AG 1998 09 21 - Laserfiche WebLink

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CABA.RRUS COUNTY COMMERCIAL/RETAIL DEVELOPMENT INCENTIVE GRANT PROGRAM L OVERVIEW Cabarrm County has traditionally lagged adjacent counties in local per capita sales tax revenues. Part of that trend can be attributed to large scale retail development that has occurred close to Cabarrus County but not located within'Cabarrus County. It is also common knowledge that large scale commercial/retail projects tend to stimulate additional supporting commercial/retail development in the vicinity of significant commercial/retail centers. The County's accelerating residential grow-da continues to create commercial/retail demand within the region. Much of this demand is being absorbed by development in adjacent counties. Th,-~¢fore, it is the intention of the County Commission to ~smblish a policy that will encourage large scale commercial/retail project developers to consider sites within Cabarms County for future projects. The success of the County's Industrial Development Incentive Grant Program leads the County Commission to believe that local government financial incentives that would encourage large scale commercial/retail development and expansion are an investment/n the County's future. Local retail sales tax revenues are second only to property ta.x~s as the County's significan~ocal revenue options. ~'The increasing demand for county governmental services to support the impacts of residential growth make increasing locally generated sa]es tax revenues a priority. II. PROGRAaM PARA_METE~ The C/RDI grant involves a contractual agreement between the county and a new or existing ~ business enterp, rise (and appropriate city/town if the project is within a municipality's boundaries' or subject to annexation within the time flame of the agreement) that would allow for a financial incentive grant based upon the level of retail sales generated within the project for a period of up to five full years. The county (and cities as appropriate) will agrei to provide a financial inducement to the developer of large scale commercial/retail projects that meet the criteria established within the guidelines of the C/RDI grant program'. Each project will be dealt with on an individna! basis using guidelines established under the direction of the Board of County Commissioners. The guidelines for the program shall be subject to periodic review. Changing economic conditions may cause the Board of County Commissioners to modify, amend or even terixfinate the program subject to compliance with any commercial/retail development incentive grants in effect at that time. Items for consideration in authorizing a commercial/retail development incentive grant may include but not be limited to: the size o~' the project based upon investment in site development, facilities and infrastructure;