AG 1999 08 30 - Laserfiche WebLink

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Fn~htbit D THE CITY OF CONCORD INDUSTRIAL DEVELOPMENT GRANT PROGRAM I. OVERVIEW The economic welfare of the city is directly linked to the vitality, diversity and success of its businesses and industries. The City of Concord has used financial incentives to stimulate development of new industries and expansion of existing businesses. The program enacted in 1996 was directly or partially responsible for industrial projects that had a substantial economic impact in the City of Concord. 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 City Council directed staff to conduct routine review of the city' s incentive programs; recommend changes when appropriate; and, monitor program effectiveness. This document reflects amended incentive program parameters adopted by the City Council on May 13, 1999. Each project considered under these guidelines shall be viewed independently of any project previously considered, awarded or rejected by the city. Projects are considered on a case-by-case basis. The Cabarrus County Economic Development Corporation shall pre-screen applicants to be considered for award of grants under this program. Applicants will be required to present relevant information related to the app{ication 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 County Economic Development Corporation as to the award of a grant and specific conditions that should be considered relative to the proposed project. II. PROGRAM PARAMETERS The INDUSTRIAL DEVELOPMENT GRANT PROGRAM is designed to create a rational rather than an inflated relationship between incentives authorized and the true economic impact of a qualifying project. Recognizing that it is difficult to determine with any exactness the actual fiscal impact of a specific project, the City 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 City has chosen the estimated property tax assessment base as the value criterion for the INDUSTRIAL DEVELOPMENT GRANT PROGRAM, incentives offered by the City are not to be considered as allocated from any dedicated revenue source. Incentives are to be paid from the City's General Fund after appropriate budgetary