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Level II grant (based on 500,000 SF GLA, Sales of $200 SFGLA <br />(50% grant based upon only the County'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 />Local sales tax estimated at: first 1 cent = $100 million ~ I% = $1,000,000 <br /> two ½ cents = $100 million ~ 1.16% -- $1,160,000 <br /> total local sales tax generated $ 2,160,000 <br />County's share (FY '97 %) = 67.85% of $ 2,160,000 = $1,465,560 <br />Base grant potential = 50 % of $1,465,560 for 5 years = $ 3,663,900 <br />County revenues from local sales tax for the same period = $ 3,663,000 <br /> <br />Level III grant (based on I million SF GLA, Sales of $200 SF GLA <br />(75% grant based upon only the County's share of local sales tax, 97-98 formula) <br />1 Million SF multiplied by $200 SF sales equates to $ 200,000,000 total sales <br />Local sales tax estimated at: first I cent = $200 million ~ 1% = $ 2,000,000 <br /> two ½ cents = $200 million ~ 1.16% = $ 2,232,000 <br /> total local sales tax generated $ 4,232,000 <br />County's share (FY '97 %) = 67.85 of $ 4,232,000 = $ 2,871,412 <br />Base grant potential = 75% orS 2,871,412 for 5 years = $ 10,767,795 <br />County's revenues from local sales tax for the same period = $ 3,589,265 <br /> <br />ALL ESTIMATES ARE BASED ON DATA AVAILABLE. CHANGES IN THE <br />ACTUAL PERCENTAGE OF THE COUNTY'S SHARE OF THE LOCAL 1 CENT AND <br />TWO ¼ CENT SALES TAXES WILL VARY ANNUALLY. ACTUAL SALES DATA IS <br />A REQUIRED SUBMITTAL OF THE DEVELOPER RECEIVING THE GRANT. <br /> <br />V. PROGRAM ADOPTION AND EFFECTIVE DATE <br /> <br />These commercial/retail development incentive grant program guidelines are subject to changing <br />economic conditions at the direction of the Cabarrus County Board of County Commissioners. <br />It is proposed that the effective date of implementation of the grant program guidelines will be <br />for agreements related to new projects locating or expanding within Cabarrus County <br />(cities/towns) subject to agreements approved by the County Commission after July 8, 1997. <br /> <br />ADOPTED BY THE BOARD OF COUNTY COMMISSIONERS ON JULY 8th, 1997. <br /> <br />FWC <br />7/17/97 <br /> <br /> <br />