AG 1999 08 30 - Laserfiche WebLink

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Although, increasing and div.ersifying the local property tax assessment base are the primary initiatives of this INDUSTRIAL DEVELOPMENT GRANT PROGRAM, several other factors may be considered in authorizing a grant to any specific project. These may include but are not limited to: · the type of industry as a further diversification of the city's business base · the size and scope of the project based upon investment in site development, facilities, buildings and other bUsiness infrastructure inclusive of technology · the diversity, quality and quantity of jobs created by a project and the availability of labor · the relationship between workforce development and total project investment · the potential for future expansion of investment and employment · site specific issues impacting upon public infrastructure · actions that if pursued, stimulate development in areas of the city deemed beneficial · the ratio of investment in real versus personal property assets · the environmental impact of the project III. PROJECT QUALIFICATIONS A primary intent of the INDUSTRIAL DEVELOPMENT GRANT PROGRAM is to expand and diversify the city's property tax base. Minimum investment and employee wage factor criteria may be established as a requirement for consideration and award of a grant for eligible projects. These criteria are used as guidelines in project evaluations. They may be expanded upon or added to for a specific project and incorporated in the terms of the formalized grant award agreement between the participants. Minimum total project investment (based upon the estimated project real and personal property assessments to be confirmed by the county assessor) · Level 1 grant category - $ 5 million · Level 2 grant category - $50 million · Level 3 grant category - $100 million Level I grant - a grant award based upon a project's estimated tax revenue generation value, calculated to equate to approximately 65% of the value of real and personal property tax revenue value anticipated to be generated by the project. The value for real property investments shall be calculated based on a period of four (4) consecutive years with the value of personal property investments being considered for a period of three (3) consecutive years in determining value for grant calculation purposes. The beginning date for grant calculations is to be the date of useful occupancy and/or production startup. Level 2 grant - a grant award based upon a project's estimated tax revenue generation value, to be calculated to equate to approximately 70% of the value of real and personal property tax revenue value anticipated to be generated by the project. The value for real property investments shall be calculated based on a period of four (4)