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AG 2005 12 19
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AG 2005 12 19
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Last modified
3/3/2006 8:34:20 AM
Creation date
11/27/2017 11:36:48 AM
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Template:
Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
12/19/2005
Board
Board of Commissioners
Meeting Type
Regular
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<br />EXHIBIT A <br /> <br />....).- <br /> <br />.,,:;CABARRUS COUNTY INDUSTRIAL DEVELOPMENT GRANT PROGRAM <br /> <br />, <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 usedfrn:ancial 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 partiallyresponsible 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 Coinmission 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 Com!l;lerce 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 />. . <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 />proposedproject to be located within the boundaries of a municipality may be subject to a 4ifferent <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 />. infonnationrelated 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 /> <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 />proje"t, Cabarrus COUnty has chosen to use the estimated new taxable real and personal prop. erty tax <br />.. . <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 GenerillFund after appropriate budgetary actions by the County Commission. The General <br />Fund consists .of revenUe sources inClusive of ad valorem taxes, local sales taxes, intergovernmental. <br />. . <br />. . <br /> <br />- 1 - <br /> <br />Il3 <br />
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