AG 2006 04 17 - Laserfiche WebLink

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.' CABARRUS COUNTY INDUSTRIAL DEVELOPMENT GRANT PROGRAM .' I. OVERVIEW The economic welfare of the county is directly linked to the vitality, diversity and success of its businesses and industries. Cabarrus County has used fmancial 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 for industrial projects that had a substantial economic impact in Cabarrus County. To remain consistent with its intent, it is prudent that the program be periodically reviewed and modified to account for changes in economic parameters, effectiveness and applicability. The County Commission directed staffto conduct routine review of the county's incentive programs; recommend changes when appropriate; and, monitor program effectiveness. The input of participating municipalities, the Chamber of COIJ1Il.lerce and the Cabarrus County Economic Development Corporation was sought and received through direct recommendations and endorsements. This document reflects amended incentive program parameters 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 proposed project to be located within the boundaries of a municipality 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 Development Corporation shall pre-screen applicants to be considered for award of grants under this program. Applicants will be required to present relevant information related to the application to the appropriate elected board of the Cities and County inclusive of details of the project, its impact and the rationale for award of the incentive grant(s). The presentation shall carry forward a recommendation from the Cabarrus County Economic Development Corporation as to the award of a grant and specific conditions that should be considered relative to the proposed project. II. PROGRAM PARAMETERS The INDUSTRIAL DEVELOPMENT GRANT PROGRAM is designed to create a rational relationship between incentives authorized and the true economic impact of a qualifying project. Recognizing that it is difficult to determine with any exactness the actual fiscal impact of a specific project, Cabarrus County has chosen to use the estimated new taxable real and personal property tax assessment base created by a project in determining attributable fiscal impact upon the local economy to decide whether a particular project merits consideration. Even though the County has chosen the estimated property tax assessment base as the value criterion for the INDUSTRIAL DEVELOPMENT GRANT PROGRAM, incentives offered by the County are not considered as allocated from any dedicated revenue source. Incentives are paid from the County's General Fund after appropriate budgetary actions by the County Commission. The General Fund consists of revenue sources inclusive of ad valorem taxes, local sales taxes, intergovernmental - 1 - G-2-