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Memo <br /> <br />To: <br /> <br />From: <br /> <br />CC: <br /> <br />Date: <br /> <br />Re: <br /> <br />Board of Commissioners <br /> <br />Jonathan B. Marshall, Commerce Director <br /> <br />John Day, County Manager <br /> <br />12/08/03 <br /> <br />Revisions to the Cabarrus County Industrial Incentive Grant Program <br /> <br />The attached document is a revision to the Cabarrus County Industrial Incentive Grant Program. There <br />are two major changes to the program included with this proposed revision. The first is the addition of a <br />new level to the policy to accommodate projects with less capital investment, but with the potential for <br />growth, and the second set of revisions are an adjustment to the grant percentages. <br /> <br />The proposed changes to add a new level to the program are intended to create an incentive for the <br />Iocatior~ of corporate headquarters in the County. At this program level (at least a $3 million investment) <br />the grant award would be 50% of the real estate and personal property value. The use would have to <br />be the headquarters or main office location for that industry. This level would permit the user to lease <br />the building, although them would be qualifications to the grant to tie it to the building that the industry <br />occupies. In addition, these grants would have conditions so that if the lease were terminated the grant <br />would also terminate unless the occupant had purchased the building. The grant could be awarded to <br />the industry or the building owner dependent on lease structure. <br /> <br />The second set of changes is intended to make the County incentive grant program more consistent <br />with the City of Concord program. The grant award percentages have been lowered in all three of the <br />existing categories not only to make them consistent but also to strike a better balance between <br />incentive recipients and existing taxpayers. Additional changes to the document include the elimination <br />of the grant example since there are existing grants to use as examples if necessary. <br /> <br />The attached draft is in revised text format to highlight the changes. If there are any questions <br />concerning these changes, please do not hesitate to contact me. <br /> <br />· Page 1 <br /> <br /> <br />