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site specific issues that impact upon local infrastructure responsibilities <br />site specific initiatives that may be pursued to stimulate other development in <br />areas that the City may deem of significant benefit to the community <br /> <br />III. PROJECT QUALIFICATIONS <br /> <br />To be considered eligible for an industrial development incentive grant a project should <br />be required to meet certain base criteria. These criteria are to be used as guidelines in <br />project evaluations. Additional cdteria may be applied to a specific project based upon <br />the terms of the agreement between the industrial client and city. <br /> <br />minimum value project to qualify for consideration: <br />Level I grant - $5,000,000 or greater <br />Level II grant - $20,000,000 or greater <br />Level III 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 five consecutive tax years <br /> <br />Level Il grant - up to 80% of local property taxes to be paid by the new or <br />expanding industry for a period of five consecutive tax 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 tax 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 tax payments actually made by the industry receiving the benefit. <br />Grant payments will not be made unless the applicable industry is current in all <br />other required local property tax payments of record within the City of Concord <br /> <br />Industrial development incentive grant benefits may not be transferred or <br />otherwise conveyed to another party without the spec;ific consent of the Board of <br />Aldermen <br /> <br />The City must agree to abide by the terms of this proposal for it to be applied to <br />sites within the City or on a site subject to annexation. The industrial development <br />incentive grant formula applied to a project Within on of the City's will be applied <br />at the same level as authorized by the Board of Aldermen. <br /> <br />ALL INDUSTRIAL DEVELOPMENT INCENTIVE GRANTS WILL BE CONVEYED <br />BY A FORMAL AGREEMENT BETWEEN THE INDUSTRY RECEIVING THE <br />GRANT AND THE CITY AS APPROPRIATE. <br /> <br />- q <br /> <br /> <br />