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AG 2007 06 18
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AG 2007 06 18
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Last modified
9/26/2007 2:40:23 PM
Creation date
11/27/2017 11:30:53 AM
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Template:
Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
9/26/2007
Board
Board of Commissioners
Meeting Type
Regular
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CABARRUS COUIVTY INDUSTRIAL DEVELQPMENT GRANT PROGRAM <br />I. OVERVTEW <br />The economic welfare of the county is directly linked to the vitality, diversity and success of its <br />businesses and industries. Cabarrus County has used.financial incentives to. stimulate development <br />of new industries and expansion of existing businesses. The original program enacted in 1995 and <br />modified in 1996 was directly or partially responsible fo; industrial projects that had a substantial <br />economic impact in Cabarrus County. To remain consistent with its intent, it is prudent that the <br />program be periodicatly reviewed and modified ta account for changes in economic pazameters, <br />effectiveness and applicability: <br />The County Commission directed siaff to conduct routine review of the county's incentive programs; <br />recommend ehanges .when appropriate;. and, monitor prograzn effectiveness.- . The input of <br />participating municipalities, the : Chamber . of Comrperce and the Cabarsus County Economic <br />Development Corporation was sought and received through direct recommendations and <br />endorsements: Ttris document reflects amended incentive.program pazametezs adopted by the <br />County Commission (June 1,1999 and January 1, 2004). <br />Each project considered under.these guidelines shall be viewed independently of any project <br />previously considered, awarded or rejected by the county.and participating municipalities. A <br />proposecT project to be located within the boundaries of a municipaliry may be subject to a different <br />set of guidelines set by the City than those applying to award of a grant by the county. <br />The Cabarrus County Economic Aevelopment Coiporation shall pre-screen applicanfs to .be <br />considered for award. of grants under this prog~am. Applicants will be required to present rslevant <br />information related to the application to the appropriate elected .board of the Cities and County <br />inclusive of d'etails of the project,. its impact arid the rationale for awazd of the incentive grant(s). <br />The presentarion shall carry forwazd a recommendation from the Cabarrus County Economic <br />Development Cotporation as to.the award .of a grant and specific conditions that shoutd be. . <br />considered relative to the proposed project. <br />IT. PROGRAM PARAMETERS <br />The INDUSTRIAL DEVELOPMENT GRANT PROGRAM is designed So create a rational <br />relationship between incentives authorized and the true econocnic impact of a qualifying project. <br />Recognizing that it is difficult to detercnine with any exactness the actual fiscal impact of a specific <br />project; Cabazrus County.has chosen to use the estimated new taxable real and personal property tax <br />assessment base created by a project in determining amibutabte fiscal impact upon the local , <br />economy to decide whether a particular project merits consideration. <br />Bven though the County has chosen the estimated property tax assessment base as the value criterion <br />for the -TNDUSTRIAL DEVELOPMENT GRANT PROGRAM, incentives offered by the Gounty ~ <br />are not considered as allocated from any dedicated revenue source. Incentives aze paid from the . <br />County's General Fund after appropriate budgetary actions by the County Commission. The Genenl <br />Fund consists of revenue sources inclusive of ad valorem taxes, local sales taxes, intergovernmental <br />_1_ <br />G~3 <br />
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