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CITY OF KANNAPOLIS INDUSTRIAL DEVELOPMENT <br /> INCENTIVE GRANT PROGRA2vl <br /> <br />OVERVIEW <br /> <br />In order to expand economic development options for Kaanapolis that will diversify the <br />tax base, offer improved employment opportunities for its citizens and promote the <br />economic growth and welfare of'the business and industrial community, the City Council <br />has in the past considered inducement agreements to encourage new industry location <br />decisions within Ihe city and to assist existing industrial expansions, This industrial <br />Development [ncentive grant program formalizes guidelines that establish lhe parameters <br />for local 8overnment economic incentives to be used to encourage existing industrial <br />expansions and to help promote Kannapolis as an excellent site choice for new industrial <br />plant locations. This Industrial Development Incentive (IDI) grant program replaces any <br />previously enacted policy guidelines. <br /> <br />PROGRAM PARAMETERS <br /> <br />The 1DI grant involves tx contractual agreement between the county and a new or existing <br />industry (and Kannapolis if the project is within the municipality's boundaries or subject <br />to annexation within the time frame of the agreement) that would allow for a financial <br />incentive grant based upon the actual value, schedule and payment of local property taxes <br />for a period o~'up to five tax years. The city will require the industry to 'pay in full' <br />annually total property taxes due. If the industry has met specific criteria as outlined in a <br />formal agreement, a portion of the property taxes paid by that industry to the county and <br />city each year for five consecutive tax years would be returned to the industry in the form <br />of a local industrial development incentive grant. <br /> <br />Each project would be dealt with on an individual basis using guidelines established <br />under the direction of' the City Council. The guidelines for die prugrmn shalI be subject <br />to periodic review. Changin8 economic conditions may cause the City Council to <br />merit'y, amend or even tef~nini~te the program subject to compliance with any industrial' <br />development incentive grants in effect at that time. <br /> <br />Items for consideration in authorizing an industrial development incentive grant may <br />include but are not Limited to: <br />the size of the project based upon investment in site development, plant facilities <br />and in{'rastrueture <br />* the number 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 that impact upon local infrastructure responsibilities <br /> site specific initiatives that may be pursued to stimulate other development in <br /> areas that the city may deem of significant benefit to the community <br /> <br /> <br />