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AG 1998 09 21
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AG 1998 09 21
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Last modified
3/25/2002 6:08:23 PM
Creation date
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
9/21/1998
Board
Board of Commissioners
Meeting Type
Regular
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site specific issues that impact upon local infrastructure responsibilities <br />site specific initiatives that may be pursued to stimulate other development in <br />areas that the City may deem of significant ben.tit to the community <br /> <br />II1. PROJECT QUALIFICATIONS <br /> <br />To be considered eligible for an industrial development incentive grant a project sh(3uld <br />be required to meet certain base criteria. These criteria are to be used as guidelirtes in <br />project evaluations. Additional criteria may be applied to a specific project based upon <br />the terms of the agreement bob, yeah the industrial client and city'. <br /> <br />minimum value project to qualify for consideration: <br />Level I grant - $5,000,000 or greater <br />Level II grant - $20,000,000 or greater <br />Level Itt grant - $100,000,000 or greater <br /> <br />Level ~ grant - up to 75% of local property taxes to be paid by the new or <br />expanding industry for a period of five consecutive tax years <br /> <br />Level 1t grant - up to 80% of local property taxes to be paid by the new or <br />expanding industry for a period of five consecutive tax years <br /> <br />Level III grant - up to 85% of local property taxes to be paid by the new cr <br />expanding industry for a period of five consecutive tax years <br /> <br />Under no circumstances would any new or expanding industry receive an <br />industrial development incentive grant that lowered the net tax payments paid to <br />the city to a level less than the local property taxes paid in a prior year <br /> <br />All industrial development incentive grants are to be specifically designed to be <br />paid from the tax payments actually made by the industry receiving the benefit. <br />Grant payments will not be made unless the applicable industry is current in all <br />other required local property tax payments of record wi[idn the City of Concord <br /> <br />Industrial development incentive grant benefits may not be transferred or <br />other'wise conveyed to another party without the specific consent of the Board of <br />Aldermen <br /> <br />The City must agree to abide by the terms of this proposal for it to be applied to <br />sites within the City or, on a site subject to annexatioq. 'Fhe industrial development <br />incentive grant formula applied to a project within on of the City's will be applied <br />at the same level as authorized by the Board ot' <br /> <br />ALL INDUSTRIAL DEVELOPMENT INCENTIVE GRAt',rI'S WILL BE CONVEYED <br />BY A FORMAL AGREEMENT BETWEEN THE INI')IJSTRY RECEIVING THE <br />GRANT AND THE CITY AS APPROPRIATE. <br /> <br /> <br />
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