Agenda - 05-18-2010 - 8b - Laserfiche WebLink

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All economic development policies shall have as the first and foremost objective the maintenance of the quality of life objectives of Cary 's citizens. Ensure that property taxes remain low for Cary 's citizens • Broaden employment opportunities within town borders to minimize traffic and infrastructure pressures • Evaluate and enhance Cary 's availability of labor, infrastructure and capital resources to support new and expanding businesses Improve communication between the Town of Cary and the business community • Attract clean, environmentally friendly industry to protect our natural resources and enhance our quality of life Fuquay - Varina Preamble The Town of Fuquay - Varina wishes, when necessary, to promote economic development by assisting in the location and expansion of industry and business in the Town. The Town desires such industry and business that will provide new employment opportunities and enhance the overall quality of life. Appropriations for Economic Development Economic development assistance may be in the form of appropriation of funds, Town services, or some other appropriate form. Appropriations made under these principles shall only be for industry and business that locates or expands within the Town limits of Fuquay- Varina or an area to be annexed by the Town. Industry and business, as used herein, shall mean any art, profession, business or commercial enterprise that employs labor and /or capital in furtherance of commerce beneficial to the Town's general population and which poses little or no environmental threat to its employees or the community at large. Appropriations for economic development are not made as a matter of right but are made as a privilege to the industry or business in the sole discretion of the Town Board. Appropriation of funds, services or some other form are always subject to the availability of the same. C. Appropriations must be for a public purpose and made pursuant to N.C.G.S. § 158 -7.1, et seq., and all applicable laws. Appropriations may only be made when a written contractual agreement with the industry or business addresses, to the satisfaction of the Town Board, the following items: 1. That the industry or business will locate within the Town limits or an area to be annexed into the Town; 2. That the industry or business will build or expand its proposed facility within a time specified; 3. That the industry or business will exist and operate its facility at a stated employment capacity for a time specified; 4. That the industry or business will identify the size, type and cost of its capital investment (of a proposed facility and equipment), the anticipated uses therefore, the number of employees to be hired, the number of work shifts and the term of such employment; 5. That the remuneration paid to employees shall be equal to or greater than the median wage then existing in Wake County as computed by the Department of Commerce; 6. That the Town will recoup all appropriations within 36 months from the beginning date of operation. Recoupment shall mean town tax revenue generated by the industry equal to the appropriation of funds, services or other form; 7. That the industry or business will adopt an internal policy whereby it will be (i) a "community involved" industry or business and (ii) will encourage its employees to reside in Fuquay - Varina .......... _....... _....... 461Page