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CABARRUS COUNTY ECONOMIC DEVELOPMENT <br /> ASSISTANCE PLAN <br /> <br />SUGGESTED REFISION #1 <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 a <br />fund for economic development assistance for manufacturing companies. <br /> <br />Amount of Fund: The Board of Commissioners shall appropriate such funds as it deems <br />justified from fund balances held by the County into a reserve for economic development <br />assistance. All expenditures from the Economic Development Assistance Reserve shall be <br />approved by the Board of Commissioners on recommendation from the Greater Cabarms <br />County Economic Development Corporation. <br /> <br />Oualifications for Use of Economic Development Assistance Funds: Any industrial o~ <br />cc,~dr~crclal nan rcs~dcnt~al use whether new to the County or an expansion of a resident <br />business may be a qualifying project providing: <br /> <br />The growth in property taxes resulting from the project will equal or <br />exceed the amount of assistance in five (5) years. <br /> <br />o <br /> <br />The project has no environmental consequences unacceptable to the <br />Board of Commissioners. <br /> <br />3. The Assistance Fund has sufficient funds to meet an offer of <br /> assistance. <br /> <br />4. The project has a net tax value increase to the County of $4,000,000. <br /> <br />Operation: <br /> 1. <br /> <br />The County Manager, in coordination with the Economic Development <br />Director, is authorized to negotiate with prospective users of the <br />Economic Development Assistance Reserve, within the guidelines <br />provided by the Board of Commissioners. <br /> <br />o <br /> <br />As soon as appropriate with concerns of confidentiality by a potential <br />user, the Manager shall inform the Board of all requests for assistance. <br /> <br />AS projects are approved by the Board and new tax revenues result <br />from each project, the Board shall appropriate an amount equal to <br />70% of the new tax revenue to replenish the Economic Development <br />Reserve Fund until such time as each project has paid back to the <br />Reserve its original amount. All excess funds shall be placed in the <br />general revenues of the County. <br /> <br /> <br />