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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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This incentive grant shall apply only to the first I cent and two 1/2 c.~nt local <br />option sales tax revenues. The County ha~ pursued legislation allowing for <br />the adoption of an additional 1 cern local option sales tax by felon-endure to <br />specifically provide funding ora capital improvements program for the county's <br />school systems. Revenues from thin additional local option sales tax (if authorized) <br />will NOT be considered as available or applicable for purposes of any <br />commercial/retail development incentive grant program <br /> <br />The di~u'ibution of incentive payments shall coincide with the receipt of <br />quarterly sales tax revenues from the State by the County. The ihnir, g or'payments <br />to the developer shall be quarterly within 30 days of receipt of fimds fi-om the <br />State md verification documentation of project sales by the developer. The <br />developer will provide the coUnty information related to any overpayment of <br />sales tax collections by project t~nants and subsequent refimds paid to tenants <br />by the State on a quarterly basis along with the routine doo~mentation of <br />proj.ect t a, t sales. <br /> <br />ALL COM1V/ERCIAI fRETATI. DEVELOP1VIENT INCEN'ITVE GRANTS <br />WILL BE CONVEYED BY A FORMAL AGREEMIgNT BETWEEN THE <br />DEVELOPER RECEIVING THE GRANT AND ~ CITY. THE CITY <br />Wfl.L PROVIDE FOR A PUBLIC Fr~.631ING PROCESS TO ALLOW FOR <br />PUBLIC INPUT PRIOR TO ~ FORMAL AI. ITHOR~?ATION OF ANY <br />CO1VI3,~.R~I~TAII. DEVELOPM'RNT INCENTIVE GRANT <br />AGREE1VrI~.NT. <br /> <br />IV. EX3aM.PT.~S OF APPLICATION OF TH'E. GRANT PROGRAM <br /> <br />Developer XYZ constructs a major commercial/retail complex meeting the c~iteria <br />established ~.5~hin the. C/RDIG pro.am. <br /> <br /> Level I grant (based on'~50.000 SF GLA. Sales of $200 SF GLA <br /> (25% ~ant based upon only the City's _nhare of local sales tax. <br /> 97-98 formula) <br /> 250,000 SF multiplied by $200 SF sales equates to $50,000,000 <br /> total sales <br /> Local sales tax estimated at: 5rst 1 cent =$50 million ~ 1% = $ 500,000 <br /> two 1/2 cents =$50 mill~on~ 1.16%=$ 580,000 <br /> total local sales tax generated $1,080,000 <br /> City's share CFY '97%) = 22.75% o£$1,080,000 = $245,700 <br /> Base ~ant potential = 25% 0£$245,700 for 5 years= $307,125 <br /> City's revdnues from local sales tax for the same period = $921,375 <br /> <br />Level II grant (based on 500,000 SF GLA, Sales of $200 SF GLA <br />(50% grant based upon only the City's share oflocal sales tax, 97-98 formula) <br />500,000 SF multiplied by $200 SF sales equates to $ 100,000,000 total sales <br /> <br /> <br />
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