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Cities/towns must agree to abide by the t¢~ ,,,~ ofthi~ proposal for it to be applied <br />to sites witNn the cities/towns or a site subject to annexation during the t~m of <br />the agreement. The C/RDI grant form,,la applied to a project wi*h~n one of the <br />county's cities/towas will be applied at the same level as authorized by the <br />Board of County Commissioners. <br />The incentive grams wiIl apply to t~e first 1 cent and two I/2 cent local sales taxes <br />received by the City's (and mnnicipalkies if app]icab!e) based upon ai~ulbufion formnla~ <br />authorized by the State Depaxt~ent of Revenue and adopted'each ye~ by the <br />County Commission It should be recoEni:,ed that the fa-St 1 cent is a situs based <br />tax and the two 1/2 cent taxes axe di~u~uted on a state-wide form~ta established by <br />the legislature. For p~rposes of reference, the two 1/2 sales taxes each equated <br />to approximately 58% of the revenues from the local fixll 1 carat sales tax each for <br />the fiscal year ended June 30, 1996. Tn other words, the total revenues fromthe <br />two 1/2 cent taxes equated to approximately 116% ofthe full local I ce~t sales tax . <br />for ~e period. <br />The County Commission ann,ally es~ablishes local sales tax di~h~ution formula as <br />authorized by North Carolina Statues. The County CQmmi~sion retaln~ the option of <br />selecting between allowable methods authorized for de~,',,;,,ation of the form~da to <br />be used dm-ing any partic,,lar fiscal period. The County's ~hare of the local sales <br />tax revenues is reduced by an allocation to Ioc~d fire di~ulcts (the level of that <br />reduction for 1997 amotmted to 2.41% of~e total County's _~hare). A ki~tory of <br />recent dieu ~ution allocations of local sales tax revenues between the county aad <br />its municipalities is provided for reference: <br /> <br />37,4Zl.a3'/ <br />4.~11.0a3 <br /> <br /> <br />