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CITY OF CONCORD INDUSTRIAL DEVELOPMENT <br /> INCENTIVE GRANT PROGRAM <br /> <br />1. OVERVIEW <br /> <br />In order to expand economic develol~ment options for the City of Concord that will <br />diversify the tax base, offer improved employment opportunities for its citizens and <br />promote the economic growth and welfare of the business and industrial community, the <br />Concord Board of Aldermen has in the past established inducement guidelines to <br />en~.ourage new industry location decielons within the City and to assist existing industrial <br />expansions. This Industrial Development Incentive grant program formalizes guidelines <br />that establish the parameters for local government economic incentives to be used to <br />encourage existing industrial expansions and to help promote the City of Concord as an <br />excellent site choice for new industrial plant locations. Tills Industrial Development <br />Incentive (IDI) grant program replaces any previously enacted policy guidelines. <br /> <br />II. PROGRAM PARAMETERS <br /> <br />The IDI grant involves a contractual agreement between th~ City and a new or existing <br />industry' (and appropriate city/town if the project is within a municipality's boundaries or <br />subject to annexation within the time frame of the agreement) that would allow for a <br />financial incentive grant based upon the actual value, schedule and ~3ayment of local <br />property taxes for a period of up to five tax years. The City will require the industry to <br />'pay in full' annually total property taxes due. If the industry /las met specific criteria as <br />outlined in a formal agreement, a portion of the property taxes paid by that industry to <br />the City each year for five consecutive tax years would be returned to the industry in the <br />form of a local industrial development incentive grant. -. <br /> <br />Each project would be dealt with on an individual basis using guidelines established <br />under the direction of the Concord Board of Aldermen. The guidelines for the program <br />shall be subject to periodic review. Changing economic conditions may cause the board <br />of Concord Board of Aldermen to modify, amend or even terminate the program subject <br />to compliance with any industrial development incentive grants in effect at that time. <br /> <br />Items for consideration in authorizing an industrial development incentive grant may <br />include but are not limited to: <br />the size of the project based upon investment in site development, plant facilities <br />and infrastructure <br />- the number of and type of jobs created <br />- the relationship between jobs development and total investment <br />~ potential for future expansion and increased employment <br /> <br /> <br />