AG 1998 09 21 - Laserfiche WebLink

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CITY OF CONCORD COM~MERCIAI-/RETAH, DEVELOPMFNT INC~ GRANT PROGRA1V[ I. OVERVIEW Cabarrus County and the Cky of Concord have traditionally hgged adjacent counties and c/ties in local per capita sales tax revenues. Part of that u-end can be atu~uted to large scale retail development that has occun'ed close to Cabarrns County but not lodated w~hM Cabarrus County. It is alsoco,,,,',~on knowledge that large' scale commercial/retail projects tend to stimnlate additional supporting co, .. ercial~etaB developme~ in the vicinity ofs~Lmificant commercial/retail centers. The County's accelerat+n§ resides;iai growth continues to create commercial/retail demand w~thin the region. Much ofthk demand is being absorbed by development in adjacent countJ, es. Therefore, it is the intention of the Concord City Council to establish a policy that will encourage large scale commercial/retail project' developers to consider sites w~hin CabalTll$ Cotmty and the City of Concord for future projects. The succe.~ ~fthe City's Industrial Development Incentive Grant Program leads the City Council to believe that local govemrr~nt f~ancial incentives that would encourage large scale commercial/retail development and expansion are an inv~t,,~ent in the City's future. Local retail sales tax revenues are second only to property taxes as the City's si~ificant local re~,enue options. The increasing demand for county and city governmental services to support the impacts of residential growth make increasing locally generated sales tax revenues a priority. H. PROGRAM PA.RAM~TERS The C/RDI ~ant involves a contractual agreement between the cky and a new or existing business enterprise that would allow for a financial incentive grant based upon the level of retail .s,ales generated w~thin the project for a period of up to five full years. The city will agree to provide a financial induc..-ment 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 wffl be de~ with on au individual basis using guidelines established under the direction of the City Council. The guidelines for the program wiI1 be subject to periodic review. economic conditions r~y cause the City Council to modify, amend or even t¢~,,,~.te the program subject to coup. ~nce with any commercial/retail development incentive grants in effect at that t~rne. Items for ce~ideration in author~wing a commercial/retail development incentive grant may include but not be limited to: the size of the project basefl~pon.inve~tment in' site development, facilities and the quantity and quality of employmem oppormnkies created by the project;