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AG 1998 11 16
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AG 1998 11 16
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Last modified
3/25/2002 6:09:44 PM
Creation date
11/27/2017 11:52:51 AM
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Template:
Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
11/16/1998
Board
Board of Commissioners
Meeting Type
Regular
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Level II 8sant (based on 500,000 SF GLA, Sales of $200 SF GLA <br />(50% g~ant based upon only the County's share of local sales tax, 97-98 formula) <br />500.000 SF multiplied by 5200 SF sales equates to $100,000.000 total sales <br />Local sales tax estimated at: first I cent = $100 million ~ 1% = $1,000,000 <br /> two ~ cents = $100 million ~ 1.16% = $ 1,160,000 <br /> total local sales tax generated $ 2,160,000 <br />County's s.hare (FY '97 %) = 67.85% of $ 2,160,000 = $1~465,560 <br />Base grant potential = 50 % .0rs 1,465,560 for 5 years = $ 3,663,900 <br /> County revenues fi.om local sales tax for the same period = $ 3,663,000. <br /> <br />Level [] grant (based on 1 million SF GLA, Sales of'$200 SF GLA <br />(75% grant based upon only the County's share of local sales tax, 97-98 formula).' <br />I Million SF multiplied by $200 SF sales equates to $ 200,000.000 total sales <br />Local sales tax e~tlmated at: fi.~ l cent = $200 million (~ l% = $2,000,000 <br />two ½ cents = $200 million (~ 1.16% = $ 2,232,000 <br />total local sales tax generated $ 4,232,000 <br />County's share CrY '97 %) = 67~85 of $ 4,232,000 --$ 2,871,412 <br />Base grant potential -- 75% of $ 2,871,412 for 5 years --$10,767,795 <br />County's revenues fi.om local sales tax for the same period = $ 3,589,265 <br /> <br />ALL ESTIMATES ARE BASED ON DATA AVAILABLE. CHANGES IN THE <br />ACTUAL PERCENTAGE OF THE COUNTY'S SHARE OF TI41e. LOCAL 1 CENT AND <br />TWO ½ CENT SALES TAXES WILL VARY ANNUALLY. ACTUAL SALES DATA IS <br />A REQUIRKB SUBMITTAL OF TI-FR. DEVELOPER RECEIVING THE GRANT. <br /> <br />V. PROGRAM ADOPTION AND EFFECTIVE DATE <br /> <br />These commercial/retail development incentive grant program guidelines are subject to changing <br />economic conditions ~it the direction of the Cabarrus County Board of County Commissioners. <br />It is proposed that the effective date of implementation of the grant program guidelines ~ill be <br />for agreements related to new projects locating or expanding within Cabarrus County <br />(cities/towns) subject to agreements approved, by the County Commission after July g, 1997. <br /> <br />ADOPTED BY THE BOARD OF COLr~rY COMbIISSIONERS ON JULY 8th, 1997. <br /> <br />FWC <br />7/! 7/97 -- <br /> <br /> <br />
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