AG 1998 11 16 - Laserfiche WebLink

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CITY OF CONCORD COMMERCI~!/RETAIl. DEVELOPMENT INCFaNTIVE GRANT PROGRAM I. OVERVIEW Cabarms County and the City of Concord have traditionally lagged adjacent counties and cities in local per capita sales tax revenues. Part of that trend can be atu~uted to large scale retail development that has occurred close to Cabarms County but not loc/ated within Cabarrlls County. It is alsoco ..... ,on knowledge that large scale commercial/retail projects tend to stimulate additional supporting co,,.~m-crial/r~ d~velopmen* in the vicinity of siLmificant commercial/retail centers. The County's accelerating reside~ilal growth continues to create commercial/retail demand within the region Much ofthi~ demand is being absorbed by development in adjacent counties. Therefore, it is the intention of the Concord City Council to establish a policy that will encourage large scale commercial/retail project' developers to consider sites within Cabarrus County and the City of Concord for future projects. The success iS£the City's Indr~uial Development Incentive Grant Program leads the City Cotmc~ to believe that local government f~ncial incentives that would encourage large scale commercial/retail development and exp~n4on are an investment in the City's future. Local retail sales tax revenues are second only to property taxes as the City's si~iScant local revenue options. The increasing demand for county and city governmental services to support the impacts of residential growth malee increasing locally generated sales tax revenues a priority. IL PROGRAM P~.TERS The C/RDI ~ant involves a contractual agreement between the city and anmat or existing business enterprise that would allow for a financial incentive grant based upon the level of r~il sales generated within the project for a period of up to five full years. The city will agree to prbvide a financial inducement to the developer of large scale commercial/retail projects that meet the criteria established within the guidelines of the C/RDI grant program Each project w~l be dealt with on an individual basis using guidelines established under the direction of the City Council. The guidelines for the progr:-n will be subject to periodic review. economic conditions may cause the City Council to modify, amend or even t~,,~ste the program subject to com~. li~nce with any co,.,,:ercial/retall development incentive g~-tmts in effect at that time. Items for consideration in authorizing a commercial/retail development incentive grant may include but not be limited to: the size of the project based~pon.investment in' site development, facilities and in frasu'uctilre; the quantity and quality of employ~t oppommities created by the project;