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AG 1999 08 30
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AG 1999 08 30
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Last modified
3/25/2002 6:00:58 PM
Creation date
11/27/2017 11:49:49 AM
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Template:
Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
8/30/1999
Board
Board of Commissioners
Meeting Type
Regular
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Page two <br /> <br />£mancing sources, interest earnings and other miscellaneous revenues. Other than as established <br />by applicable federal or state law. revenues have no dedicated expenditure purpose. <br /> <br />The fiscal impact of a project could be evaluated using methods to include employment dam, <br />wages and benefits, secondary, job creation, business spin-offs and related factors. Those methods <br />could produce a more favorable view of a project's regional fiscal impact. Workforce mobility.- <br />and the abili~' of economic decisions to transverse governmental units make those factors <br />unreliable in measuring direct local financial impacts. Emphasis on those factors could lead to <br />inflated estimates of a project's value and less certain cost-benefit based incentive decisions. <br /> <br />The intent of the 1L~'DUSTRLAL DEVELOPM]ENT GRANT PROGRfluM is that the County will <br />see a positive financial benefit associated with each project. Economic development incentive <br />programs elsewhere have seen significant public financial investments by local governments <br />committed to on the fl:ont-end of a project go unrecovered in benefits (either in directly attributed <br />financial returns or in the creation of newer higher paying jobs). <br /> <br />The EN'DUSTRL-XL DEVELOPMENT GRANT PROGRA~M is designed to ensure that the county <br />and participating municipalities see increases in property tax assessment base and other local <br />government revenue resources in excess of grants awarded. <br /> <br />Grants shall not exceed five years in period of award and any one grant award period must be <br />completed not later than seven years aRer initial award to allow for construction and production <br />start-up time..An extension to these limits may be granted based upon specific project related <br />issues, but is not guaranteed or required. <br /> <br />The formal agreement between the parties (grant recipient, cities and county) shall attempt to <br />specifically identify dates for purposes of establishing the appropriate time period(S) that a grant <br />will be in effect. Dates to be established will include consideration of the date of award, a date <br />for the beginning of construction, production star~-up date and the dates for the beginning and <br />ending of the incentive grant awards. <br /> <br />Each project will be deaIt with on an individual basis using these guidelines and other directives <br />authorized by the Cabarrus County. Commission. These guidelines are subject to change and will <br />be reviewed routinely from date of adoption, the County Commission requiring it. <br /> <br />Changing economic conditions, legal issues or other factors may cause the County Commission <br />to modify, amend, suspend or terminate the INDUSTPdAL DEVELOPMENT GRANT <br />PROGRAM subject to contracted grants previously awarded and in effect at that time. <br /> <br />Althou~. increasing and diversifying the local property tax assessment base are the primacy <br />initiatives of this ENDUSTRIAL DEVELOPlvIENT GRANT PROGRAM, several other factors <br />may be considered in authorizing a grant to any specific project. These may include but are not <br />limited to: <br /> <br /> <br />
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