Laserfiche WebLink
229 <br /> <br />IV. EXAMPLE OF GRANT AWARD <br />Level 1 grant (based on a $10 million project with $7 million in real <br />property and $3 million in equipment and machinery) <br /> est tax rate .60/100 for the grant period <br /> depreciation rate of 2% for real and 10% for personal property <br /> per year <br /> Year One: <br /> real property investment of $7,000,000/100 = $70,000 x 75% x $.60 + <br /> personal property <br /> investment of $3,000,000/100 = $30,000 x 75% x $.60 = $ 45,000 grant <br /> payment <br /> Year Two: <br /> real property investment of $6,860,000/100 = $68,600 x 75% x $.60 + <br /> personal property investment of $2,700,000/100 = $27,000 x 75% x $.60 = <br /> $ 43,020 grant payment <br /> Year Three: <br /> real property investment of $6,722,800/100 = $67,228 x 75% x $.60 + <br /> personal property investment of $2,430,000/100 = $24,300 x 75% x $.60 = <br /> $ 41,188 <br /> Year Four: <br /> real property investment of $6,588,344/100 = $65,883 x 75% x $.60 = <br /> $29,647 grant payment <br /> Year Five: <br /> real property investment of $6,456,577/100 = $64,568 x 75% x $.60 = <br /> $29,056 grant payment <br /> <br />Five year period total grant payments estimated at $ 187,911. For this <br />Level 1 grant project the INDUSTRIAL DEVELOPMENT INCENTIVE GRANT <br />PROGRAM award equates to '01.88%' of the initial corporate investment. <br /> <br />Calculations for INDUSTRIAL DEVELOPMENT INCENTIVE GRANT PROGRAM awards <br />at other values and at Levels 1, 2 or 3 would be completed in a similar <br />manner. <br /> <br />Note: The ratio of real to personal property (machinery and <br />equipment) will vary significantly among projects. For purposes <br />of this example 70% real and 30% personal property investments <br />were assumed. Depreciation schedules will impact estimated tax <br />assessment values depending on the type of project and applicable <br />depreciation schedule. <br /> <br />V. PROGRAM ADOPTION, ~4MENDMENT A/~D EFFECTIVE DATES <br />Earlier INDUSTRIAL DEVELOPMENT GRANT PROGRAM guidelines were adopted by <br />the Cabarrus County Board of Commissioners in June 1996. Subsequent <br />modifications inclusive of dates of action by the County shall be <br />routinely detailed and noted hereto. Applicability of a specific <br />project to these program guidelines shall be consistent with latest <br />date of appropriate action by the Board of County Commissioners and the <br />date of application for the program. <br /> <br />A pre-application meeting with the County Commission and elected <br />officials of any local municipality impacted by a proposed project <br />shall be held to validate project specifics and assure that current <br />grant program criteria are applicable. Cabarrus Economic Development, <br />Inc. shall provide a fiscal analysis of the project's impact upon the <br />community inclusive of a recommendation from its Board of Director's as <br />to whether the project proposal should be considered for the award of <br />an incentive grant as detailed within policy guidelines. <br /> <br />Only specific action by the Cabarrus County Commission shall be deemed <br />acceptance of terms in a formal contractual grant agreement and by <br />award of an INDUSTRIAL DEVELOPMENT GRANT thereto. <br /> <br />Applicants for the INDUSTRIAL DEVELOPMENT GR3LNT PROGRAM shall use these <br />guidelines in applying for a grant for new industrial development <br />projects locating or existing industrial expansions occurring in <br />Cabarrus County (and applicable cities/towns). These guidelines shall <br />be an attachment to each formal grant award contract approved by the <br />County. <br /> <br />Other specific attachments to the formal agreement shall include but <br />not be limited to: <br /> <br />A project site plan, brief written description of the project, <br />its scope, number and type of employment positions, phasing and <br /> <br /> <br />