AG 2007 06 18 - Laserfiche WebLink

Home Browse Search

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