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This incentive grant program shall apply only to the first I cent and two ½ cent local <br />option sales tax revenues. The County has pursued legislation allowing for the adoption <br />of an additional I cent local option sales tax by referendum to specifically provide <br />funding of a capital improvements program for the county's school systems. Revenues <br />from this additional local option sales tax (if authorized) will NOT be considered as <br />available or applicable for purposes of any commercial/retail development incentive grant <br />program. <br /> <br /> o <br /> <br />The distribution of incentive payments shall coincide with the receipt 6f quarterly sales <br />tax revenues fi.om the State by the Court .ty. The timing of payments to the developer shall <br />be q-nrterly within 30 days of receipt of funds from the Stat~' nad verification <br />documentation of'project sales by the developer. The developer will provide the County <br />information-related to any overpayment of sales tax collections by project tenants and <br />subsequent refunds paid to tenants by the State on a quarterly basis along with the routine <br />documentation of project tenant sales. .. <br /> <br />ALL COMM. ERCIAL/RETAIL DEVELOPMENT INCENTIVE GRA.NTS WILL <br />BE CONVEYED BY A FORMAL AGREEMENT BETWEEN THE DEVELOPER <br />RECEIVING THE GRANT AND THE COUNTY ALONG WITH AFFECTED <br />CITIES ,SAND TOWNS AS APPROPRIATE. THE COUNTY (CITIES IF <br />APPLICABLE) WILL PROVIDE FOR A PUBLIC HEARING PROCESS TO <br />ALLOW FOR PUBLIC INPUT PRIOR TO THE FORMAL AUTHORIZATION <br />OF ANY COMMERCIAI,/RETAIL DEVELOPI~ENT INCENTIVE GRANT. <br />AGREEMENT. <br /> <br />IV. E.'C'-X_MPLES OF APPLICATION OF THE GRANT PROGRAM <br /> <br />Developer XYZ constructs a major commercial/retail complex meeting the criteria established <br />within the C/RDIG program: <br /> <br />Level I grant (based on 250,000 SF GLA. Sales of $200 SF OLA <br />(25% g:,~nt based upon only the County's share of local sales tax, 97-98 formula) <br />250.000 SF multiplied by $200 SF sales equfites to $ 50,000,000 total sales <br />Local sales tax estimated at: first I cent = $50 million ~ 1% = $ 500,000 <br /> two V:t cents = $50 million ~ 1.I 6% = $ 580,000 <br /> total 16cai sales tax generated $1,080,000 <br />Coun~"s share (FY '97%) = 67.85% of $1,080,000 = $ 732,780 <br />Base grant potential = 25% of $732,780 for 5'years = $ 915,975 <br />CounD' revenues from local sales tax for the same period = 5; 2,747,925 <br /> <br /> <br />