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Thi~ ~ncentive grant shall apply only to the first I cent and two i/2 cent local <br />option sales :ax revenues. The County ha~ pursued legislation allowing for <br />the adoption of an additional 1 cent local option sales tax by referendum to <br />specifically provide funding of a capital improvements program for the county's <br />school systems. Revenues from thi~ additional local option sales tax (if authorized) <br />will NOT be considered as available or applicable for pm, poses of any <br />commercial/retail development incentive grant program_ <br /> <br />The cl~uiDation of incentive payments ~hall coincide with the receipt of <br />qnarterly sales tax revenues from the State by the County. The ~g ofpayments <br />to the developer ~ha)1 be q. arterly within 30 days of receipt of funds from the <br />State and verification doo~mentation of project sales by the developer. The <br />developer will provide the county info~,,,afion related to any overpayment of <br />sales tax eollectioas by project tenants and subsequent refimds paid to t~a~ts <br />by the State on a quarterly basis along with the routine doo,mentation of <br />project tenant sales. <br /> <br />ALL COMM~RC~TAIT~ DEVELOPMENT LNCENTIVE GRANTS <br />WILL BE CONVEYED BY A FORMAL AGIZF~F. IVfF..NT BETWEEN ~ <br />DEVELOPER RECEIVLNG TITF. GRANT AND Tn'P.. CITY. THE CITY <br />WII.L PROVIDE FOR A PUBLIC Fr~.ARING PROCESS TO ALLOW FOR <br />PUBLIC IN'PUT PRIOR TO ~ FORMAL AUTHOB~?ATION OF ANY <br />COi~LWfER~TAII. DEVELOP1M~-NT INCENTIVE GRANT <br />AGRE~NT. <br /> <br />IV. EX.~.~LPI.ES OF APPLICATION OF TtTE GRANT PROGRAM <br /> <br />Developer XYZ constructs a major commercial/retail complex meeting the criteria <br />established ~Srhin the. CiRDIG program' <br /> <br /> Level I grant (based on ~50,000 SF GLA, Sales of $200 SF GLA <br /> (25% grant based upon only the City's share of local sales tax. <br /> 97-98 fo~,,,ula) <br /> 250,000 SF multiplied by 8200 SF sales equates to $50,000,000 <br /> total sales <br /> Local sales tax est;mated at: first 1 cent =$50 million ~ 1% = $ 500,000 <br /> two l/2cents =$50 million ~ 1.16%=$ 580,000 <br /> total local sales tax generated $1,080,000 <br /> City's share (FY '97%) = 22.75% of $1,080,000 --$245,700 <br /> Base grant potential = 25% of $245,700 for 5 ye. axs = $307,125 <br /> City's rev/~nues from local sales tax for the same period = $921,3.75 <br /> <br />Level H grant (based on 500,000 SF GLA, Sales of $200 SF GLA <br />(50% grant based upon only the City'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 /> <br />_ 7-3 <br /> <br /> <br />