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CITY OF CONCORD INDUSTRIAL DEVELOPMENT <br /> INCENTIVE GRANT PROGRAM ' <br /> <br />I. OVERVIEW <br /> <br />In order to expand economic develolEmen[ options for the City of Concord that will <br />diversify the tax base, offer improved employment opportunities for its citizens and <br />promote the economic growth and welfare of the business and industrial community, the <br />Concord Board of Aldermen has in the past established inducement guidelines to <br />en¢ourage new industry location decisions within the City and to assist existing industrial <br />expansions. This Industrial Development Incentive grant program formalizes guidelines <br />that establish the parameters for local government economic incentives to be used to <br />encourage existing industrial expansions and to help promote the City of Concord as an <br />excellent site choice for new industrial plant locations. This Industrial Development <br />Incentive (IOI) grant program replaces any previously enr~cled policy guidelines. <br /> <br />II. PROGRAM pARAMETERS <br /> <br />The IOt grant involves a contractual agreement between thu City and a new or existing <br />industry (and appropriate city/town if the project is within a municipality's boundaries or <br />subject to annexation within the time flame of the agreement) that would allow for a <br />financial incentive grant based upon the actual value, schedule and payment of local <br />proper1'y taxes for a period of up to five tax years. The City' will require the industry to <br />~.ay in full' annually total property taxes due. If the industcy has met specific criteria as <br />outlined in a formal agreement, a portion of the property taxes paid by that industry to <br />the City each year for five consecutive tax years would be relu~ned to the industry in the <br />form of a local industrial development incentive grant. <br /> <br />Each project would be dealt with on an individual basis ush~g guidelines established <br />under the direction of the Concord Board of Aldermen. The guidelines for the program <br />shall be subject to periodic review. Changing economic conditions may cause the board <br />of Concord Board of Aldermen to modify, amend or even Ierminate the program subject <br />to compliance with any industrial development incentive gr.~nts in effect at that time. <br /> <br />Items for consideration in authorizing an industrial developnJent incentive grant may <br />include but are not limited to: <br /> the size of the project based upon investment in sit,:: d~v~)lopment, plant facilities <br /> and infrastructure <br /> the number of and type of jobs created <br /> the relationship between jobs development and total ~'/astment <br /> potential for future expansion and increased employ~e~[ <br /> <br /> <br />