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