AG 1997 11 17 - Laserfiche WebLink

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CITY OF CONCORD COMMERCIAIJRETAII, DEVELOPMENT INCENTIVE GRANT PROGRAM I. OVERVIEW Cabarrus County and the City of Concord have traditionally lagged adjacent counties and cities 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 alsocommon knowledge that large scale commercial/retail projects tend to stimulate additional supporting co~,,~,:erdal/retail development in the vicinity of significant ~ommer~,4al/retall centers. The County's accelerating residential growth continues to create commercial/retail demand within the region. Much ofthi.~ demand is being absorbed by development in adjacent counties. Therefore, it is the intention of the Concord City Council to establish a policy that will encourage large scale commercial/retail project developers to consider sites within Cabarrus County and the City of Concord for future projects. The success bfthe City's Industrial Development Incentive Grant Program leads the City Council to believe that local government ~aucial incentives that would encourage large scale commercial/retail development and expansion are an investment in the City's future. Local retail sales tax revenues are second only to property taxes as the City's si~ificant local revenue options. The increasing demand for county and city governmental services to support the impacts of residential growth make increasing locally generated sales tax revenues a priority. Il. PROGRAM PARAMETERS The C/RDI grant involves a contractual agreement between the city and a new or existing business enterprise 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 city will agree to provide a frnancial 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 City Council. The guidelines for the program will be subject to periodic review. Changing economic conditions may cause the City Council to modify, amend or even tex,,,inate 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 basedq,~pon.investment in site development, facilities and in frastruct/tre; the quantity and quality ~)f .~xkployment opportunities created by the project;