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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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· the size of the project based upon investment in site development, plant facilities <br /> and infrastructure <br />· the number of and type of jobs created <br />· the relationship between jobs development and total investment <br />· potential for future expansion and increased employment <br />· site specific initiatives that may be pursued to stimulate other development in <br /> areas that the county or municipalities may deem of significant benefit to the <br /> community <br /> <br />III. PROJECT QUALIFICATIONS <br /> <br />To be considered eligible for an industrial development incentive grant a project <br />should be required to meet certain basic criteria. These criteria are to be used as <br />guidelines in project evaluations. Additional criteria may be applied to a specific <br />project based upon the terms of the agreement between the industrial client and <br />county 'cities/towns as applicable). <br /> <br />minimum Value project to qualify for consideration: <br /> Level I grant- $ 5,000,000 or greater <br /> Level II grant - $20,000,000 or greater <br /> Level III grant- $100,000,000 or greater <br /> <br />Level I grant - up to 75% of local property taxes to be paid by the new or <br />expanding industry for a period of five consecutive tax years <br /> <br />Level II grant - up to 80% of local property taxes to be paid by the new or <br />expanding industry for a period of five consecutive years <br /> <br />Level I11 - up to 85% of local property taxes to be paid by the new or expanding <br />industry for a period of five executive tax years <br /> <br />Under no circumstances would any new or expanding industry receive an <br />industrial development incentive grant that lowered the net tax payments paid to <br />the county (cities/towns as applicable) to a level less than the local property taxes <br />paid in a prior year. <br /> <br />Grant payments will not be made unless the applicable industry is current in all <br />other required local property tax payments or record within Cabarrus County. <br /> <br />Industrial development incentive grant benefits may not be transferred or <br />otherwise conveyed to another party without the specific consent of the Board of <br />County Commissioners. <br /> <br />2 <br /> <br /> <br />
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