AG 2005 12 19 - Laserfiche WebLink

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