AG 1996 06 17 - Laserfiche WebLink

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III. PROJECT QUALIFICATIONS To be considered eligible for a industrial development incentive grant a project should be required to meet certain basic criteria. These criteria are to be used as guidelines in project evaluations. Additional criteria may be applied to a specific project based upon the terms of the agreement between the industrial client and county (cities/towns as applicable). minimum value project to qualify for consideration: Level I grant - $ 5,000,000 or greater Level II grant - $ 20,000,000 or greater Level III grant - $100,000,000 or greater Level I grant - up to 75% of local property rexes 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 or expanding industry for a period of five consecutive tax years Under no circumstances would any new or expanding industry receive an industrial development incentive grant that lowered the net tax payments paid to the county (cities/towns as applicable) 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 all other required local property tax payments of record within Cabarrus County. Industrial development incentive grant benefits may not be transferred or otherwise conveyed to another party without the specific consent of the Board of County Commissioners Cities/towns must agree to abide by the terms o£this proposal for it to be applied to sites within the cities/towns or on a site subject to annexation. The industrial development incentive grant formula applied to a project within one of the county's cities/towns will be applied at the same level as authorized by the Board of County Commissioners. ALL INDUSTRIAL DEVELOPMENT INCENTIVE GRANTS WILL BE CONVEYED BY A FORMAL AGREEMENT BETWEEN THE INDUSTRY RECEIVING THE GRANT AND THE COUNTY ALONG WITH AFFECTED CITIES AND TOWNS AS APPROPRIATE.