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DRAFT
<br />information or to actually forward payment of collected sales tax revenues
<br />to the appropriate state agency shall void any responsibility of the
<br />county to pay incentives to the developer under the terms of the C/RDI
<br />grant agreement.
<br />Cities/towns must agree to abide by the terms of this proposal for it to
<br />be applied to sites within the cities/towns or a site subject to
<br />annexation during the term of the agreement. The C/RDI grant formula
<br />applied to a project within one of the county's cities/towns will be
<br />applied at the same level as authorized by the Board of County
<br />Commissioners.
<br />The incentive grants will apply to the first 1 cent and two h cent local
<br />sales taxes received by the county (and municipalities if applicable)
<br />based upon distribution formulas authorized by the State Department of
<br />Revenue and adopted each year by the County Commission. It should he
<br />recognized that the first 1 cent is a situs based tax and the two h cent
<br />taxes are distributed on a state-wide formula established by the
<br />legislature. For purposes of reference, the two h cent sales taxes each
<br />equated to approximately 58% of the revenues from the local full 1 cent
<br />sales tax each for the fiscal year ended June 30, 1996. In other words,
<br />the total revenues from the two h cent taxes equated to approximately 116%
<br />of the full local 1 cent sales tax for that period.
<br />The County Co~ission annually establishes a local sales tax distribution
<br />formula as authorized by North Carolina Statutes. The County Commission
<br />retains the option of selecting between allowable methods authorized for
<br />determination of the formula to be used during any particular fiscal
<br />period. The County's share of the local sales tax revenues is reduced by
<br />an 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
<br />distribution allocations of local sales tax revenues between the county
<br />and its municipalities is provided for reference:
<br />
<br /> Ad Valorem Percent
<br /> Levy Of Levy
<br />Cabarrus County $27,510,617 72.05731
<br />Concord 6,925,019 18.13839
<br />Harrisburg 175,513 0.45971
<br />Kannapolis 3,353,400 8.78341
<br />Mt. Pleasant 214,251 0.56118
<br />Total $38,178,800 100
<br />
<br />1995/96
<br />
<br />Ad Valorem
<br />Levy
<br />$37,447,060
<br /> 13,269,583
<br /> 219,170
<br /> 3,889,056
<br /> 226,515
<br />$55,051,384
<br />
<br />Percent
<br />of Levy
<br />68.02201
<br />24.10400
<br />0.39812
<br />7.06441
<br />0.41146
<br />100
<br />
<br /> 1996/97
<br /> Ad Valorem Percent
<br /> Levy Of Levy
<br />Cabarrus County. $34,229,604 70.55342
<br />Concord 9,299,984 19.16895
<br />Harrisburg 213,634 0.44034
<br />Kannapolis 4,525,102 9.32706
<br />Mt. Pleasant 247,545 0.51024
<br />Total $48,515,869 100
<br />
<br /> Total Special
<br /> Ad-Valorem District
<br />97/98 Levy Taxes
<br />Cabarrus County 32,615,495 922,445
<br />Concord 11,476,819 63,176
<br />Harrisburg 213,778
<br />Kannapolis 4,206,602
<br />Mt. Pleasant 210,517
<br />
<br />*As reported by Kannapolts City
<br />Cabarrus County reported $476,739
<br />
<br />1997/98
<br />
<br />Ad Valorem Percent
<br />Levy of Levy
<br />$37,421,037 67.84787
<br />12,548,074 22.75084
<br />234,328 0.42486
<br />4,718,003 8.55419
<br />232,883 0.42224
<br />$55,154,325 100
<br />
<br />Motor
<br />Vehicles Total
<br />3,883,097 37,421,037
<br />1,008,079 12,548,074
<br />20,550 234,328
<br />'511,401 4,718,003
<br />22,366 232,883
<br /> 55,154,325
<br />
<br />This incentive grant program shall apply only to the first 1 cent and two
<br />~ cent local option sales tax revenues. The County has pursued
<br />legislation allowing for the adoption of an additional i cent local option
<br />sales tax by referendum to specifically provide funding of a capital
<br />improvements program for the county's school systems. Revenues from this
<br />
<br />
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