HomeMy WebLinkAboutC.054.93010_0262MOTION by Commissioner Fortner to approve the revisions, explained by the county
manager, to the Iredell County Industrial Incentive Policy.
VOTING: Ayes - 4; Nays - 1 (Stewart).
The revised incentive policy will now be as follows.
INDUSTRIAL DEVELOPMENT INCENTIVES PROGRAM (]DIP)
IREDELL COUNTY
'Phe County of Iredell, in cooperation with Harmony, Love Valley, Mooresville, Davidson,
Statesville, or Troutman, may provide various financial incentives for companies seeking to locate
or expand a business into Iredell County. This incentive program is designed to stimulate
development by offsetting up -front costs associated with an industry location or expansion.
Phe scope of the incentive package will be based on the following criteria:
• Capital investment of at least $3 million.
• Creation of quality jobs with pay higher than the county's average wages.
• Environmentally clean.
County funds may be used in a manner consistent with GS 158-7.1.
The parameters defining the level of the contribution will be as follows:
1. An amount equal to .376% of the capital investment may be used for
incentive payments for a period of five years.
2. If a company's investment exceeds S30 mil lion in additional taxable base, the
board of commissioners may authorize the extension of the years of
eligibility to six years.
3. A further component of that calculation will be based on the quality of the
jobs created. The schedule below allocates percentage of participation for
each level.
Wage Rate Eligibility Rate
Level 1 120% ofcounty average wage 100% eligible reimbursement
Level II 110% of county average wage 90`% eligible reimbursement
'file following procedure will be used by industry in requesting industrial development incentive
ave ards:
1. Must receive a favorable recommendation from the Greater Statesville
Development Corporation or the Mooresville -South Iredell Chamber of
Commerce.
2. Must be willing to appear before the public at a hearing for the purpose of
receiving input on the proposed incentive.
3. Must receive favorable vote from board of commissioners following the
public hearing.
4. Must be willing to enter into a formal agreement with the county to stipulate
the commitment of the industry and the county.
5. Must be willing to reimburse the county if at anytime a court of last appeal
determines that incentive payments are in violation of the constitution or the
law.
(Initially adopted by the Iredell County Board of Conlin issionets on December 2, 1997.
Revised & Approved by the Iredell County Board of Commissioners on October 17, 2000.)