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

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applications and will carefully apply the aforementioned criteria, requirements, goals, and stipulations mentioned throughout this policy document. that are deemed important to the Town. These elements will serve as a guideline for the staff analysis and the Committee may recommend modifying any of the terms, criteria, and requirements of this incentive policy, including exceeding the maximum incentive amount of this incentive policy, to maximize the town's economic development goals and carry forth the overall goals and services that are the town's responsibility. Upon completion of the Committee's review and analysis, the town manager will transmit the recommendation to the Board of Aldermen for their consideration in accordance with North Carolina law. Other Provisions Time Period: The payback period for any and all incentives, except retail/mixed use, shall be no longer than five years. Payback for retail/mixed use will be negotiated but in no case longer than 10 years. Redundancy: It is intended that only one incentive will be given per parcel and/or per project. The Board at its discretion reserves the right to deny an incentive to any business if an incentive is already being paid to them or another entity for that same parcel and/or project. The Town of Garner will require that the assessed value of new investment to be confirmed by the Wake County Revenue Department and proof that all property taxes and fees are paid prior to providing an incentive payment. Application A request for economic development incentives shall be directed to the Garner town manager. Applications may be obtained through the town manager's office. Applications are to be completed in their entirety. The Town of Garner understands that some information may need to be held confidential; however, we reserve the right to obtain the necessary information before making a recommendation. Among other things, industry or business is to provide information on: Amount of capital investment. Employment numbers from past years. • New job projections and if new or relocating (from where ?). • Water and sewer needs. • Type of business activity and any hazardous waste or by- products used, generated, or discharged. Review The Incentive Committee, comprised of town employees appointed by the town manager, shall review the request and information on an individual basis using the Town of Gainer guidelines. The town Manager shall present the Incentive Committee recommendation to the Board of Aldermen. In reviewing requests, among the things the Town will consider are: Amount of new investment in the community. Number and type of new jobs being created. • Average wage rate. • Level of state or county participation. • Timeframe for investment/job creation. • Potential for expansion. ..... _.......... . 501Page