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This incentive grant shall apply only to the first 1 cent and two 1/2 cent local <br />option sales tax revenues. The County has pursued legislation allowing for <br />the adoption of an additional I cent local option sales tax by referendum to <br />specifically provide funding ora capital im?r. ovements program for the county's <br />school systems. Revenues from this additional local option sales tax (fi.authorized) <br />will NOT be considered as available or applicable for purposes of any <br />commercial/retail development incentive grant progran~ <br /> <br />The cli~h~ibution of incentive payments shall coincide with the receipt of <br />quarterly sales tax revenues from the State by the County. The timing of payments <br />to the developer shall be quarterly within 30 days of receipt of funds from the <br />State and verification documentation of project sales by the developer. The <br />developer will provide the county information related to any overpayment of <br />sales tax collections by project tenants and subsequent refunds paid to tenants <br />by the State on a quarterly basis along with the routine doo~mentafion of <br />proj.ect tenant sales. <br /> <br />ALL COMMERCIAIJRETAII, DEVELOPMF, NT INCENTIVE GRANTS <br />WILL BE CONVEYED BY A FORMAL AGREEMENT BETWEEN THE <br />DEVELOPER RECEIVING THE GRANT AND TH~ CITY. TI~E CITY <br />V/ILL PROVIDE FOR A PUBLIC HEARING PROCESS TO ALLOW FOR <br />PUBLIC INPUT PRIOR TO TI-IX FORMAL AUTHORI?A, TION OF ANY <br />COMMERCIALfRETAH~ DEVELOP1V[ENT INCENTIVE GRANT <br />AGREEMENT. <br /> <br />IV. EXAMPLF, S OF APPLICATION OF THE GRANT PROGRAM <br /> <br />Developer XYZ constructs a major commercial/retail complex meeting the criteria <br />established 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 City's share of local sales tax, <br />97-98 formnla) <br />250,000 SF multiplied by $200 SF sales equates to $50,000,000 <br />total sales <br />Local sales tax estimated at: first 1 cent =$50 million ~ 1% = $ <br /> two 1/2 cents =$50 million ~ 1.16%= $ <br /> total local sales tax generated <br /> City's share (FY '97%) = 22.75% of $1,080,000 = $245,700 <br /> Base grant potential = 25% of $245,700 for 5 years = $307,125 <br /> City's revenues from local sales tax for the same period = $921,375 <br /> <br /> 500,000 <br /> 580,000 <br />$1,080,000 <br /> <br />Level II grant (based on 500,000 SF GLA, Sales of $200 SF GLA <br />(50% grant based upon only the City's share of local sales tax, 97-98 formula) <br />500,000 SF multiplied by $200 SF sales equates to $100,000,000 total, sales <br /> <br /> <br />