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LEVEL III GRANT (based on $100,000,000 qualifying investment at a 85% grant) <br /> <br />Year 1 - property taxes paid $ 5,000 <br />Year 2 - Property taxes paid $570,000 with an IDI Grant of $480,000 <br />Year 2 - Property taxes paid $570,000 with an IDI Grant of $480,000 <br />Year 2 - Property taxes paid $570,000 with an IDI Grant of $480,000 <br />Year 2 - Property taxes paid $570,000 with an IDI Grant of $480,000 <br />Year 2 - Property taxes paid $570,000 with an IDI Grant of $480,000 <br />Year 2 - Property taxes paid $570,000 with an IDI Grant of $480,000 <br />The IDI Grant would equal $2,401,250 at the current tax rate of $.565/$100 <br />Effective annual property tax payment equal $5,000 year 1 and <br />$89,750 in years 2 - 6 <br /> <br />V. PROGRAM ADOPTION AND EFFECTIVE DATE <br /> <br />These industrial development incentive grant program guidelines were endorsed by <br />the Greater Cabarrus Economic Development Corporation by its Board of Directors on <br />June 11, 1996 and approved by the Cabarrus County Board of Commissioners on <br />June 17, 1996. The Cabarrus County Industrial Development Incentive Grant <br />program guidelines will apply to those new industrial development projects locating or <br />existing industrial expansions occurring in Cabarrus County (and its cities/towns) <br />subject to formal contractual agreement approved by the County Commission after <br />July 1, 1996. <br /> <br />These guidelines remain in effect until otherwise modified by the Cabarrus County <br />Board of County Commissioners. <br /> <br />9/5/96 <br /> <br />4 <br /> <br /> <br />