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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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Pa~e sL'c <br /> <br />investment of $3,000,000/I00 = 530,000 x 75% x $.60 = $ 45,000 grant payment <br />Year Two: <br />real property investment of $6,860,000/100 = $68,600 x 75% x $.60 + personal property <br />investment of $2,700,000/100 = $27,000 x 75% x $.60 = $ 43,020 grant payment <br />Year Three: <br />real property investment 0f$6,722.800/I00 = $67,228 x 75% x $.60 + personal property <br />investment of $2,430,000/100 = $24.300 x 75% x $.60 = $ 41,188 <br />Year Four: <br />real property, investment of $6,588,344/100 = $65,883 x 75% x $.60 = $29,647 grant payment <br />Year Five: <br />real property knvestment of $6,456,577/100 = $64,568 x 75% x $.60 = $29,056 grant payment <br /> <br />Five year period total grant payments estimated at $ t87,911. For this Level 1 grant project the <br />EN'DUSTRL4.L DEVELOPN~NT INCENTIVE GRANT PROGR.~M award equates to '01.88%' <br />of the haitial corporate investment. <br /> <br />Calculations for ~q'DUSTRL~L DEVELOPMENT INCENTIVE GRANT PROGRAaM awards at <br />oLher values and at Levels i, 2 or 3 would be completed in a similar manner. <br /> <br />Note: The ratio of real to personal property, (machinery and equipment) will vary <br />significantly among projects. For purposes of this example 70% real and 30% personal <br />property investments were assumed. Depreciation schedules will impact estimated tax <br />assessment values depending on the type of project and applicable depreciation schedule. <br /> <br />V. PROGK.~I .ad)OPTION, .aaN~vI3EN-DNIENT AN'I) EFFECTr~'E DATES <br />Earlier kN-DUSTRk-kL DEVELOPMENT GKANT PROGRAM guidelines were adopted by the <br />Cabarrus County Board of Commissioners in June 1996. Subsequent modifcations inclusive of <br />dates of action by the County shall be routinely detailed and noted hereto. Applicability. ora <br />specfic project to these program guidelines shall be consistant with latest date of appropriate <br />action by the Board of County Commissioners and the date of application for the program. <br /> <br />A pre-application meeting with the County. Commission and elected officials of any local <br />municipality, impacted by a proposed project shall be held to validate project specifics and <br />assure that current grant program criteria are applicable. Cabarrus Economic <br />Development, Inc. shall provide a fiscal analysis of the project's impact upon the <br />community inclusive of a recommendation from its Board of Dircector's as to whether the <br />project proposal should be considered for the award of an incentive grant as detailed <br />within policy guidelines. <br /> <br />Only specific action by the Cabarms County Commission shall be deemed acceptance of terms in <br />a formal contractual grant agreement and by award of an INDUSTRIAL DEVELOPMENT <br />GP,,~NT thereto. <br /> <br /> <br />
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