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December 15, 2003 Page 323 of a pro]act's regLonal flscel impact. Workforce mobility and the ablllty of economic decisions to transverse governmental tufts make those factors unreliable in measuring d~rect local financial impacts. Emphasis on those factors could lead to znflated estimates of a pro3ect's value and less certain cost-benefit based lncentave decaelons. The ~ntent of the INDUSTRIAL DEVELOPMENT GRANT PROGRAM as that the County will see a positive financial benefit associated with each project. Economic development ancentlve programs elsewhere have seen sagn~flcant publac fananclal investments by local governments committed to on the front-end of a pro3ect go unxecovsred an bsneflts (either i~ darectly attributed financial returns or an the creation of newer higher paying 3cbs). The INDUSTRIAL DEVELOPMENT GRANT PROGRAM as designed to ensure that the county and partacapatlng ~n~nacapalities see increases an property tax assessment base and other local g~vernment revenue resources in excess of grants awarded. Grants shall not exceed fays years in perlod of award and any one gra~t award period Mst be co~pleted not later than seven years after initaal award to allow for cor~str~ctaon slid production start-up tl~e. A~ extensaon to these llralts may be granted based upon specaflc pro]eot related xssues, but is not guaranteed or requared. The fo~ml agreement between the ~artaes {grant recaplent, citaes and county) shall attempt to speclfacally adentlfy dates for purposes of establashlng the appropraate time peraod(s) that a grant will be in effect. Dates to be establzshed wall anclude consmderation of the date of award, a date for the beglnnxng of constructaon~ production start-up data and the dates for the begannlng and ending of the ancentlve grant awards. Each pro3ect wall be dealt wath on an lnch~vidual bases using these guidelines and other directlves authorazed by the Cabarrus County Come,lesson. These g%~delines are sub3ect to change and wall be reviewed rout~_nely from date of adoption, the County Commission fac/caring at. Changang economic conditions, legal assues or other factors may cause the County Comm~ssaon to modafy, amend, suspend or ter~lnate the INDUSTRIAL DEVELOPMENT GBANT PROGRAM sub3ect to contracted grants prevaously awarded a~d in effect at that t~me. Although, increasrng and daversifylng the local pro~erty tax assessment base are the primary anitaetlves of thas INDUSTRI;tL DEVELOPMENT GRANT PROGRAM, several other factors may be consadered an authorizing a grant to any specific project. These may lnclude but are not limited to: · the type of andustry as a further daversaflcation of the county's ~saness base · the size and scope of the pro]eot based upon anvestment an site development, facilities, bualdlngs and other busaness anfrsstructure · ncl~save of technology · the diversaty, quality and qusntaty of lobs created by a pro3ect and the avaalabality of labor lnclusave of 3ob retentaon and retraanang · actaons that af pursued, stllm/late development an areas of the county deemed benefaclal · the envaronmental 1/m~act of the proDect III. PROJECT QU/~LIFICATIONS A primary intent of the INDUSTRIAL DEVELOPMENTGRANT PROGRAM as to expand and and award of a grant for elagible pro]acts. These crateria are used as guidelines an pro3ect evaluataons. They may be expanded upon or added to for a speczfic pro3ect and Incorporated In the terms of the formalized grant · Mlnln~mtotsl project anvestment (based upon the estimated pro3ect real and personal property assessments to be confarmed by the county assessor) Small Corporate Headquarters grant category - $3 millaon Level 1 grant category - $ 5 millaon Level 2 grant category - $50 m~llion Level 3 grant category - $100 milllon Small Corporate Headquarters grant - a special grant category for a less than $5 millaon, wb_%ch brings its corporate headquarters to Cabarrus County. The grant Ks based upon a project's esti~uated tax revenue generataon value, calculated to equate to approximately 50% of the value generated by the pro3ect. The value for real property investments shall be calculated based on s peraod of four (4) consecutave years wath the value of personal property anvestments beang considered for · per~od of