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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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Local sales tax estimated at: first 1 cent =$100 million <br /> 1% = $ 1,000,000 <br /> two 1/2 cents = $100 million ~ 1.16% =$1,160,000 <br /> total local sales tax generated $2,160,000 <br />City's share (FY '97% = 22.75% of$2,160,000 = $491,400 <br />Base grant potential = 50% ors 491,400 for $ years = $1,228,500 <br />City's revenues fi.om local sales tax for the same period = $1,228,500 <br /> <br />Level ITt grant (based on I mOllon SF GLA. Sales of $200 SF GLA <br />(75% grant based upon only the City's share &local sale~ tax. 97-98 <br />formula ) I Million SF multiplied by $200 SF sales equates to <br />$200,000,000 total sales <br />Local sales tax estimated at: first I cent = $200 million (~ 1% =$2,000,000 <br /> tWO 1/2 Cents --$200 million {~1.16°/,=$2,232,000 <br /> total local ~les tax genmated $4~32,000 <br /> <br />City's share (FY'97%) = 22.75% of $4,232,000 = $962,780 <br />Base grant potential = 75% of $962,780 for 5 years = $3,610,425 <br />City's revenues from local sales tax for the s~me period = $I ,203,475 <br /> <br />ALL ESTL~IATES ARE BASFI) ON DATA AVAr[.~BLE. CHANGES IN lq:w. <br />ACTUAL PERCENTAGE OF THE COUNTY'S SHARE OF ~ LOCAL 1 CENT <br />AND TWO 1/2 CENT SALES TAXES WILL VARY ANNUALLY. ACTUAL SALES <br />DATA IS A REQUIRED SUBMTFTAL OF TH'F. DEVELOPER RECEIVING TITE~ <br />GRANT. <br /> <br />V. PROGRA34 ADOPTION AND EFFECTIVE DATE <br /> <br />These commercial/retail development incentive grant program guidelines are subject to <br />changing economic condition~ at the directiofi of the Concord Cky Council It is proposed <br />that the effective date ofimplbmentation of the grant program guidelines will be for <br />agreements rented to new projects locating or expancl~ng w/thin Cabarrus County'. ' <br />(cities/tow~) subject to agreement~ approved by the County Commi-~ion after ?//o,//~:, . <br />ADOPTED BY TI-IE CONCORD CITY COUNCIl, ON. ~//'~/o.,,/~ 7 . - <br /> <br />FWC <br /> <br />6/26/97 First Drat~ <br />7/'2/97 Second Drat% <br />7/9/97 Third Draf~ <br /> <br /> <br />
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