MCL 211.9f, is revoked if [company] is determined to be in violation of the provisions of this agreement.
5. [Company] may be required to repay all or part of the personal property taxes exempted under MCL 211.9f if [company] is determined to be in violation of the provisions of this agreement.
6. The exemption subject to this agreement, and granted under MCL 211.9f, is revoked if the eligible business is determined to be in violation of the provisions concerning the exemption set forth in the resolution adopted by [governmental unit].
7. The exemption subject to this agreement, and granted under MCL 211.9f, is revoked if continuance of the exemption would be contrary to any of the requirements of MCL 211.9f, including, but not limited to, the requirement that the eligible business be an eligible business or an acquiring eligible business under MCL 211.9f.

This agreement is assignable and transferable by either party with advance written consent. The agreement may only be altered upon mutual consent of both parties.

____________________________ ________
Company Official Date

____________________________ ________
Local Unit of Government Date