AG 1999 08 30 - Laserfiche WebLink

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CABA, RRUS COUNTY INDUSTRI,AJ.., DEVELOP~FENT GRANT PROGRA. M I. OVERVIEW The economic welfare of the county is directly linked to the vitality, diversity and success of its businesses and industries. Cabarrus County has used financial incentives to stimulate development of new industries and expansion of existing businesses. The original program enacted in 1995 and modified in 1996 was directly or partially responsible for industrial projects that had a substantial economic impact in Cabarrus County. To remain consistent with its intent, it is prudent that the program be periodically reviewed and modified to account for changes in economic parameters, effectiveness and applicability,. The Count' Commission directed staff to conduct routine review of the county's incentive programs: recommend changes when appropriate; and, monitor program effectiveness. The input of participating municipalities, the Chamber of Commerce and the Cabarrus County Economic Development Corporation was sought and received through direct recommendations and endorsements. This document reflects amended incentive program parameters adopted by the County, Commission (June 1, 1999). Each project considered under these guidelines shall be viewed independently of any project previously considered, awarded or rejected by the county and participating municipalities. A proposed project to be located within the boundaries ora municipality may be subject to a different set of guidelines set by the City than those applying to award ora grant by the county. The Cabarrus Count' Economic Development Corporation shall pre-screen applicants to be considered for award of grants under this program. Applicants will be required to pre~ent relevant information related to the application to the appropriate elected board of the Cities and County inclusive of details of the project, its impact and the rationale for award of the incentive grant(s). The presentation shall carry, forward a recommendation from the Cabarrus Count' Economic Development Corporation as to the award of a ~ant and specific conditions that should be considered relative to the proposed project. Il. PROGtL~M P.43tAx~rI~TERS The EqDUSTRL&L DEVELOP.MENT GRANT PROGRAM is designed to create a rational relationship between incentives authorized and the true economic impact ora qualifying project. Kecogn[zkng that it is difficult to determine with any exacmess the actual fiscal impact ora specific project, Cabarrus County has chosen'to use the estimated new' taxable real and personal property tax assessment base created by a project in determining attributable fiscal impact upon the local economy to decide whether a particular project merits consideration. Even though the County has chosen the estimated property tax assessment base as the value criterium for the [NrDUSTRJAL DEVELOPMENT GRANT PROGRAM, incentives offered by the CounD' are not considered as allocated from any dedicated revenue source. Incentives are paid from the County's General Fund at~er appropriate budgetary actions by the County Commission. The General Fund consists of revenue sources inclusive of ad v~orem taxes, local sales taxes, intergovernmental revenues, permit and fee revenues, sales and service fee revenues,