AG 1998 09 21 - Laserfiche WebLink

Home Browse Search

III. PROJECT QU.-kLIFICATIONS To be considered eligible for a industrial development incentive ~ant a project should be required to meet certain basic criteria. These criteria are to be used as g,,idetines in project evaluations. Additional criteria may be applied to a specific project based upon the terms of the agreement between the industrial client and coun ,ty (cities/towns as applicable). * minimum value project to qualify, for consideration: Level l ~ant - $ 5,000,000 or greater Level II grant - $ 20,000,000 or greater Level £II grant - $ 100,000.O00 or greater Level I grant - up to 75% of local propert?' taxes to be paid by the new' or expanding industry, for a period of five consecutive tax years Level II ~artt - up to 80% of local property, taxes to be paid by the new or expanding indusr~' for a period of five consecutive tax years Level Ill grant - up to 85% of local property, taxes to be paid by the new or expanding industo.' for a period of five consecutive tax years Under no circumstances would any new or expanding industry receive an industrial development incentive =*rant that lowered the net tax payments paid to the coun~ (cities/towns as applicable) to a level less than the local prope~,' taxes paid in a prior Gr2nt payments will not be made unless the applicable industr?' is current in al? other ..~ :required focal property tax payments of' record within Cabarms Count?.-. Industrial development incentive grant benefits may not be transferred or othe~vise conveyed to another party without the specific consent of the Board of Count2,.' 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 industr/al development incentive grant formula applied to a project within one of the coun¢"s cities/towns will be applied at the same level as authorized by the Board of County Commissioners. ALL INDUSTRIAL DEVELOPMENT INCENTIVE GRA_NTS WILL BE CONVEYED BY A FOPuMAL AGREEMENT BETWEEN THE INDUSTRY RECEIVING THE GR.4aNT AND THE COUNTY ALONG WITH AFFECTED CITIES AND TOWNS AS APPROPRIATE.