BC 1997 07 10 - Laserfiche WebLink

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338 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 level of retail sales generated within the project for a period of up to five full years. The county (and cities as appropriate) will agree to provide a financial inducement to the developer of large scale commercial/retail projects that meet the criteria established within the guidelines of the C/RDI grant program. Each project will 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 Commissioners to modify, amend or even terminate the program subject to compliance with any commercial/retail development incentive grants in effect at that time. Items for consideration in authorizing a commercial/retail development incentive grant may include but not be limited to: the size of the project based upon investment in site development, facilities and infrastructure; the quantity and quality of employment opportunities created by the project; the type of commercial/retail activities included within the proposed project; the potential stimulus the project creates for additional commercial/ retail development to occur with the immediate area; site specific issues that impact upon local infrastructure responsibilities; other issues that may need to be considered relative to an individual project. III. PROJECT QUALIFICATIONS To be considered eligible for a commercial/retail development incentive grant a project should be required to meet certain minimum criteria. These criteria are to be used as guidelines in project evaluations. Additional criteria may be applied to a specific project based upon the terms of the agreement between the commercial/retail developer and the county (cities/towns as applicable). minimum size of the project to qualify for consideration: Level I grant - 250,000 square feet of gross leasable area Level II grant - 500,000 square feet of gross leasable area Level III grant - 1,000,000 square feet of gross leasable area or greater Minimum retail sales generated must equal or exceed $200 per square foot of gross leasable area Level I grant - will be "an amount equal to" up to 25% of the local option 1 cent and two local option h cent sales tax generated by the project for a period not to exceed five full years of operation Level II grant - will be Wan amount equal to" up to 50% of the local option 1 cent and two local option h cent sales tax generated by the project for a period not to exceed five full years of operation Level III grant - will be "an amount equal to" up to 75% of the local option 1 cent and two local option h cent sales tax generated by the project for a period not to exceed five full years of operation. Under no circumstances will the incentive grant payments be tied to the local property taxes to be generated by the project and all property taxes to be paid by the new or expanding commercial/retail development must be paid in full and kept current during the period that the C/RDI grant remains in effect. The developer (grant recipient) shall require all tenants of the project to provide the County complete and accurate retail sales and local option sales tax payment information. The County shall secure the confidentiality of that information in recognition of the proprietary nature of the data within the parameter authorized under state law. Commercial/retail development incentive grant benefits may not be transferred or otherwise conveyed to another party without the specific consent of the Board of County Commissioners and other contracting agencies. Ail commercial/retail development incentive grant benefits are designed to be linked directly to local option sales tax revenues received by the county attributable directly to the development of a specific project. Failure of the project or its tenants to provide accurate sales