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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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- , Exhibit 2A <br /> <br />IV. EXAMPLE APPLICATION OF THE GRANT PROGRAM <br /> <br />Developer XYZ develops a hotel/conference center facility meeting the criteria established <br />within the H/CCD addendum to the C/RD Incentive Grant Program: <br />· Level I grant 300 rooms, 40,000 s.f. conference space with a 15,000 s.f. main ballroom <br /> $40 million investment (taxable value) <br /> 25% sales tax and 4% room tax combined grant <br /> <br /> Year one $17,000,000 gross retail sales including $7,000,000 room revenues <br /> Subsequent years in.crease as business increases <br /> <br />Local room tax from. facility = 5% of $7,000,000 = $350,000 <br />Estimated room tax based grant = 4% ors 7, 000, 000 = $280,000 <br /> <br />Local retail sales tax from facility: first 1 cent = $17,000,000 ~ 1% <br /> = $170,000 ' <br /> ..two ½ cents = $17,000,000 ~ 1.16% <br /> = $197,200 <br /> total retail sales tax generated = $367,200 <br />Estimated sales tax based grant = 25% of $367,200 = $91,800 <br />Year one total room and sales tar based grant = $371,800 <br />(Subsequent years increase as business increases) <br />Five'year total of grants to developer = $2,567,674 <br />First five years ad valorem, sales and room tax to local government = $4,614,813 <br />Second five years ad valorem, sales and room tax to Iocal government = $8,724,925 <br /> <br />Adopted by the Cabarrus County Board of Commissioners on September 21, 1998. <br /> <br />4 <br /> <br /> <br />
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