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<br />" <br /> <br />EXHIBIT A <br /> <br />" <br /> <br />.., ':CABARRUS COUNTY INDUSTRIAL DEVELOPMENT GRANT PROGRAM <br /> <br />. <br /> <br />I. OVERVIEW <br />The eco.no.mic welfare o.f the co.unty is directly linked to. the vitality, diversity and success o.f its <br />businesses and industries. Cabarrus County has used fmancial incentives to stimulate develo.pment <br />o.f new industries and expansio.n o.f existing businesses. The o.riginal program enacted in 1995 and <br />modified in 1996 was directly or partially respo.nsible fo.r 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 perio.dically reviewed and mo.dified to. acco.unt fo.r changes in eco.no.mic parameters, <br />effectiveness and applicability. <br /> <br />The Co.unty Co.mmissio.n directed staff to. co.nduct routine review o.fthe co.unty's incentive programs; <br />recommend changes when appropriate; and, monitor program effectiveness. . The input o.f <br />participating municipalities, the Chamber o.f Co.mmerce and the Cabarrus Co.unty Eco.no.mic <br />Develo.pment Corpo.ratio.n was so.ught and received through direct recommendatio.ns and <br />endo.rsements. This document reflects amended incentive program parameters ado.pted by the <br />Co.unty Co.mmissio.n (June 1, 1999 and January 1, 2004). <br /> <br />Each project co.nsidered under these guidelines shall be viewed independently o.f any pro.ject <br />previo.usly considered, awarded or rejected by the co.unty and participating municipalities. A <br />propo.sed proj ect to. be located within the bo.undaries o.f a municipality may be subj ect to. a different <br />set o.f guidelines set by the City than those applying to. award o.f a grant by the county. <br /> <br />The Cabarrus County Economic Develo.pment Co.rporatio.n shall pre-screen applicants to. be <br />considered for award o.fgrants under this program. Applicants will be required to. present relevant <br />infonnation related to the applicatio.n to. the appropriate elected board o.f the Cities and Co.unty <br />inclusive o.f details o.fthe project, its impact and the ratio.nale for award o.fthe incentive grant(s). <br />The presentatio.n shall carry fo.rward a reco.mmendatio.n fro.m the Cabarrus Co.unty Eco.nomic <br />Develo.pment Co.rpo.ratio.n as to. the award o.f a grant and specific co.nditio.ns that sho.uld be <br />co.nsidered relative to. the propo.sed proj ect. <br /> <br />II. PROGRAM PARAMETERS <br />The INDUSTRIAL DEVELOPMENT GRANT PROGRAM is designed to. create a ratio.nal <br />relatio.nship between incentives autho.rized and the true eco.no.mic impact o.f a qualifying project. <br />Recognizing that it is difficult to. determine with any exactness the actual fiscal impact of a specific <br />projes;t, Cabarrus Co.unty has cho.sen to. use the estimated new taxable real and perso.nal property tax <br />assessment base created by a project in determining attributable fiscal impact upo.n the lo.cal <br />eco.no.my to decide whether a particular project merits co.nsideratio.n. <br /> <br />Even tho.ugh the Co.unty has cho.sen the estimated property tax assessment base as the value criterio.n <br />for the -INDUSTRIAL DEVELOPMENT GRANT PROGRAM, incentives o.ffered by the Co.unty <br />are no.t considered as allo.cated from any dedicated revenue so.urce. Incentives are paid from the <br />Co.unty's General Fund after appropriate budgetary actio.ns by the County Co.mmissio.n. The General <br />Fund co.nsists o.f revenue so.urces inclusive o.f ad valorem taxes, lo.cal sales taxes, intergo.vemmental <br /> <br />- 1 - <br /> <br />(j -3 <br />