AG 1997 12 15 - Laserfiche WebLink

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site specific issues that impact upon local infrastructure responsibilities site specific initiatives that may be pursued to stimulate other development in areas that the City may deem of significant benefit to the community III. PROJECT QUALIFICATIONS To be considered eligible for an industrial development incentive grant a project shouk.. be required to meet certain base criteria. These criteria are to be used as guidelines in project evaluations. Additional criteria may be applied to a specific project based upor the terms of the agreement between the industrial client and city. minimum value project to qualify for consideration: Level I grant - $5,000,000 or greater Level II grant - $20,000,000 or greater Leve! 111 grant - $100,000,000 or greater Level I grant - up to 75% of local property taxes to be paid by the new or" expanding industry for a period of five consecutive tax years Level II grant - up to 80% of local property taxes to be paid by the new or" expanding industry for a period of five consecutive tax years Level III grant - up to 85% of local property taxes to be paid by the new expanding industry for a period of five consecutive tax years Under no circumstances would any new or expanding industry receive arr- industrial development incentive grant that lowered the net tax payments paid to the city to a level less than the local property taxes paid in a prior year All industrial development incentive grants are to be specifically designed to be paid from the tax payments actually made by the industry receiving the benefit Grant payments will not be made unless the applicable induStry is current in al,- other required local property tax payments of record ~vithin the City of Concord industrial development incentive grant benefits may not be transferred otherwise conveyed to another party without the specific consent of the Board of Aldermen The City must agree to abide by the terms of this proposal for it to be applied to sites within the City or. on a site subject to annexation. The industrial development incentive grant formula applied to a project Within on of the City's will be applied-- at the same level as authorized by the Board of Aldermen. ALL INDUSTRIAL DEVELOPMENT INCENTIVE GRANTS WILL BE CONVEYED~ BY A FORMAL AGREEMENT BETWEEN THE INDUSTRY RECEIVING THE GRANT AND THE CITY AS APPROPRIATE.