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Cities/towns must agree to abide by the terms of this proposal for it to be applied <br />to sites within the cities/towns or on a site subject to annexation. The industrial <br />development incentive grant formula applied to a project within one of the county's <br />cities/towns will be applied at the same level as authorized by the Board of County <br />Commissioners. <br /> <br />ALL INDUSTRIAL DEVELOPMENT INCENTIVE GRANTS WILL BE CONVEYED <br />BY A FORMAL AGREEMENT BETWEEN THE INDUSTRY RECEIVING THE <br />GRANT AND THE COUNTY ALONG WITH AFFECTED CITIES AND TOWNS AS <br />APPROPRIATAE. <br /> <br />IV. EXAMPLES OF APPLICATION OF THE GRANT PROGRAM <br /> <br />Industry XYZ buys a property that is currently paying annual property taxes to the <br />county in the amount of $5,000 per year. <br /> <br />LEVEL I GRANT (based on a $5,000,000 qualifying investment at a 75% grant) <br /> <br />Year 1 - property taxes <br />Year 2 - property taxes <br />Year 3 - property taxes <br />Year 4 - property taxes <br />Year 5 - property taxes <br />Year 6 - property taxes <br /> <br />paid = $ 5,000 <br />paid = $33,250 with an IDI grant $21,188 <br />paid = $33,250 with an IDl grant $21,188 <br />paid = $33,250 with an IDI grant $21,188 <br />paid = $33,250 with an IDI grant $21,188 <br />paid = $33,250 with an IDI grant $21,188 <br /> <br />Year 7- property taxes paid = $33,250 IDI Grant ceases <br />The IDI Grant would equal $t05,940 at the current tax rate of $.565/$100 <br />Effective annual property tax payment equal $5,000 year 1 and $12,062 <br />in years 2-6. <br /> <br />LEVEL II GRANT (based on $20,000,000 qualifying investment at a 80% grant) <br /> <br />Year 1 - 3roperty taxes <br />Year 2 - property taxes <br />Year 3 - 3roperty taxes <br />Year 4 - 3roperty taxes <br />Year 5- 3roperty taxes <br />Year 6 - 3roperty taxes <br />Year 7 - ~roperty taxes <br /> <br />2aid = $ 5,000 <br />2aid = $118,000 with an IDI grant of $90,400 <br />~aid = $118,000 with an IDI grant of $90,400 <br />~aid = $118,000 with an IDI grant of $90,400 <br />~aid = $118,000 with an IDI grant of $90,400 <br />~aid = $118,000 with an IDI grant of $90,400 <br />~aid = $118,000 IDI grant ceases <br /> <br />The tDI Grant would e( ual $452,000 at the current tax rate of $.565/$100 <br />Effective annual property tax payment equal $5,000 year 1 and $27,600 <br />in years 2 - 6 <br /> <br />3 <br /> <br /> <br />