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This incentive grant program shall apply only to the first 1 cent and two ~ cent local <br />option sales tax revenues. The County has pursued legislation allowing for the adoption <br />ofa~ additional I cent local option sales tax by referendum to specifically provide <br />funding of a capital improvements program for the county's .school systems. Revenues <br />from this additional local option sales tax (if authorized) will NOT be considered as <br />available or applicable for pm'poses of any commercial/retail development incentive <br />progxam. <br /> <br />The distribution of incentive payments shall coincide with the receipt 6fquarterly sales <br />tax revenues from the State by the County. The timing of payments to the developer shall <br />be quarterly withi, 30 days of receipt of'funds from the Stat~ and verification <br />documentation of,'project sales by the developer. The developer will provide the County <br />information-related to any overpayment of.sales tax collections by project tenants and <br />subsequent refunds paid to tenants by the State on.a quarterly basis along with the routine <br />documentation of project tenant sales. .. <br /> <br />ALL COMMERCIAL/RETAIL DEVELOPMFaNT INCENTIVE GRANTS WILL <br />BE CONVEYED BY A FORMAL AGREEMENT BET~/EEN THE DEVELOPER <br />RECEIVING THE GRANT AND TI-IE COLrNTY ALONG WITH AFFECTED <br />CITIES AND TOWNS AS APPROPRIATE. THE COU/~Y (CITIES IF <br />APPLICABLE) WILL PROVIDE FOR A PUBLIC I-I. EARING PROCESS TO <br />ALLOW FOR PUBLIC 12'4'P~ PRIOR TO TIlE FORMAL AUTHOI~IZATION <br />OF ANY COMMERCIAL/RETAIL DEVELOPMENT INCENTIVE GRANT. <br />AGREEMENT. <br /> <br />D,', EXA.MPLES OF APPLICATION OF THE GRA~'T PROGRA.:M <br /> <br />Developer XYZ constructs a major commercial/retail complex meeting the criteria established <br />within the C/R.DIG pro~'n: <br /> <br />Level I grant (based on 250,000 SF GLA. Sales of $200 SF GLA <br />(25% gr~nt based upon only the County's share of local sales tax, 9%98 formula) <br />250.000 SF multiplied by 5200 SF sales equates to 5; 50,000,000 total sales <br />Local sales tax estimated at: first 1 cent = $50 million $1% ~- $ 500,000 <br /> two V~cents = $50 million ~ 1.16% = $ 580,000 <br /> total 16cal sales tax generated $1,080,000 <br />County's share (FY '97%) = 67.85% of $I,080,000 -- $ 732,780 <br />Base grant potential = 25% of $732,780 for 5'years = $ 915,975 <br />County revenues from local sales tax for the same period = $ 2,747,925 <br /> <br />4 <br /> <br /> <br />