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CABAR. RUS COUNTY INDUSTRIAL DEVELOPblENT <br /> INCENTIVE GR_~NT PROGRA.~I <br /> <br />I. OVERVIEW' <br /> <br />In order to expand economic development options for Cabazvus County. that will diversify the tax <br />ba~e. offer improved employment opportunities for its citizens and promote the economic <br />and welfare of' the business and industrial community, the Boa.rd of' County Commissioners has <br />in the past established inducement guidelines to encourage new industry, location decisions <br />within the count?' and to assist exis6ng industrial expansions. This Industrial Development <br />Incentive grant program formalizes' guidelines that establish the parameters for local government <br />economic incentives to be used to er~courage existing industrial expansions and to help promote <br />Caban-us Count'y as an excellent site choice for new industrial plant locations. This Industrial <br />Development Incentive (ID[) grant prog'ram replaces any previously enacted policy guidelines. <br /> <br />[I. PROGR.~.~I PAR.-kMETERS <br /> <br /> The [Df=._¢."= nt invob,'es a contractual agreement between the count',', and a new or existing <br /> industr?' (and appropriate city/town if the project is within a mtmicipality's boundaries or subject <br /> to mm'texation within the time frame of the agreement) that would allow t'or a financial incentive <br /> o,=.qt based u=on the actual value, schedule and pa?Tnent of looal property, taxes for a period of <br /> up to five tax years. The county.' will require the industry, to ~pay in fi.ti[' armually total property <br /> taxe.~ due. If the industr?' has met specific criteria as outlined ir~ a formal agreement, a portion of <br /> the prope..-D.' taxes paid by that indust0' to the county.' (and municipalities, if applicable) each year <br /> for ~ve consecutive tax .'.'ears would be retu~ed to the industry in the form of a local i'ndustria! <br /> Cie' '-' ,'w-,r-'---.-? i--~. ; .=, <br /> <br />Each project would be dealt ,.vith on ar,, ir~di,,'idual basis using guidelines established ur.der the <br />direction of'the Board of Counr?' Commissioners. The guidelines for the program shah be <br />subject to periodic review. Changing economic conditions may cause the Board of'County <br />Commissioners to modify.', amend or even terminate the progrm'n subject to compUance with amy <br />industrial de,,'e[opment incentive grants in effect at that time. <br /> <br /> : <br />Items for consideration in authorizing an industrial development incentive grant may include but <br />are not l.mi,..,~ to: <br />· the size of. the project based upon investment in site development, plant facilities and <br /> infr~;ructure <br />· r. he number of and type of jobs created <br />· the relationship between jobs development.and total investment <br />· po~entia'[ for future expansion and increased employrnent <br />· si.'.~ specitic issues that impact upon local infrastructure responsibilities <br />· site specific initiatives that may be pursued to stimulate other development in areas that <br /> the count'?.' .or municipalities may deem of significant benefit to the community <br /> <br /> <br />