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CABARRUS COUNTY ECONOMIC DEVELOPMENT <br /> ASSISTANCE PLAN GUIDELINES <br /> <br />Policy: Within the limitations and authority provided by the North Carolina General <br />Statutes, it is the intention of the Cabarrus County Board of Commissioners to provide <br />a fund for economic development assistance, <br /> <br />Amount of Fund: The Board of Commissioners shall appropriate such funds as it <br />deems justified from fund balances held by the County into a reserve for economic <br />development assistance. All expenditures from the Economic Development Assistance <br />Reserve shall be approved by the Beard of Commissioners. Seventy-five percent <br />(75%) of all new tax revenues dedved from projects assisted by this Plan shall be <br />appropriated annually for seven (7) years to the fund for economic development <br />assistance. <br /> <br />Qualifications for Use of Economic Development Assistance Funds: Any industrial use <br /> <br />whether new to the county or an expansion of a resident business may be a qualifying <br />project providing: <br /> <br />The total of additional property tax revenues resulting from the project will equal <br />or exceed the amount of assistance in five (5) years, to be calculated from the <br />sooner of the completion of the project or :one year. <br /> <br />The project has no environmental consequences unacceptable to the Board of <br />Commissioners. <br /> <br />3. The Assistance Fund has sufficient funds to meet an offer of assistance. <br /> <br />The financial strength of the proiect owners warrants an expectation of at least <br />a ten (10) year life of the project's enterprise. <br /> <br />Average houdy wage paid by client must be in excess of county average houdy <br />wages. <br /> <br />Operation of the Policy: <br /> <br />The Greater Cabarrus County Economic Development Corporation shall receive <br />all applications for assistance under the Plan. <br /> <br />The applicant shall provide: (1) project development cost; (2) the number of <br />jobs to be created along with pertinent salary and job classification data: (3) full <br />disclosure of all waste discharges that may affect the environment; (4) a general <br />description of the economic activity that wilt take place with the project; (5) utility <br /> <br /> <br />