AG 1999 08 30 - Laserfiche WebLink

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2 actions by the City Council. The City's General Fund consists of revenue sources inclusive of ad valorem taxes, local ~ales taxes, intergovernmental revenues, permit and fee revenues, sales and service fee revenues, financing sources, interest earnings and other miscellaneous revenues. Other than as established by applicable federal or state law, revenues have no dedicated expenditure purpose. The fiscal impact of a proposed industrial project could be evaluated using methods to include employment data such as wages and benefits, secondary job creation, business spin-offs and related factors. Those methods could produce a broader more favorable view of a particular project's regional fiscal impact. Workforce mobility and the ability of economic decisions to transverse governmental boundaries make those factors unreliable in measuring direct local economic impact. Emphasis on those factors could lead to inflated estimates of a project's local value and less certain cost-benefit based incentive decisions. The intent of the INDUSTRIAL DEVELOPMENT GRANT PROGRAM is that the City will always see a positive financial benefit associated with each project. Economic development incentive programs elsewhere have seen significant public financial investments by local governments committed to on the front-end of a project go uncovered in benefits (either in directly attributed financial returns or in the creation of newer higher paying jobs). The INDUSTRIAL DEVELOPMENT GRANT PROGRAM is designed to ensure that the increases in property tax assessment base and other associated local government revenue resources are in excess of grants awarded. Grants shall not exceed four years in period of award and any one grant award period must be completed not later than seven years after initial award to allow for construction and production start-up time. An extension to these limits may be granted based upon specific project related issues, but is not guaranteed or required. The formal agreement between the parties (grant recipient and county) shall attempt to specifically identify dates for purposes of establishing the appropriate time period(s) that a grant will be in effect. Dates to be established will include consideration of the date of award, a date for the beginning of construction, production start-up date and the dates for the beginning and ending of the incentive grant awards. Each project will be dealt with on an individual basis using these guidelines and other directives established by the City of Concord. These guidelines are subject to change and will be reviewed every two years from date of adoption or amendment thereto or sooner if the City Council requires it. Changing economic conditions, legal issues or other factors may cause the City Council to modify, amend, suspend or even terminate the INDUSTRIAL DEVELOPMENT GRANT PROGRAM subject to contracted grants previously awarded and in effect at that time.