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363 <br /> <br />Cabarrus County Economic Development Assistance Plan Guidelines <br /> <br />Commissioner Olio-Mills left the meeting at this time. <br /> <br /> The Board reviewed the proposed Economic Development Assistance Plan <br />Guidelines and discussed the importance of having these guidelines in place for <br />Cabarrus County. <br /> <br /> UPON MOTION of Commissioner Fennel, seconded by Chairman Barnhart with <br />Commissioners Fennel, Casper and Niblock and Chairman Barnhart voting for, the <br />Board adopted the following Economic Development Assistance Plan Guidelines. <br /> <br />CABARRUS COUNTY ECONOMIC DEVELOPMENT <br />ASSISTANCE PLAN GUIDELINES <br /> <br />Policy: Within the limitations and authority provided by the North <br />Carolina General Statutes, it is the intention of the Cabarrus <br />County Board of Commissioners to provide a fund for economic <br />development assistance. <br /> <br />Amount of Fund: The Board of Commissioners shall appropriate such <br />funds as it deems justified from fund balances held by the County <br />into a reserve for economic development assistance. All <br />expenditures from the Economic Development Assistance Reserve shall <br />be approved by the Board of Commissioners. Seventy-five percent <br />(75%) of all new tax revenues derived from projects assisted by this <br />Plan shall be appropriated annually for seven (7) years to the fund <br />for economic development assistance. <br /> <br />Qualifications for Use of Economic Development Assistance Funds: <br />Any industrial use whether new to the county or an expansion of a <br />resident business may be a qualifying project providing: <br />1. The total of additional property tax revenues resulting from <br /> the project will equal or exceed the amount of assistance in <br /> five (5) years, to be calculated from the sooner of the <br /> completion of the project or one year. <br />2. The project has no environmental consequences unacceptable to <br /> the Board of Commissioners. <br />3. The Assistance Fund has sufficient funds to meet an offer of <br /> assistance. <br />4. The financial strength of the project owners warrants an <br /> expectation of at least a ten (10) year life of the project's <br /> enterprise. <br />5. Average hourly wage paid by client must be in excess of county <br /> average hourly wages. <br /> <br />Operation of the Policy: <br />1. The Greater Gabarrus County Economic Development Corporation <br /> shall receive all applications for assistance under the Plan. <br />2. The applicant shall provide: (1) project development cost; (2) <br /> the number of jobs to be created along with pertinent salary <br /> and job classification data; (3) full disclosure of all waste <br /> discharges that may affect the environment; (4) a general <br /> description of the economic activity that will take place with <br /> the project; and (5) utility requirements of the project; and <br /> (6) total investment in plant and equipment by phased if <br /> applicable. <br />3. The Economic Development Director shall review the application <br /> and evaluate the project as to its past performance and <br /> financial stability. <br /> The Economic Development Director, if finding the application <br /> worthy of continued development, shall consult with the <br /> Cabarrus County Manager in putting together an incentive <br /> package consistent with the N. C. General Statutes, this Plan <br /> and. available funds. <br /> The incentive package will be reviewed by the GCCEDC Executive <br /> Committee and the Board of Commissioners prior to being <br /> offered to the applicant. <br /> <br /> <br />