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CABARRUS ECONOMIC DEVELOPMENT <br /> <br />CABARRUS COUNTY INDUSTRIAL DEVELOPMENT <br /> INCENTIVE PROGRAM <br /> <br />I. OVERVIEW <br /> <br />In order to expand economic development options for Cabarrus County that will <br />diversify the tax base, offer improved employment opportunities for its citizens and <br />promote the economic growth and welfare of the business and industrial community, <br />the Board of County Commissioners has in the past established inducement <br />guidelines to encourage new industry location decisions within the county and to <br />assist existing industrial expansions. This Industrial Development Incentive grant <br />program formalizes guidelines that establish the parameters for local government <br />economic incentives to be used to encourage existing industrial expansions and to <br />help promote Cabarrus County as an excellent site choice for new industrial plant <br />locations. This Industrial Development Incentive (IDI) grant program replaces any <br />previously enacted policy guidelines. <br /> <br />II. PROGRAM PARAMETERS <br /> <br />The IDI grant involves a contractual agreement between the county and a new or <br />existing industry (and appropriate city/town if the project is within a municipality's <br />boundaries or subject to annexation within the time frame of the agreement) that <br />would allow for a financial incentive grant based upon the actual value, schedule and <br />payment of local property taxes for a period of up to five years. The county will <br />require the industry to 'pay in full' annually total property taxes due. If the indust~ has <br />met specific criteria as outlined in a formal agreement, a portion of the property taxes <br />paid by that industry to the county (and municipalities, if applicable) each year for five <br />consecutive tax years would be returned to the industry in the form of a local industrial <br />development incentive grant. <br /> <br />Each project would be dealt with on an individual basis using guidelines established <br />under the direction of the Board of County Commissioners. The guidelines for the <br />program shall be subject to periodic review. Changing economic conditions may <br />cause the Board of County Commissioners to modify, amend or even terminate the <br />program subject to compliance with any industrial development incentive grants in <br />effect at that time. <br /> <br />Items for consideration in authorizing an industrial development incentive grant may <br />include but are not limited to: <br /> <br />1 <br /> <br /> <br />