AG 1996 07 22 - Laserfiche WebLink

Home Browse Search

116 FY 1996-97 Fundfn~ for County Schools Dr. Harold Winkler, Cabarrus County Schools Superintendent, requested additional funding to cover the estimated start-up costs of $650,000.00 for the new Weddtngton Hills Elementary School. The new school is scheduled to open in October, 1996. Also, Dr. Wlnkler advised that the Schools would provide estimates for the future start-up costs for the Rocky River Elementary School and the new Concord Middle School. Proposed Industrial Incentive Grant Pro,ram Guidelines Mr. Clifton presented the proposed Industrial Incentive Grant Program for the Board's consideration. Chairman Barnhart commented on the incentive grant program and the need to balance residential and commercial growth within the county. UFO~ MOTION of Commissioner Fennel, seconded by Commissioner Nlblock and unanimously carried, the Board adopted the following Cabarrus County Industrial Development Incentive Grant Program as presented by the County Manager with an effective date of July 1, 1996. CABARRUS COUNTY INDUSTRIAL DEVELOPMENT INCENTIVE GRANT PROGRAM 1. OVERVIEW In order to expand economic development options for Cabarrus County that will diversify the tax base, offer improved employment opportunities for its citizens and promote the economic growth and welfare of the business and industrial community, the Board of County Commissioners has in the past established inducement guidelines to encourage new industry location decisions within the county and to assist existing industrial expansions. This Industrial Development Incentive grant program formalizes guidelines that establish the parameters for local government economic incentives to be used to encourage existing industrial expansions and to help promote Cabarrus County as an excellent site choice for new industrial plant locations. This Industrial Development Intent"lye (IDI) grant program replaces any previously enacted policy guidelines. II. PROGRAM PARAMETERS The IDI grant involves a contractual agreement between the county and a new or existing industry (and appropriate city/town if the project is within a municipality's boundaries or subject to annexation within the time frame of the agreement) that would allow for a financial incentive grant based upon the actual value, schedule and payment of local property taxes for a period of up to five tax years. The county will require the industry to 'pay in full' annually total property taxes due. If the industry has met specific criteria as outlined in a formal agreement, a portion of the property taxes paid by that industry to the county (and municipalities, If applicable) each year for five consecutive tax years would be returned to the industry in the form of a local industrial development incentive grant. Each project would be dealt with on an individual basis using guidelines established under the direction of the Board of County Commissioners. The guidelines for the program shall be subject to periodic review. Changing economic conditions may cause the Board of County Go~missioners to modify, amend or even terminate the program subject to compliance with any industrial development incentive grants in effect at that time. Items for consideration in authorizing anindustrial development incentive grant may include but are not limited to: the size of the project based upon investment in site development, plant facilities and infrastructure the number of and type of jobs created · the relationship between Jobs development and total investment potential for future expansion and increased employment · site specific issues that impact upon local infrastructure responsibilities site specific initiatives that may be pursued to stimulate other development In areas that the county or municipalities may deem of significant benefit to the community