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AG 1998 08 17
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AG 1998 08 17
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Last modified
4/4/2002 7:32:05 PM
Creation date
11/27/2017 11:52:11 AM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
8/17/1998
Board
Board of Commissioners
Meeting Type
Regular
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III. PRO.FECT QUALIFICATIONS <br /> <br />To be considered eligible for a industrial development incentive grant a project should be <br />required to meet certain basic criteria. These criteria are to be treed as guidelines in project <br />evaluations. Additional criteria may be applied to a specific project based upon the terms of the <br />agreement between the industrial client and county (cities/towns as applicable). <br /> <br />minimtwn value project to qualify for consideration: <br />Level [ grant - $ 5,000,000 or greater <br />Level [I grant - S 20,000,000 or greater <br />Level il! grant - 5 100,000,000 or greater <br /> <br />Level I grant - up to 75% of local property taxes to be paid by the new or expanding <br />industry for a period of five consecutive tax years <br /> <br />Level II grant - up to 80% of local property taxes to b~ paid by the new or expanding <br />industry, for a period of five consecutive tax years <br /> <br />Level III grant - up to 85% oflocaI property taxes to be paid by the new or expanding <br />industry.' for a period of five consecutive tax years <br /> <br />Under no circumstances would any new or expanding industry receive an industrial <br />development incentive g-rant that lowered the net tax payments paid to the county <br />(cities/towns as applicable) to a level less than the local property taxes paid in a prior <br />?-ear. <br /> <br />Grant payments '.'.'ill not be made unless the applicable industry, is current in all' other <br />required local property tax payments of record within Cabarrus County. <br /> <br />Industrial development incentive grant benefits may not be transferred or otherwise <br />conveyed to another party, without the specific consent of the Board of County <br />Commissioners <br /> <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 on a site subject to annexation. The industrial development <br />incentive grant formula applied to a project within one of the county's cities/to,ams will <br />be applied at the sa.me level as authorized by the Board of County Commissioners, <br /> <br />ALL INDUSTRIAJ., DEVt~,LOPMENT INCENTIVE GRANTS WILL BE <br />CONVEYED BY A FORM.XL AGREEMENT BETWEEN THE INDUSTRY <br />RECEIVING THE GR.4aNT AND THE COUNTY ALONG WITH AFFECTED <br />CITIES AND TO~,VNS AS APPROPRIATE. <br /> <br /> <br />
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