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the development cfa specific project..'Failure of the project or its tenants to provide
<br />accurate sales information or to actually forward payment of collected sales tax 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/R.DI grant agreement.
<br />Cities/towns must agree to abide by the temis of this proposal for it to be applied to sites
<br />within the cities/towns or a site subject to annexation during the term of the agreement.
<br />The C/P,.DI grant formula applied to a project within one of the county's cities/towns will
<br />be applied at the same level as authorized by the Board of County Commissioners.
<br />The incentive grants will apply to the first I cent and two ½ cent local'sales taxes
<br />received by the county (and municipalities if applicable) based upon distribution formulas
<br />authorized by the State Depariment of Revenue and adopted each year by the County
<br />Commission. It should be recognized that the first 1 cent is a situs based tax and the'two
<br />'/2 cent taxes are distributed on a state-wide formula established-by the legislature. For
<br />purposes of reference, the two ~ 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 total revenues from the two ~ cent taxes equated to
<br />approximately 116% of the full local I cent sales tax for that period.
<br />The County Commission annually 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 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 distribution
<br />allocations of local sales tax revenues between the county and its municipalities is
<br />provided for reference:
<br />
<br />-abarms County
<br />'oncord
<br />~anisburg
<br />~annapolis
<br />.It. Pleasant
<br />-otal
<br />
<br />1904/95 1995/96 ! 996/97 1997'/98
<br />Ad Valorem I'ercent Ad Valorem Percent Ad Valorem Percent Ad Valorem Percent
<br />Levy or Lev}. Levy of Levy Levy of I.evy Levy of Le~ y
<br />$27.510,017 72.05731 $37,447,060 68.02201 $34,229,004 70.55342 $37,421,037 67.84787
<br />6,925,019 1813839 13,269,583 24.10400 9,299,984 19.16895 12,548,074 22.75084
<br />175,513 0.45971 219,170 0.39812 213,634 0.44034 234,328 0.42486
<br /> 3.353,400 8.78341 3,889,056 7.06441 4,525,102 9.32706 4,718,003 8.55419
<br /> 214,251 0.56118 '226,515 0.41146 247,545 0.51024 232,883 0.42224
<br /> $38.178.800 100 $55,051.384 100 $48,515,869 100 $55,154,325 100
<br />
<br />7/98 Total Ad-Valorem Levy Special District Taxes Motor Vehicles Total
<br />'abarrus County 32,615,495 922,445 3,883,097 37,421,037
<br />~oncord ] 1.476,819 63.176 1,008,079 ' - 12.548,074
<br />~anisburg 213,778 20,550 234,328
<br />.annapolis 4,206.602 '511,401 4.718.003
<br />lt. Pleasant 210,517 22,366 232.883
<br /> 55,154,325
<br />
<br /> reported by Karmapolis City
<br />abarrus Count)' reported $476,739
<br />
<br />
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