AG 1997 09 15 - Laserfiche WebLink

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Exhibit 3-A CABARRUS COUNTY COMMERCIAL/RETAIL DEVELOPMENT INCENTIVE GRANT PROGRAM OVERVIEW Cabarrus County has traditionally lagged adjacent counties in local per capita sales tax revenues. Part of that trend can be attributed to large scale retail development that has occurred close to Cabarrus County but not located within Cabarrus County. It is also common knowledge that large scale commercial/retail projects tend to stimulate additional supporting commercial/retail development in the vicinity of significant commercial/retail centers. The County's accelerating residential growth continues to create commercial/retail demand within the region. Much ,of this demand is being absorbed by development in adjacent counties. Therefore, it is the intention of the County Commission to establish a policy that will encourage large scale commercial/retail project developers to consider sites within Cabarrus County for future projects. The success of the County's Industrial Development Incentive Grant Program leads the County Commission to believe that local government financial incentives that would encourage large scale commercial/retail development and expansion are an investment in the County's future. Local retail sales tax revenues are second only to property taxes as the County's significam~ocal revenue options. The increasing demand for county governmental services to support the impacts of residential growth make increasing locally generated sales tax revenues a priority. II. PROGRAM PARAMETERS The C/RDI grant involves a contractual agreement between the county and a new or existing business enterprise (and appropriate city/town if the project is within a municipality's boundaries or subject to annexation within the time frame of the agreement) that would allow for a financial incentive grant based upon the level of retail sales generated within the project for a period of up to five full years. The county (and cities as appropriate) will agree to provide a financial inducement to the developer of large scale commercial/retail projects that meet the criteria established within the guidelines of the C/RDI grant program. Each project will be dealt with on an individual basis using guidelines established under the direction of the Board of County Commissioners. The guidelines for the program shall be subject to periodic review. Changing economic conditions may cause the Board of County Commissioners to modify, amend or even terminate the program subject to compliance with any commercial/retail development incentive grants in effect at that time. Items for consideration in authorizing a commercial/retail development incentive grant may include but not be limited to: the size of the project based upon investment in site development, facilities and infrastructure;