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AG 1998 09 21
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AG 1998 09 21
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Last modified
3/25/2002 6:08:23 PM
Creation date
11/27/2017 11:52:28 AM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
9/21/1998
Board
Board of Commissioners
Meeting Type
Regular
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Level II grant ('based on 500,000 SF ISLA, Sales of $200 SF GLA <br />($0% grant based upon only the County's share of local sales tax, 9%98 formula) <br />500.000 SF multiplied by $200 SF sales equates to $100,000,000 total sales <br />Local sales tax esfi. rnated at: lust I cent = $100 million ~ 1% = $1,000,000 <br /> two ½ cents = $100 million ~ 1.16% = $ I, 160,000 <br /> total local sales tax generated $ 2,160,000 <br />County's s.hare (FY '97 %) = 67.85% ors 2,160,000 = $1;465,560 <br />Base grant potential -- 50 % .o.f.$ 1,465,560 for 5 years -- $ 3,663,900 <br />County revenues from local sales tax for the same period = $ 3,663,000. <br /> <br />Level III grant (based on 1 fi-dillon SF GLA, Sales of $200 SF OLA <br />(75% grant based upon only the County's share oflocal sales mx, 97-98 foanula). <br />1 Million SF multiplied by $200 SF sales equates to $ 200,00fl;000 total sales <br />Local sales tax e~timated at: first I cent = $200 million ~ 1% = $ 2,000,000 <br />two ½ cents = $200 million ~ 1.16% = $ 2,232,000 <br />total local sales tax generated $ 4,2.32,000 <br />County's share (FY '97 %) -- 67~85 ors 4,232,000 = $ 2,871,412 <br />Base grant potential --~ 75% ors 2,871,412 for 5 years -- $10,767,795 <br />County's revenues from local sales tax for the same,period -~ $ 3,589,265 <br /> <br />ALL ESTI..%La, TES ARE BASED ON DATA AVAILABLE. CHANGES IN THE <br />ACTUAL PERCENTAGE OF TITLE COUNTY'S SHARE OF THE LOCAL 1 CENT AND <br />TWO ½ CENT SALES TAXES WILL VARY ANNUALLY. ACTUAL SALES DATA IS <br />A REQUIRED SUBMI'FrAL OF TI-IR DEVELOPER RECEIVING THE GRANT, <br /> <br />¥. PROGR.--M%! ADOPTION AND EFFECTIVE DATE <br /> <br />These commercial/retail development incentive grant program guidelines are subject to changing <br />economic conditions ~it the direction of the Cabarrus County Board of County Commissioners. <br />It is proposed that the effective date of implementation of the grant program guidelines will be <br />for agreemen[s related to new projects locating or expanding within Cabarrus County <br />(cities/towns) subject to agreements approved by the County Commission after July 8, 1997. <br /> <br />ADOPTED BY THE BOARD OF COUNTY COMblISSIONERS ON JULY 8th, 1997. <br /> <br />FWC <br />7/17/97 - - <br /> <br /> <br />
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