AG 1997 11 17 - Laserfiche WebLink

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Local sales tax estimated at: first I cent =$100 million 1% = $1,000,000 two 1/2 cents = $I00 million ~ 1.16% =$1,160,000 tOtal local sales tax generated $2,160,000 City's share (FY '97% = 22.75% of $2,160,000 = $491,400 Base grant potential -- 50% of $ 491,400 for 5 years -- $1,228,500 City's revenues fi.om local sales tax for the same perigd -- $1,228,500 Level III grant (based on 1 million SF GLA. Sales of $200 SF GLA (75% grant based upon only the City's share of local sales tax. 97-98 formula ) I Million SF multiplied by $200 SF sales equates to $200,000,000 total sales Local sales tax estimated at: first I cent = $200 million ~ 1% =$2,000,000 two 1/2 cents =$200 million Gl. 16%=$2,232,000 total local sales tax generated $4,232,000 City's share (FY'97%) = 22.75% of $4,232,000 = $962,780 Base grant potential = 75% of $962,780 for 5 years = $3,610,425 City's revenues from local sales tax for the same period = $1,203,475 ALL ESTIMATES ARE BASED ON DATA AV,~II,ABLE. CHANGES IN THE ACTUAI, PERCENTAGE OF THE COUNTY'S SHARE OF THE LOCAL I CENT AND TWO 1/2 CENT SALES TAXES WILL VARY ANNUALLY. ACTUAL SALES DATA IS A REQUIRED SUBMITTAL OF TH'E DEVELOPER RECEIVING THE GRANT. V. PROGRAM ADOPTION AND EFFECTIVE DATE These commercial/retail development incentive grant program guidelines are subject to changing economic conditions at the direction of the Concord City Council. It is proposed that the effective date of implementation of the grant program guidelines will be for agreements related to new projects locating or expanding w~hin Cabarrus County~ (cities/towns) subject.to agreements approved by the County Commission after ?/~/~.//FJ ADOPTED BY TI-I~ CONCORD CITY COUNCII~ ON .7~/a./? ? . FWC 6/26/97 First Draf~ 7/2/97 Second Draft 7/9/97 Third Dram