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CABARRUS COUNTY INDUSTRiAL DEVELOPMENT <br /> INCENTIVE GRANT PROGRAM <br /> <br />I. OVERVIEW <br /> <br />in order to expand economic development options for Cabarrus County that will diversify the tax <br />base. offer improved employment opportunities for its citizens and promote the economic ~owth <br />and welfare of the business and industrial community, the Board of County Commissioners has <br />in the past established inducement guidelines to encourage new industry, location decisions <br />within the county, and to assist existing industrial expansions. This Industrial Development <br />Incentive grant program formalizes guidelines that establish the parameters for local government <br />economic incentives to be used to encourage existing industrial expansions and to help promote <br />Cabarrus County as an excellent site choice for new industrial plant locations. This Industrial <br />Development Incentive (IDF) gant pro.am replaces any previously enacted policy guidelines. <br /> <br />II. PROGRAM PARA*IETERS <br /> <br />The iD[ grant involves a contractual agreement between the coun~ and a new or existing <br />industry.' (and appropriate ciry/town if the project is within a municipality's boundaries or subject <br />to ..annexation within the time frame of the agreement) that would allow for a financial incentive <br />grant based upon the actual value, schedule and payment of local property taxes for a period of <br />up to five tax yea.rs. The coun~ will require the industry, to 'pay in full' annually total property. <br />taxes due. If the industry.' has met specific criteria as outlined in a formal agreement, a portion of <br />title properz.:' taxes paid by that industry, to the county (and municipalities, if applicable) each year <br />for five consecutive tax years would be returned to the industry.' in the form ora focal [ndustr(al <br />de~.e-~pment incentive grant. <br /> <br />Each project would be dealt with on an individual basis using guidelines established under the <br />direction of the Board of County. Commissioners. The guidelines for the program shall be <br />subjec[ to periodic review. Changing economic conditions may cause the Board o£County <br />Commissioners to mod[fy, amend or even terminate the program subject to compliance with any <br />industrial development incentive grants in effect at that time. <br /> <br />Items for consideration in authorizing an industrial development incentive grant mai include but <br />are not limited to: <br />· the size of the project based upon investment in site development, plant facilities and <br /> infrastructure <br />· the number of and type of jobs created <br />· the relationship bet~veea jobs development and total investment <br />· potential for future expansion and increased employrnent <br />· site specific issues that impact upon local infrastructure responsibilities <br />· site specific initiatives that may be pursued to stimulate other development in areas that <br /> the county or municipalities may deem of significant benefit to the community <br /> <br /> <br />