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CABAR.RUS COUNTY INDUSTRiAL DEVELOP3IENT <br /> INCENTIVE GR.4z.NT PROGRA,~,I <br /> <br />I. OVERVIEW <br /> <br />In order to expand economic development options for Cabarrus County that will diversify the tax <br />base. offer improved employment opportunities for its citizens and promote the economic growth <br />and welfare of the business and industrial community, the Board of County Commissioners has <br />in the past established inducement guidelines to encourage new industry location decisions <br />within the county and to assist existing industrial expansions. This Industrial Development <br />Incentive grant program formalizes guidelines that establish the parameters for' local government <br />economic incentives to be used to encourage existing industrial expansions and to help promote <br />Cabarms County as an excellent site choice for new industrial plant locations. This Industrial <br />Development Incentive (IDI) grant program replaces any previously enacted policy guidelines. <br /> <br />II. PROGR.&.M PAR.4. METERS <br /> <br /> The ID[ grant involves a contractual agreement between the count2' and a new or existing <br /> industry (and appropriate ciD;'town if the project is within a municipality's boundaries or subject <br /> to annexation within the time frame of the agreement) that would allow for a financial incentive <br /> grant based upon the actual value, schedule and payment of local property taxes for a period of <br /> up to five tax years. The county will require the industry to 'pay in full' annually total property <br /> taxes due. If the industo' has met specific criteria as outlined in a formal agreement, a portion of <br /> the prope,.'~.' taxes paid by that indust~' to the cotmty (and municipalities, if applicable) each year <br /> t'c,r five consecutive tax >'ears would be returned to the industry, in the form ora local industrial <br /> de~ elopment incentive grant. <br /> <br />Each project would be dealt with on an individual basis using guidelines established under the <br />direction of the Board of County Commissioners. The guidelines for the program shall be <br />subject to periodic review. Changing economic conditions may cause the Board of County <br />Commissioners to modi~, amend or even te,'minate the program subject to compliance with any <br />industrial development incentive grants in effect at that time. <br /> : <br />Items tbr consideration in authorizing an industrial development incentive grant may include but <br />~are not limited to: <br />· the size of the project based upon investment in site development, plant facilities and <br /> infrastructure <br />· the number of and type ofjobs created <br />· the relationship between jobs development and total investment <br />· potential for future expansion and increased employment <br />· site specific issues that impact upon local infrastructure responsibilities <br />· site specific initiatives that may be pursued to stimulate other development in areas that <br /> the county or municipalities may deem of significant benefit to the community <br /> <br /> <br />