AG 1998 11 16 - Laserfiche WebLink

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Local sales tax estimated at: first I cent =$I00 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 CrY '97% = 22.75% of $2,160,000 = $491,400 Base grant potential = 50% ors 491,400 for 5 years = $1,228,500 City's revenues fi.om local sales tax for the same period = $1,228,500 Level l~l grant (based on I million SF G1.A. Sales of $200 SF GLA (75% gx,mt based upon only the City's _~hare of local sales tax. 97-98 formnl~ ) I Mitlion 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 c, eats =$200 million ~1.16%=$2,232,000 total local sales tax gencratccl $4,232,000 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 fi.om local sales tax for the same period = $1,203,475 ALL ESTh-MATES ARE BASED ON DATA AVP. II.a2BLE. CItANGES IN ~ ACTUAL PERCENTAGE OF TI~ COUNTY'S SI:~IARE OF ~ LOC.aJ~ 1 CENT AND TWO 1/2 CENT SAI.F-S TAXES WILL VARY AN'NIJAI,LY. ACTI.IAI. S$,I.l~-.q DATA IS A REQUIRED SIJ'B1VIFITAL OF Tl~ DEVELOPER RECEIVING ~ GRANT. V. PROGRAM ADOPTION AND EFFECTIVE DATE These commercial/retail development incentive grant program guidelines are subject to changing economic conditions at the direction of the Concord City Council It is proposed that thc effective date of i-,l,l~mentation of/he grant program guidelines will be for agreements related to new projects !ocating or expaodlng witliln ~ County/ ', (cities/towns) subject to agreements approved by the County Commi~ion area' '~./~-= . ./ ADOmmD BY CONCORD crrv coUNcn ? .., FWC 6/26/97 First Drat~ 7/2/97 Second Draft 7/9/97 Third Draf~