AG 2003 10 20 - Laserfiche WebLink

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Page two 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 favorable view of a project's regional fiscal impact. Workforce mobility and the ability of economic decisions to transverse governmental units make those factors unreliable in measuring direct local financial impacts. Emphasis on those factors could lead to inflated estimates of a project's value and less certain cost-benefit based incentive decisions. The intent of the INDUSTRIAL DEVELOPMENT GKANT PROGRAM is that the County will see a positive financial benefit associated with each project. Economic development incentive programs elsewhere have seen significant public financial investments by local govemments committed to on the front-end of a project go unrecovered in benefits (either in directly attributed financial retums 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 any one 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 limits 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 modify, amend, suspend or terminate the INDUSTRIAL DEVELOPMENT GRANT PROGRAM subject 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 12q'DUSTRIAL 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: