AG 1998 09 21 - Laserfiche WebLink

Home Browse Search

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