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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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CABARRUS COUNTY COMMERCIAL/RETAIL <br />DEVELOPMENT INCENTIVE GRANT PROGRAM <br /> <br />I. OVERVIEW <br /> <br />Cabarrus County. has traditionally lagged adjacent counties in local per capita sales tax revenues. <br />Part of that trend can be attributed to large scale retail development that has occurred close to <br />Cabarrus County but not located within'Cabarrus County. It is also common knowledge that <br />large scale commemial/retall projects tend to stimulate additional supporting commercial/retail <br />development in the vicinity of significant commercial/retail centers. The County's accelerating <br />residential growth continues to create commercial/retail demand within the region. Much of this <br />demand is being absorbed by development in adjacent counties. The. efore, it is the intention of <br />the County Commission to kstablish a policy that will encourage large scale commercial/retail <br />project developers to consider sites within Cabarrus County for future projects. <br /> <br />The success of the County's Industrial Development Incentive Grant Program leads the County <br />Commission to believe that local government financial incentives that would encourage l~rge <br />scale commercial/retail development and expansion are an investment in the County's future. <br />Local retail sales tax revenues are second only to property taxes as the County's signifiear~ocal <br />revenue options. "The increasing demand for county governmental services to support the <br />impacts of residential growth make increasing loeally generated sales tax revenues a priority.. <br /> <br />IL PROGRAM PARAME~ <br /> <br />The C/RDI grant involves a contract-hi agreement between the county and a new or existing <br />business enterprise (and appropriate city/town if the project is within a municipality's boundaries ' <br />or subject to annexation within the time frame of the agreement) that would allow for a financial <br />incentive grant based upon the level of retail sales generated within the project for a period of up <br />to five full years. The county (and cities as appropriate) will agre~ to provide a financial <br />inducement to the developer of large scale commercial/retail projects that meet the criteria <br />established within the gaidelines of the C/RDI grant program'. <br /> <br />Each project will be dealt with on an individ-a! basis using guidelines established under the <br />direction of the Board of County Commissioners. The guidelines for the program shall be <br />subject to periodic review. Changing economic conditions may cause the Board of County <br />Commissioners to modify, amend or even t~aninate the program subject to compliance with any <br />commercial/retail development incentive gcants in effect at that time. <br /> <br />Items for consideration in authorizing a commercial/retail development incentive grant may <br />include but not be limited to: <br /> <br />the size of the project based upon investment in site development, facilities and <br />infrastructure; <br /> <br /> <br />
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