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Exhibit 3-B <br /> <br />CITY OF CONCORd. COMMERCIAIfRETAH~ <br />DEVELOPMENT INCENTIVE GRANT PROGRAM <br /> <br />I. OVERVIEW <br /> <br />Cabarrus County and the City of Concord have traditionally lagged adjacent counties and cities in <br />local per capita sales tax revenues. Part of that trend can be a~iaibuted to large scale retail <br />development that has occurred close to Cabarms County but not located within Cabaml$ County. <br />It is alsocommon knowledge that large scale commercial/retail projects tend to stimulate additional <br />supporting COih,-C~Tcial/rgtail development in the vicinity of significant commercial/retail centers. The <br />County's accelerating residential growth continues to create commercial/retail demand Within the <br />region Much ofthi.q demand is being absorbed by development in adjacent counties. Therefore, it <br />is the intention of the Concord City Council to establish a policy that will encourage large scale <br />commercial/retail project developers to consider sites ,within Cabarrus County and the City of <br />Concord for future projects. <br /> <br />The success bfthe City's Industrial Development Incentive Grant Program leads the City Council to <br />believe that local government financial incentives that would encourage large scale commercial/retail <br />development and expan.~on are an inveuiment in the City's future. Local retail sales tax revenues are <br />second only to property taxes as the City's significant local revenue options. The increasing demand <br />for county and city governmental services to support the impacts of residential growth make <br />increasing locally generated sales tax revenues a priority. <br /> <br />H. PROGRAM PARAMETERS <br /> <br />The C/RDI grant involves a contractual agreement between the city and a new or existing business <br />enterprise that would allow for a financial incentive grant based upon the level of retail sales <br />generated within the project for a period of up to five full years. The city will agree to provide a <br />financ/al inducement to the developer of large scale commercial/retail projects that meet the criteria <br />established within the guidelines of the C/RDI' grant program. <br /> <br />Each project will be dealt with on an individual basis using guidelines established under the direction <br />of the City Council. The guidelines for the program will be subject to periodic review. Chan~ng <br />economic conditions may cause the City Council to modify, amend or even terminate the program <br />subject to compliance with any commercial/retail development incentive grants in effect at that time. <br /> <br />Items for consideration in authorizing a commercial/retail development incentive grant may include <br />but not be limited to: <br /> <br />the size of the project baseg~pon.investment in site development, facilities and <br />in frastructilre; <br />the quantity and quality of .~ployment oppo~mities created by the project; <br /> <br />2 <br /> <br /> <br />