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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 />revenues, permit and fee revenues, sales and service fee revenues, financing sources, interest. <br />earnings and other miscellaneous revenues. Other than as established by applicable federal or state <br />law, revenues have no dedicated expenditure purpose.. <br /> <br />The fiscal impact of a project could be evaluated using methods to include employment data, wages <br />and benefits, secondary job creation, business spin-offs and related factors. Those methods could <br />produce a more favonible view of a project's regionalfis.cal impact. Workforce mobility and the <br />ability of economic decisions to trans.verse governmental units make those factors unreliable in <br />measuring direct local financial impacts. Emphasis on those factors could lead to inflated e.timates <br />of a project's value and less certain cost-benefit based incentive decisions. <br /> <br />The intent of the INDUSTRIAL DEVELOPMENT GRANT PROGRAM is that the Colinty will see <br />a positive financial benefit associated with each project. Economic development incentive programs <br />elsewhere have seen significant public financial investments bylocal governments cornmitted to on <br />the front-end ofa project go unrecovered in benefits (either in directly attributed financial returns <br />or in the creation of newer higher paying jobs). <br /> <br />The INDUSTRIAL DEVELOPMENT GRANT PROGRAM is designed to ensure that the county <br />and participating municipalities see increases in property tax assessment base and other local <br />. government revenue resources in excess of grants awarded. <br /> <br />Grants shall not exceed five years in period of award and anyone grant award period must be <br />completed not later than seven years after initial award to allow for construction and production <br />start-up time. An extension to these lirnits may be granted based upon specific project related issues, <br />but is not guaranteed or required. . <br /> <br />The formal agreement between the parties (grant recipient, cities and county) shall attempt to <br />specifically identify dates for purposes of establishing the appropriate time period(s) that a grant will <br />be in effect. Dates to be established will include consideration of the date of award, a date for the <br />beginning of construction, production start-up date and the dates for the beginning and ending of the <br />incentive grant awards. <br /> <br />Each project will be dealt with on an individual basis using these guidelines and other directives <br />authorized by the Cabarrus County Commission. These guidelines are subject to change and will <br />. . <br />be reviewed routinely from date of adoption, the County Commission requiring it. <br /> <br />Changing economic conditions, legal issues or other factors may cause the County Commission <br />to I!lodify,amend, suspend or terminate the INDUSTRIAL DEVELOPMENT GRANT PROGRAM <br />subj ect to contracted grants previously awarded and in effect at that time. <br /> <br />Although, increasing and diversifying the local property tax assessment base are the primary <br />initiatives of this INDUSTRIAL DEVELOPMENT GRANT PROGRAM, several other factors may <br />be considered in authorizing a grant to any specific project. These may include but are not limited <br />to: <br /> <br />- 2 - <br /> <br />H/3 <br />
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