HomeMy WebLinkAboutC.054.93009_1704MOTION by Commissioner Fortner to adopt the following proposal as a guideline in
assessing industrial development incentives and to stipulate that approval by the Iredell County
Board of Commissioners be obtained before any incentive packages/agreements were executed.
VOTING: Ayes - 3; Nays - 2 (Boone/Stewart)
PROPOSAL
INDUSTRIAL DEVELOPMENT INCENTIVES PROGRAM (IDIP)
IREDELL COUNTY
The 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.
The scope of the incentive package will be haled on the following criteria:
• Capital investment of at least $3 million
• Creation of quality jobs with pay at least or higher than the county's average wages
• Environmentally clean.
County funds may reduce the cost of land fin companies expanding or locating in Iredell County.
County funds may provide for site preparation expenses including environmental testing,
cleaning, grading, and water/sewer extension. County funds may also be used to supplement
state training funds in the new and expanding industry program.
The parameters defining the level of the contribution will be as follows:
A maximum of 80% of the increased tax revenue for five years may be used for incentive
payments. 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 I 110% of county average wage 100% eligible reimbursement
Level 11 100% of county average wage 900/6 eligible reimbursement
Level III 90% of county average wage 80% eligible reimbursement
Level IV 80%ofcounty average wage 70% eligible reimbursement
The following procedure will be used by industry in requesting industrial development incentive
awards:
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 on, in violation of the constitution or the law.
REQUEST FOR APPROVAL OF CENTRALINA COUNCIL OF GOVERNMENTS
RESOLUTION TO RECEIVE STATE FUNDS: MOTION by Commissioner Fortner to adopt
the following resolution which will release $4,556.78 of State funds to Centralina Council of
Governments.