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CABAR. RU$ COUNTY INDUSTRIAL DEVELOPMENT <br /> INCENTIVE GRANT PROGRAM <br /> <br />I. OVERVIEW <br /> <br />In order to expand economic development options For Cab~rus County ~hat wilt diversify the tax <br />base. offer improved emp[oyment opportunities for its citizens and promote ~he economic <br />and woLfe, r: of the business and industrial community, the Board of County Commissioners has <br />in ',ha past established inducement guidelines to encourage new industry, location de:isions <br />within the ¢ounq.' and to assist existing iadusu'ial expansions. This Industrial Development <br />Incentive grant program formalizes guidelines That establish ',.he p~"'a.meters for local gaverm'nent <br />economic incentives to be used to encourage existing industrial expansions and to help promote <br />Cabarrus Count2,.' as an excellent site choice For new indus=iai plant locations. This [ndu~u'ia[ <br />Development Incentive (IDI) gram program replaces any previously enacted policy guidelines. <br /> <br />Il. PROGR...-%.",I P.--%R_-%.',[ETERS <br /> <br />The lDl g~n: im.'alves a contractual agreement between the county and a new or existing <br />industO' (mud. appropriate ciu'/to~-n i£the project is within a municipality's bout, dories or subject <br />to ar,,~exa~?on wi:bin the time frame of the agreement) tha~ would allow for a financial incentive <br />great based upon the actual value, schedule and payment of local properr7 taxes for a period of <br />up to five tax years. The county will require the industry, to ~pay in full' annually total prope:'ry <br />taxes due. if the industry has met specific c.,4teria as outlined in a fonmal agreement, a portion o f <br />'~he prope.~'U..' ~axes paid by t':',at industr?, to the county (,and m,.micipalities, ifapplicable) each >'ear <br />for rive consecutive tax yea.~ would be returned to the indus:r/in the form ora locat indus:rial <br />alex etopmen: incentive grant. <br /> <br />Each project would be dealt with on an individual b~is using guidetines established under the <br />direction of the Bo~d of Count2,.' Commissioners. The guidelines for the program shelf be <br />subject to periodic review. Changing economic conditions may cause the Board of'County <br />Commissioners to modi~', amend or even terminate the program subject to compliance with <br />industrial development incentive grants in effect at that time. <br /> <br />hems tbr consideration in authorizing an industrial development incentive grant may include but <br />~r~ not limited to: <br />· the size of the project based upon investment in site development, ptant facilities <br /> in~¥astructure <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 issues :hat impact upon local infrastructure responsibilities <br /> site specific inhiad'.'es thai ma.'.' be pursued to stimulate other development in are= that <br /> the count}' or municipalities may deem of,ignifican[ benefi~ %o the community <br /> <br />C-1-2 <br /> <br /> <br />