AG 1998 08 17 - Laserfiche WebLink

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III. PRO.FECT QUALIFICATIONS To be considered eligible for a industrial development incentive grant a project should be required to meet certain basic criteria. These criteria are to be treed as guidelines in project evaluations. Additional criteria may be applied to a specific project based upon the terms of the agreement between the industrial client and county (cities/towns as applicable). minimtwn value project to qualify for consideration: Level [ grant - $ 5,000,000 or greater Level [I grant - S 20,000,000 or greater Level il! grant - 5 100,000,000 or greater Level I grant - up to 75% of local property taxes to be paid by the new or expanding industry for a period of five consecutive tax years Level II grant - up to 80% of local property taxes to b~ paid by the new or expanding industry, for a period of five consecutive tax years Level III grant - up to 85% oflocaI property taxes to be paid by the new or expanding industry.' for a period of five consecutive tax years Under no circumstances would any new or expanding industry receive an industrial development incentive g-rant that lowered the net tax payments paid to the county (cities/towns as applicable) to a level less than the local property taxes paid in a prior ?-ear. Grant payments '.'.'ill not be made unless the applicable industry, is current in all' other required local property tax payments of record within Cabarrus County. Industrial development incentive grant benefits may not be transferred or otherwise conveyed to another party, without the specific consent of the Board of County Commissioners Cities/towns must agree to abide by the terms of this proposal for it to be applied to sites within the cities/towns or on a site subject to annexation. The industrial development incentive grant formula applied to a project within one of the county's cities/to,ams will be applied at the sa.me level as authorized by the Board of County Commissioners, ALL INDUSTRIAJ., DEVt~,LOPMENT INCENTIVE GRANTS WILL BE CONVEYED BY A FORM.XL AGREEMENT BETWEEN THE INDUSTRY RECEIVING THE GR.4aNT AND THE COUNTY ALONG WITH AFFECTED CITIES AND TO~,VNS AS APPROPRIATE.