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the development of'a specific project. 'Failure of.the project or its tenants to provide <br />accurate sales in. formation or to acm~!ly f.orward payment o£collected sales tax revenues <br />to the appropriate state agency shall void any responsibility of.the county to pay <br />incentives to the developer under the tec~s o£ the C/R. DI grant agreement. <br />Cities/towns mu.st agree to abide by the terms of.th~s proposal f.or it to be applied to sites <br />within the cities/towns or a site subject to annexation during the term of.the agreement. <br />The C/R. DI grant fo,,ula applied to a project within one of,th~ county's ¢ities/towr~s. will <br />be applied at the same level as au..thorized by the Board of.County Commissioners. <br />The incentive grants will apply to the ftrst 1 cent and two ½ cent local-sales taxes <br />received by the county (and mtm'~cipalities Lf.applicable) based upon distribution f.o~;~ulas <br />authorized by the State Dep~ent of.Revenue and adopted each year by the Court .fy <br />Commission. It should be recognized that the first 1 cent is a situs based tax and the't~'o <br />~ cent taxes are distributed on a state-wide formula established hy the legislature. For <br />purposes of ref,erenc~, the two ½ cent sales taxes each equated to approximately S8% of <br />the revenues from the local full 1 cent sales tax each for the fiscal ~ear ended Sune 30, <br />199~. In other words, the tqtal revenues from the two ½ cent taxes equated to <br />approximately 11(5% of'the full local 1 cent sales tax for that period. <br />The County Commission anntmlly establishes a local sales tax distribution f.ormula 'as <br />authorized by North Carolina Statutes. The County Commission retains the option of' <br />selecting between allowable methods authorized f,or determination of the formula to be <br />used during any particular fiscal period. The County's share of the local sales tax <br />revenues is reduced by an allocation to local fire districts ( the level of.that reduction for <br />1997 amounted to 2.41% of'the total County's share}. A history of'recent dLs~ribution <br />allocations of loc~ sales tax revenues between the county and its municipalities is <br />provided for reference: <br /> <br />Cab~rrus Coun~.v <br />Concord <br />Haz'dsbur.R <br />Kaa~apolis <br />Mt. <br /> <br />199.~/9 5 1995/96 ! 996/97 <br />Ad Valorem Percent Ad Valorem Percent Ad Valorem Percent <br />Levy o1' Levy Levy o£ Levy Levy or Levy <br />$27.510.b17 '7-~.05731 S37.447,060 68.02201 $34,~-29,b04 70.$$342 <br /> 6.9~-5.019 18.13839 1},269,583 24.1040(} 9,299,984 L9.16895 <br /> 175.$13 0.45971 219,170 0.3981'~ 213,634 0.44034 <br /> 3.353.400 8.78341 3,889,056 7.06441 4,$25,102 9.32706 <br /> 214.251 .0.56.118 '226.515 0.411~ 247,.~45 0.$1024 <br /> $38.178,800 I 0~ $55,051,3 ~4 100 $48, 515,869 ! 00 <br /> <br />97/98 <br />Cabal'us County <br />Concord <br />Ha~sbur~ <br />K~polis <br />Ntt. Pk~.nan t <br /> <br />Total Ad-Valorem Levy Special D~trlct Taxe~ <br />32,615,495 922.445 <br />I 1.476,819 63.176 <br />213,778 <br />4,206,602 <br />210.517 <br /> <br />'as reported by Karmapotis Cky <br />Cabacrus County reported S476.739 <br /> <br /> 1 <br />Ad Valorem' Perc~ <br /> Ltv7 or L~_~ <br />$37,421,0.t7 67.8473' <br /> I~$48,074 22.75C° <br /> 234~328 0.424 <br /> 4,718,~3 <br /> ~S83 0.4~- <br /> <br />Motor Vehicles Tota <br />3,883,097 37,421.G'- <br />1,0~8,079 ' - [2.545,0 <br />20,550 ~4,3~ <br />~ 511.401 4.718.~2 <br /> <br /> <br />