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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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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
11/16/1998
Board
Board of Commissioners
Meeting Type
Regular
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0CT-28-98 WED 4:55 PM KANNAPOL[$ CITY FAX NO. 70493859[9 P. 2 <br /> <br />PROJ ECl? QUALIFfCATIONS <br /> <br />To be considered eligible for an industrial development grant a project should be <br />required to meet certain basic criteria. These criteria are to be used as guidelines in <br />project evaluations. Additional criteria may be applied m a specific project based upon <br />the terms o£the agreement between the industrial client and the City of Kannapolis. <br /> <br />minimum value project to qualify for consideration <br />Level 1 8rant - $ 5,000,000 or greater <br />Level 1I grant - $ 20,000,000 or greater <br />Level Iti 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 £tvc consecutive tax ye. ars. <br /> <br />Level II grant - up to 80% of local property taxes to bc paid by thc n,w or <br />expanding industry for a period of' five consecutive years. <br /> <br />Level III grant - up to 85% of local property taxes to be paid by the new or <br />expanding industry for a period of five consecutive 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 city to a level less than the local property taxes paid in a prior year. <br /> <br />All industrial development incentive grants are to be specifically designed to be <br />paid from the tan payments actually made by the induatry re~ivlng the benefit. <br />Grant paymenta will not be made unless the applicable industt~ is current in all <br />other required local property tax payments of record within Cabarrus or Rowan <br />Counties <br /> <br />Industrial development incentive grant benefits may not be transferred or <br />otherwise conveyed to another party without the specific consent of the <br />Kannapolis City Council. <br /> <br />The City of Kannapolis must agree to abide by the terms of this proposal for k to <br />be applied to site~ within the City or on a site subject to annexation. The <br />industrial development incentive grant £onnula applied to a project within the <br />City will be applied at the same level as authorized by the Board of County <br />Commissioners. <br /> <br />ALL INDUSTRIAL DEVELOPMENT INCENTIVE GRANTS WILL BE <br />CONVEYED BY A FORMAL AGREEMENT BETWEEN THE INDUSTRY <br />RECEIVING TIlE GRANT AND THE CITY ALONG WITH AFFECTED <br />COUNTY AS APPROPRIATE. <br /> <br /> <br />
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