AG 1994 11 21 - Laserfiche WebLink

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CABARRUS COUNTY ECONOMIC DEVELOPMENT ASSISTANCE PLAN Policy: Within the limitations and authority provided by the North Carolina General Statutes, it is the intention of the Cabarrus County Board of Commissioners to provide a fund for economic development assistance. Amount of Fund: The Board of Commissioners shall appropriate such funds as it deems justified from fund balances held by the County into a reserve for economic development assistance. All expenditures from the Economic Development Assistance Reserve shall be approved by the Board of Commissioners. Qualifications for Use of Economic Development Assistance Funds: Any industrial or commercial non-residential use whether new to the County or an expansion of a resident business may be a qualifying project providing: The growth in property taxes resulting from the project will equal or exceed the amount of assistance in seven (7) years. The project has no environmental consequences unacceptable to the Board of Commissioners. 3. The Assistance Fund has sufficient funds to meet an offer of assistance. Operation: The County Manager is authorized to negotiate with prospective users of the Economic Development Assistance Reserve, within the guidelines provided by the Board of Commissioners. As soon as appropriate with concerns of confidentiality by a potential user, the Manager shall inform the Board of all requests for assistance. As projects are approved by the Board and new tax revenues result from each project, the Board shall appropriate an amount equal to 75 percent of the new tax revenue to replenish the Economic Development Reserve Fund until such time as each project has paid back to the Reserve its original amount. All excess funds shall be placed in the general revenues of the County.