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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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IlL PROJECT QUALIFICATIONS <br /> <br />required ',ame¢¢ certain basic criteria. These criteria are to b`- used as guiddin`-s, in project <br />`-v~luatians. Addkianai criteria may be applied to a spcci~c project ba.s`-d upon ~h¢ :erms o/' <br />~_ere`-meru be,",~'e`-n th.- indusu'ial c[[e~ and county (ci. fies/:owns as applicable). <br /> <br />m/re'mum value project to qualify ['or Comsideration: <br />Level I grant. $ $.000.000 or greater <br />Level II grant - $ 20.000.000 or greater <br />Level iii grant - $ 100,000.000 or grea~er <br /> <br />Level [ grant, up to 7.5% o~local property ta.'c~s ~o be paid by r..h.`- new or expanding <br />industry, for a period of~ve cor,.secutive mx years <br /> <br />Le,.'e[ ii grant - up to 80% of local property taxes co be paid by use r~ew or expanding <br />[ndus~r'?.' for a period oF ~ve consecutive tax years <br /> <br />Lexel iff grant up co.85% of local prope,'w rases to be paid by the new or <br />indus:ry' far a pe,,iod of five consecmive tax years <br /> <br />,U~der. no circumszances would az~y new or expanding industw receive a.n industrial <br />de'.'e[o=ment {ncenfive grant ~at lowered :he nec tax payments paid to O.e counq' <br />(cities/tosses is applicable) to a level less thru,, chi local propez-cy taxes paid in a prior <br />)'ear. <br /> <br />req=ired local property :ax payments of record within Cabarrus Counry. <br /> <br />industrial develc.=ment incentive grant benefits may not be tryst'erred or othe~vise <br />conveyed to another paz~'y without the speci~c consent of r. he Boa.,d of Coun? <br />Commissioners <br /> <br />Cides.'towns must agree to abide by the.terms of this proposal For it to be applied co sites <br />within the cities,'tawns or on a site subject to azmexation. The industrial development <br />i~cenfi,.'e grant formula apptied to a project within one o£the countF's ci~ie~'~owns will <br /> applied a~ the s~me love[ ~ auchoriz=d by che Bo~d o rCoumy Commissioners. <br /> <br />ALL INDUSTFLIAL DEVELOP~iENT INCENTIVE GPOaNTS WILL BE <br />CONVEYED BY A FORMAL AGREENLENT BETWEEN THE INDUSTRY <br />P. ECEIVING THE GRANT AND THE COb-NTY ALONG WITH AFFECTED <br />CITIES A.'¢D TOWNS AS APPROPRIATE. <br /> <br />C-1-3 <br /> <br /> <br />
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