AG 2003 10 20 - Laserfiche WebLink

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Page five Grants for expansion of existing industries will account for reductions in value associated with machinery and equipment being phased out, replaced or retrofitted as part of a project. Factors impacting employment will be evaluated and enter into determinations of grant awards. The company must agree to the value of the older assets being replaced if new assets are for replacement purposes. Grants for new projects will only consider estimated enhancements to the property tax assessment base above those existing prior to the project as proposed. The county shall provide detailed reporting processes to monitor and assure compliance with the terms, conditions and other specific requirements of the grant award agreement. The grantee shall comply with the reporting requirements during the grant period. The county agrees to maintain confidentiality of information deemed to be proprietary in nature. The grantee shall provide the county access to verifiable grant related support documentation. Failure of the county to obtain required grantee documentation shall cause termination of grant The grantee is required to give detailed information on assets to be considered as part of the grant application process, inclusive of anticipated depreciation schedules, leasing arrangements with named parties holding financial interest in assets covered by the grant program, all business or corporate names that may be applicable for purposes of asset ownership. Signed releases from those holding f'mancial interests in assets may be required as documentation for grant awards. Rolling stock inclusive of automobiles, trucks, tractors, trailers or other licenced vehicles shall not qualify as listed assets under personal property for purposes of calculating the proposed projects investment value. County contributions to a specific project's infrastructure costs shall be deducted from the calculated INDUSTRIAL DEVELOPMENT GRANT PROGRAM award available for that specific project. The grantee shall provide documentation in support of the fact that the County's INDUSTRIAL DEVELOPMENT GRANT PROGRAM was an important factor in its decision to locate or expand facilities in Cabarrus County. IV. EXAMPLE OF GRANT AWARD Level 1 grant (based on a $10 million project with $7 million in real property and $3 million in equipment and machinery) est tax rate .60/100 for the grant period depreciation rate of 2% for real and 10% for personal property per year Year One: real property investment of $7,000,000/100 = $70,000 x 75% x $.60 + personal property