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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_t~ve <br /> <br />Grants for expansion of existing industries will account for reductions in value associated <br />with machinery, and equipment being phased out, replaced or retrofitted as part ora <br />project. Factors impacting employment will be evaluated and enter into determinations of <br />grant awards. The company must agree to the value of the older assets being replaced if <br />new assets are for replacement purposes. <br /> <br />Grants for new projects will only consider estimated enhancements to the property tax <br />assessment base above those existing prior to the project as proposed. <br /> <br />The county shall provide detailed reporting processes to monitor and assure compliance <br />with the terms, conditions and other specific requirements of the grant award agreement. <br />The grantee shall comply with the reporting requirements during the grant period. The <br />county agrees to maintain confidentiality, of information deemed to be proprietary in <br />nature. The grantee shall provide the county access to verifiable grant related support <br />documentation. Failure of the county to obtain required grantee documentation shall <br />cause termination of grant <br /> <br />The _.grantee is required to give detailed knformation on assets to be considered as part of <br />the grant application process, inclusive of anticipated depreciation schedules, leasing <br />arrangements with named parties holding financial interest in assets covered by the grant <br />program, all business or corporate names that may be applicable for purposes of asset <br />ownership. Signed releases fi:om those holding financial interests in assets may be <br />required as documentation for grant awards. <br /> <br />Roiling stock inclusive of automobiles, trucks, tractors, trailers or other licenced vehicles <br />shall not quali~' as listed assets under personal property for purposes' of calculating the <br />proposed projects investment value. <br /> <br />County contributions to a specific project's infrastructure costs shall be deducted from <br />the calculated LNDUSTRIAL DEVELOPMENT GRANT PROGRAM award available <br />for that specific project. <br /> <br />The grantee shall provide documentation in support of the fact that the County's <br />I'NDUSTRL&L DEVELOPN[ENT GRANT PROGRAM was an important factor ha its <br />decision to locate or expand facilities in Cabarrus County. <br /> <br />IV. EXAMPLE OF GRANT AWARD <br />Level I grant (based on a $10 million project with $7 million in real property and $3 million in <br />equipment and machinery) <br />est tax rate .60/100 for the grant period <br />depreciation rate of 2% for real and 10% for personal property per ye~ <br />Year One: <br />real property investment of $7,000,000/100 = $70,000 x 75% x $.60 + personal property <br /> <br /> <br />
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