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the development ora specific project. 'Failure of the project or its tenants to provide <br />accurate sales information or to actually forward payment of collected sales ax revenues <br />to the appropriate state agency shall void any responsibility of the county to pay <br />incentives to the developer under the terms of the C/RDI grant agreement. <br />Cities/towns must agree to abide by the terms of this proposal for it to be applied to sites <br />within the cities/towns or a site subject to annexation during the te.~l of the agreement. <br />The C/RDI grant formula applied to a project within one ofth~ county's cities/towns will <br />be applied at the same level as au..thorized by the Board of County Commissioners. <br />The incentive grits will apply to the first 1 cent and two ½ cent local-sales taxes <br />received by the county (and mut~icipalifies i£applicable) based upon distribution formulas <br />authorized by the State Depariment of Revenue and adopted each year by the Coun .fy <br />Commission. It should be recoLmi~ed that the first 1 cent is a situs based tax and the'two <br />½ cent taxes are distributed on a state-wide £o~'~xxula established by the legislature. For <br />purposes of reference, the two ½ cent sales taxes each equated to approximately 58% of <br />the revenues from the local full 1 cent sales tax each for the fiscal year ended June 30, <br />1996. In other words, the tqtal revenues from the two ½ cent taxes equated to <br />approximately 116% of the full local 1 cent sales tax for that period. <br />The County Com~_ i~ion am~ually establishes a local sales tax distribution formula as <br />authorized by North Carolina Statutes. The County Commission retains the option of <br />selecting between allowable methods authorized for determination of the formula to be <br />used during any particular fiscal period. The County's share of the local sales tax <br />revenues is reduced by a~ allocation to local fire districts ( the level of that reduction for <br />1997 amounted to 2.41% of the total County's share). A history of recent distribution <br />allocations of local sales tax revenues between the county and its municipalities is <br />provided for reference: <br /> <br />-~ab~t'r us County <br />Concord. <br /> <br /> ML Pleaa~m: <br /> <br />! 99~/95 199S/96 1996/9'/ <br />Ad Valorem Percent Ad Valorem Percent Ad Valorem Percent <br />Levy u£ L.~vy Levy of Levy Lev7 of t.evy <br />$27.510.bl7 72.05731' ' $37.447.060 68.02201 $34,~9,604 70.$$342 <br />6,92-5.019 18.13839 13,269,$83 24.10400 9.299.984 19.16S95 <br />175.513 0.45971 219,1'/0 03981'~ 213,634 0.44034 <br />3.353.400 8.78341 3,889,056 7.06441 4,525,102. 9.Y2706 <br />214.251 0.56.118 '226,$18 0.41146 247,54.$ 0.51024 <br />S38.178.800 100 $$$,051,384 100 S48,515,g69 I00 <br /> <br /> 1997/98 <br />Ad Valorem' Percent <br /> Lev,/ of Les.~ <br />$37,421.037 <br /> <br /> 234328 0.4248~ <br /> 4.? 18,003 1.$541S <br /> :Z1~883 0.4;;2: <br />$S5,154.325 <br /> <br />~?/98 <br /> Cabarrus Coun~ <br /> ;oncord <br />-rtaxfisburg <br /> Kaanapolis <br /> 4c Pit,am <br /> <br />~as reported by Karmapoiis Cky <br />t~abai-tus County reported S476.739 <br /> <br />'total Ad-Valorem Levy Special District Taxes Motor Vehicles <br />32,615.495 922,445 3,883.007 <br />11.476,819 63.176 1.008.079 <br />213,778 ' 20,550 <br />4,2(~5.602 '511,401 <br />210.517 22,366 <br /> <br />37.42 !,03: <br />12..548,G7' <br />234.3?. <br />4.718.00-" <br />232.~.~ <br />55, ! 54,3~ <br /> <br /> <br />