AG 1998 11 16 - Laserfiche WebLink

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0CT-28-98 WED 4:55 PM KANNAPOL[$ CITY FAX NO. 70493859[9 P. 2 PROJ ECl? QUALIFfCATIONS To be considered eligible for an industrial development grant a project should be required to meet certain basic criteria. These criteria are to be used as guidelines in project evaluations. Additional criteria may be applied m a specific project based upon the terms o£the agreement between the industrial client and the City of Kannapolis. minimum value project to qualify for consideration Level 1 8rant - $ 5,000,000 or greater Level 1I grant - $ 20,000,000 or greater Level Iti grant - $ 100,000,000 or greater Level I grant - up to 75% of local property taxes to be paid by the new or expanding industry for a period of £tvc consecutive tax ye. ars. Level II grant - up to 80% of local property taxes to bc paid by thc n,w or expanding industry for a period of' five consecutive years. Level III grant - up to 85% of local property taxes to be paid by the new or expanding industry for a period of five consecutive years. Under no circumstances would any new or expanding industry receive an industrial development incentive grant that lowered the net tax payments paid to the city to a level less than the local property taxes paid in a prior year. All industrial development incentive grants are to be specifically designed to be paid from the tan payments actually made by the induatry re~ivlng the benefit. Grant paymenta will not be made unless the applicable industt~ is current in all other required local property tax payments of record within Cabarrus or Rowan Counties Industrial development incentive grant benefits may not be transferred or otherwise conveyed to another party without the specific consent of the Kannapolis City Council. The City of Kannapolis must agree to abide by the terms of this proposal for k to be applied to site~ within the City or on a site subject to annexation. The industrial development incentive grant £onnula applied to a project within the City will be applied at the same level as authorized by the Board of County Commissioners. ALL INDUSTRIAL DEVELOPMENT INCENTIVE GRANTS WILL BE CONVEYED BY A FORMAL AGREEMENT BETWEEN THE INDUSTRY RECEIVING TIlE GRANT AND THE CITY ALONG WITH AFFECTED COUNTY AS APPROPRIATE.