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4. The County will require that the assessed value of new investment is confirmed by the Wake County <br />Revenue Department and that all property taxes are paid prior to providing a grant payment. <br />5. For projects /companies considering locating (or expanding) in one of the municipalities within Wake <br />County, the County assumes it will be a partner with the municipality in providing a possible <br />Business Incentive Grant. <br />6. These policy guidelines are not retroactive to any project, which has been announced prior to the <br />adoption of these policy guidelines with the exception of Credit Suisse First Boston. <br />7. All grant agreements are subject to performance criteria that will be outlined in detail in the Business <br />Investment Grant contract between the company and the County. In the event that a company fails to <br />meet any of the provisions of the contract, the County may adjust the amount of the grant to the <br />company or withdraw the grant entirely. <br />Cary <br />Purpose <br />To promote economic development within the Town of Cary and authorize the Town Council to make <br />appropriations to aid and encourage the establishment of new businesses and the expansion of existing <br />businesses in the Town. This policy is intended to assist the town in diversifying and increasing its tax <br />base and developing new employment opportunities for its citizens and the Triangle Region as a whole. <br />Actions taken under this policy shall be consistent with requirements outlined in North Carolina General <br />Statues 158 -7.1 for local economic development as well as other criteria established by the State of North <br />Carolina and the Town Council. <br />Cary has established itself as a desirable place in which to wok, live and raise a family. The Town's high <br />standards and quality of life continue to provide the strongest incentives to attract business and jobs to <br />Cary. <br />Coverage <br />Upon adoption by the Town Council, this policy shall be applicable to new or expanding businesses to be <br />located within the Town of Cary, provided that such businesses have been determined by the Town to be <br />eligible to receive incentives from the Town. <br />Policy <br />8. Cary values its businesses and the jobs, services and products they provide. Consistent with our <br />commitment to quality customer service, the Town will make available a range of service incentives <br />that are designed to facilitate the development process and expedite the establishment of new <br />businesses and business expansions. <br />9. In order to attract economic development that will provide significant benefits to the Town and its <br />citizens and/or that provides strategic links for firture economic growth, the Town will make available <br />infrastructure and/or financial aid, in forms and amounts as determined appropriate by the Town. <br />10. The use of incentives under this policy will consider geographical areas targeted for development as <br />part of the Economic Development Commission's strategic plan. <br />11. Any party receiving incentives of infrastructure and/or financial aid under this policy shall enter into a <br />legally binding agreement in a form approved by the Town Council. <br />Implementation <br />Implementation of this policy will be consistent with the Economic Development Commission Guidelines <br />for Policies and Programs adopted by the Town Council on December 12, 2002. These guidelines are <br />reprinted here for reference: <br />451 Page <br />