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This incentive grant program shall apply only to the first 1 cent and two V.~ cent local <br />option sales tax revenues. The County has pursued legislation allowing for the adoption <br />of an additional 1 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 tlfis additional local option sales tax (if authorized) will NOT be considered as <br />available or applicable for purposes of any commercial/reta{l development incentive grant <br />program. <br /> <br />The distribution of incentive payments shall coincide with the receipt 6f quarterly sales <br />tax revenues from the State by the County. The timing of payments to the developer shall <br />be quarterly within 30 days of receipt of funds from the State and 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 COMMERCIAL/RETAIL DEVELOPMENT INCENTIVE GRANTS WILL <br />BE CONVEYED BY A FORMAL AGREEMENT BETWEEN THE DEVELOPER <br />RECEIVING THE GRANT AND THE COUNTY ALONG WITH AFFECTED <br />CITIES AND 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 COMMERCIAL/RETAIL DEVELOPMENT INCENTIVE GRANT <br />AGREEMENT. <br /> <br />IV. EXAMPLES 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 GLA <br />(25% grant based upon only the County's share of local sales tax, 97-98 fo~inula) <br />250.000 SF multiplied by $200 SF sales equates to $ 50,000,000 total sales <br />Local sales tax estimated at: first I cent -- $50 million @ 1% = $ 500,000 <br /> two ½ cents -- $50 million @ 1.16%-- $ 580,000 <br /> total 16cal sales tax generated $1,080,000 <br />County'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 />County revenues from local sales tax for the same period -- $ 2,747,925 <br /> <br /> <br />