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AG 2003 10 20
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AG 2003 10 20
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Last modified
3/3/2006 9:38:11 AM
Creation date
11/27/2017 11:42:00 AM
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Template:
Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
10/20/2003
Board
Board of Commissioners
Meeting Type
Regular
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CABARRUS COUNTY E'q'DUST~ 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 financial incentives to stimulate <br />development of new industries and expansion of existing businesses. The original program <br />enacted in 1995 and modified in 1996 was directly or partially responsible for industrial projects <br />that had a substantial economic impact in Cabarrus County. To remain consistent with its intent, <br />it is prudent that the program be periodically reviewed and modified to account for changes in <br />economic parameters, effectiveness and applicability. <br /> <br />The County Commission directed staffto conduct routine review of the county's incentive <br />programs; recommend changes when appropriate; and, monitor program effectiveness. The input <br />of participating municipalities, the Chamber of Commerce 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). <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 <br />different 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 <br />relevant information related to the application to the appropriate elected board of the Cities and <br />County inclusive of details of the project, its impact and the rationale for award of the incentive <br />grant(s). The presentation shall carry forward a recommendation from the Cabarrus County <br />Economic Development Corporation as to the award of a grant and specific conditions that <br />should be 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 <br />specific project, Cabarrus County has chosen to use the estimated new taxable real and personal <br />property tax assessment base created by a project in determining attributable fiscal impact upon <br />the local 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 <br />criterium for the INDUSTRIAL DEVELOPMENT GRANT PROGRAM, incentives offered by <br />the County are not considered as allocated from any dedicated revenue source. Incentives are <br />paid from the County's General Fund after appropriate budgetary actions by the County <br />Commission. The General Fund consists of revenue sources inclusive of ad valorem taxes, local <br />sales taxes, intergovernmental revenues, permit and fee revenues, sales and service fee revenues, <br /> <br /> <br />
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