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AG 2005 10 17
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AG 2005 10 17
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Last modified
3/3/2006 8:33:58 AM
Creation date
11/27/2017 11:36:24 AM
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Template:
Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
10/17/2005
Board
Board of Commissioners
Meeting Type
Regular
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<br /> <br />CURRENT PROGRAM <br /> <br />CABARRUS COUNTY INDUSTRIAL DEVELOPMENT GRANT PROGRAM <br /> <br />I. OVERVIEW <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 [mancial 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 for 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 periodically reviewed and modified to account for changes in economic parameters, <br />effectiveness and applicability. <br /> <br />The County Commission directed staff to conduct routine review of the county's incentive programs; <br />recommend changes when, appropriate; and, monitor program effectiveness. The input of <br />participating municipalities, the Chamber of COrnn;1erce and the Cabarrus County Economic <br />Development Corporation was sought and received through direct recommendations and <br />endorsements. This document reflects amended incentive program parameters adopted by the <br />County Commission (June 1, 1999 and January 1, 2004). <br /> <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 />proposed project to be located within the boundaries of a municipality 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 /> <br />The Cabarrus County Economic Development Corporation shall pre-screen applicants to be <br />considered for award of grants under this program. Applicants will be required to present relevant <br />information related to the application to the appropriate elected board of the Cities and County <br />inclusive of details of the project, its impact and the rationale for award of the incentive grant(s). <br />The presentation shall carry forward a recommendation from the Cabarrus County Economic <br />Development Corporation as to the award of a grant and specific conditions that should be <br />considered relative to the proposed project. <br /> <br />II. PROGRAM PARAMETERS <br />The INDUSTRIAL DEVELOPMENT GRANT PROGRAM is designed to create a rational <br />relationship between incentives authorized and the true economic impact of a qualifying project. <br />Recognizing that it is difficult to determine with any exactness the actual fiscal impact of a specific <br />project, Cabarrus County has chosen to use the estimated new taxable real and personal property tax <br />assessment base created by a project in determining attributable fiscal impact upon the local <br />economy to decide whether a particular project merits consideration. <br /> <br />Even though the County has chosen the estimated property tax assessment base as the value criterion <br />for the -INDUSTRIAL DEVELOPMENT GRANT PROGRAM, incentives offered by the County <br />are not considered as allocated from any dedicated revenue source. Incentives are paid from the <br />County's General Fund after appropriate budgetary actions by the County Commission. The General <br />Fund consists of revenue sources inclusive of ad valorem taxes, local sales taxes, intergovemmental <br /> <br />- I . <br /> <br />~-3 <br />
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