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Local sales tax estimated at: first 1 cent =$100 million <br /> 1% = $1,000,000 <br /> two 1/2 cents = $100 million ~ 1.16% =$1,160,000 <br /> total local sales tax generated $2,160,000 <br />City's share (FY '97% = 22.75% of $2,160,000 = $491,400 <br />Base grant potential = 50% of $ 491,400 for 5 years = $1,228,500 <br />City's revenues from local sales tax for the same period = $1,228,500 <br /> <br />Level m grant (based on 1 million SF GLA. Sales of $200 SF GLA <br />(75% grant based upon only the City's share of local sales tax. 97-98 <br />fmmnla ) 1 Million SF multiplied by $200 SF sales equates to <br />$200,000,000 total sales <br />Local sales tax estimated at: first 1 cent = $200 million ~ 1% =$2,000,000 <br /> two 1/2 cents =$200 million Gl. 16%=$2,232,000 <br /> total local sales tax generated $4,232,000 <br /> <br />City's share (FY'97%) = 22.75% of $4,232,000 = $962,780 <br />Base grant potential = 75% of $962,780 for 5 years = $3,610,425 <br />City's revenues from local sales tax for the same period = $1,203,475 <br /> <br />ALL ESTIMATES ARE BASED ON DATA AVAIl.ABLE. CHANGES IN THE <br />ACTUAL PERCENTAGE OF TI-IE COUNTY'S SHARE OF THF. LOCAL 1 CENT <br />AND TWO 1/2 CENT SALES TAXES WILL VARY ANNUALLY. ACTUAL SALES <br />DATA IS A REQUIRED SUBMITTAL OF THE DEVELOPER RECEIVING THE <br />GRANT. <br /> <br />V. PROGRAM ADOPTION AND EFFECTIVE DATE <br /> <br />These commercial/retail development incentive grant program guidelines are subject to <br />changing economic conditions at the direction of the Concord City Council. It is proposed <br />that the effective date of implementation of the grant program guidelines will be for <br />agreements related to new projects locating or expanding within Cabarrus County__ <br />(cities/towns) subject to agreements, approved by the County Commission after ~/~/~.//~J <br />ADOPTED BY THt; CONCORD CITY COUNCIL ON ~./? ? . <br /> <br />FWC <br /> <br />6/26/97 First Draft <br />7/2/97 Second Draft <br />7/9/97 Third Draft <br /> <br /> <br />