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AG 2012 04 16
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AG 2012 04 16
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Last modified
4/18/2012 10:55:43 AM
Creation date
11/27/2017 11:08:33 AM
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Template:
Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
4/16/2012
Board
Board of Commissioners
Meeting Type
Regular
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Such Grant amount shall be for a period of three (3) consecutive years. Grant amounts <br />shall be calculated based on the increase in assessed real and personal property values <br />generated by the project, as determined by the County Tax Assessor. Grants for plant <br />expansions by business or industry already located in the County will be based on the <br />net incremental tax value, after reduction for machinery, equipment and other assets <br />which are depreciated, replaced or retrofitted as part of the project. <br />The Grant will only be awarded to bring about the relocation or expansion of a business <br />that would not have occurred except for the award of the Grant, or to encourage the <br />development or help ensure the success of certain targeted businesses and /or <br />geographic areas. In particular, the BOC desires to encourage development and <br />redevelopment within municipal boundaries where supporting infrastructure already <br />exists and in areas where infill development or redevelopment may spur additional <br />investment. <br />The amount of the Grant for each year shall be limited in the following manner: In each <br />of years 2 and 3 of the Grant, a calculation shall be performed where the amount of the <br />Grant is subtracted from the amount of ad valorem taxes paid. If the remainder in years <br />2 or 3 is less than the remainder from the same calculation in year 1, then the amount <br />of the grant in those years will be reduced by an amount sufficient to make the <br />remainder in that year equal to the remainder in year 1. <br />The County has chosen as the value criterion for a Program Grant the estimated <br />property tax assessment for the new real and personal property investment to be <br />placed in the County. Although the Grant is calculated as a percentage of the ad <br />valorem tax actually paid on the new asset investment, the Grant is paid from the <br />County's general fund. The general fund consists of revenue derived from ad valorem <br />taxes, local sales taxes, revenues from services, permits and fees, interest income and <br />miscellaneous revenues. <br />3. Documentation. The Grant application must provide documentation satisfactory to <br />the Tax Assessor that fully supports the expenditures upon which the assessed value is <br />to be based. The documentation includes but is not limited to schedules and source <br />documents defining capital expenditures including project time lines with accurate <br />descriptions of grantable assets by cost, dates of phase in any existing assets which are <br />being replaced by Program eligible assets, blueprints, financial statements and appraisal <br />by a state board certified appraiser. Only assets documented to the satisfaction of the <br />Tax Assessor will be eligible for the Program. <br />4. Speculative Buildings and Leases. Construction of a new structure to attract an <br />eligible Program user may also qualify for the Program. Such a Grant must begin with a <br />tax year prior to the third year after construction is completed. The taxpayer must <br />inform the Tax Assessor in writing which tax year begins the Grant Program. If a <br />structure or personal property is to be leased, the lease term must exceed the length of <br />Attachment number 3 <br />G -1 Page 147 <br />
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