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the development of a specific project. Failure of the project or its tenants to provide
<br />accurate sales information or to actually forward payment of collected sales tax revenues
<br />to the appropriate state agency shall void any responsibility of the county to pay
<br />incentives to the developer under the temxs of the C/RDI grant agreement.
<br />Cities/towns must agree to abide by the terms of this proposal for it to be applied to sites
<br />within the cities/towns or a site subject to annexation during the term of the agreement.
<br />The C/P,_DI grant formula applied to a project within one of the county's cities/towns will
<br />be applied at the same level as authorized by the Board of County Commissioners.
<br />The incentive grants will apply to the first 1 cent and two ½ cent local sales taxes
<br />received by the county (and municipalities if applicable) based upon distribution formulas
<br />authorized by the State Department of Revenue and adopted each year by the County
<br />Commission. It should be recognized that the first 1 cent is a situs based tax and the two
<br />½ cent taxes are distributed on a state-wide formula established by the legislature. For
<br />purposes of reference, the two ½ cent sales taxes each equated to approximately 58% of
<br />the revenues from the local full I cent sales tax each for the fiscal year ended June 30,
<br />1996. In other words, the total revenues from the two ½ cent taxes equated to
<br />approximately 116% of the full local 1 cent sales tax for that period.
<br />The County Commission annually establishes a local sales tax distribution fommla as
<br />authorized by North Carolina Statutes. The County Commission retains the option of
<br />selecting between allowable methods authorized for determination of the fommla to be
<br />used during any particular fiscal period. The County's share of the local sales tax
<br />revenues is reduced by an allocation to local fire districts ( the level of that reduction for
<br />1997 amounted to 2.41% of the total County's share). A history of recent distribution
<br />allocations of local sales tax revenues between the county and its municipalities is
<br />provided for reference:
<br />
<br /> Cabarrus County
<br /> Concord
<br />-- Harrisburg
<br /> Kannapolis
<br /> Mt. Pleasant
<br /> Total
<br />
<br />1994/95 1995/96 1996/97
<br />Ad Valorem Percent Ad Valorem Percent Ad Valorem Percent
<br />Levy of Levy Levy of Levy Levy ofi,evy
<br />$27.510,617 72.05731 $37,447,060 68.02201 $34,229,604 70.55342
<br />6,925,019 18.13839 13,269,583 24.10400 9,299,984 19.16895
<br /> 175,513 0.45971 219,170 0.39812 213,634 0.44034 .
<br />3,353,400 8.78341 3,889,056 7.0644t 4,525,102 9.32706
<br />214,251 0.56118 226,515 0.41146 247,545 0.51024
<br />$38,178,800 100 $55,051,384 100 $48,515,869 100
<br />
<br />97/98 Total Ad-Valorem Levy Special District Taxes Motor Vehicles
<br />Cabarrus County 32,615,495 922,445 3,883,097
<br />Concord 11,476,819 63,176 1,008,079
<br />Harrisburg 213,778 20,550
<br />Kannapolis 4,206,602 *511,401
<br />Mt. Pleasant 210,517 22,366
<br />
<br />*as reported by Karmapolis City
<br />Cabarrus County reported $476,739
<br />
<br /> 1997/98
<br />Ad Valorem Percent
<br /> Levy of Levy
<br />S37,421,037 67.84787
<br /> 12,548,074 22.75084
<br /> 234,328 0.42486
<br /> 4,718,003 8.55419
<br />232,883 0.429-24
<br />$55,154,325 100
<br />
<br />Total
<br />37,421,037
<br />12,548,074
<br />234,328
<br />4,718,003
<br />232,883
<br />55,154,325
<br />
<br />
<br />
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