AG 1999 03 15 - Laserfiche WebLink

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To clarify this issue: The initial year investment level at the time the award is made by the County Commission should be the determining criterion. If the investment in assets meets the qualifying level for a grant, that level shall be applied for each of the five years awarded. Since grant payments are based on "net" asset value, the grants are impacted proportionately with the reduction in value associated with depreciation. (c) The impact of revaluation and tax rate adjusunents will change grant payments and taxes paid by grant recipients. These changes need to be addressed appropriately. To clarify this issue: Calculations of grant payments are to be reviewed to be consistent with the initial intentions of the program. These variations will include: (1) If tax rates are lowered due to revaluation, then grant payments will be reflective of the reductions ia taxes paid and reflective of the "net" impact created by the grant eligible investment. (2) Normal annual variations in the tax rate by the County Commission also impact the "net" taxes paid and will be reflected in the f'mal consideration of the grant payment awarded on grant eligible investments. (D) Finally, there are to be further discussions by the Board of County Commissioners regarding the future application of the Industrial Development Incentive Grant Program. It is uncertain as to exactly how the program will be applied in the future or what modifications will occur. Please continue to keep a record of issues we should address in any revisions to the current program. The Board of Commissioners will be visiting this issue in the near future. We want to make sure that program administratively-oriented issues are included m any action taken by the Board of Commissioners. FWC/lsg Cc: Board of Comm/ssioners Fletcher Hartsell Maurice Ewing,~'