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

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meets the following criteria: Corporate headquarters means the building or buildings that the principal executive officers have designated as their principal corporate, regional or divisional office in the U.S. [See North Carolina G.S. 55 -140 (17)]. The Town requires that the corporate headquarters have at least fifty (50) or more full -time employees who are located in that, building or buildings. The headquarters and/or expansion must be located within the town limits of Morrisville. If the project is an expansion, the expansion must employ fifty (50) or more new full -time employees. The project must meet all other criteria as listed in Part III of this document. Incentives will be paid after all taxes, fees and charges due the Town are paid.. Wendell I. Objectives The purpose of this Economic Development Incentive Policy for New and Expanding Businesses is to enhance the Town of Wendell's ability to attract new industrial and commercial development and to encourage expansion of existing businesses within the town's existing or proposed corporate limits. This policy has been developed to promote the general economic development goals outlined in the Town of Wendell Comprehensive Plan, adopted in April, 2007, which included 1) diversifying and increasing the town tax base, 2) creating a diverse workforce, and 3) increasing downtown and in -town retail and dining options "to make Wendell a self - sustaining community — a place where people can both live and work." This policy authorizes the Town of Wendell Board of Commissioners to make direct grant appropriations from town tax revenues and to provide development incentives to encourage industrial and office park development and commercial/mixed use /service industry and business investment in Wendell. Individual incentives are outlined in Section III of this policy. II. Policy Statements Disclaimer: Appropriations from town funds and related development incentives to promote economic development are not made as a matter of right but are made as a privilege to the industry or business at the sole discretion of the Town of Wendell Board of Commissioners. Even if the applicant industry or business meets all the eligibility requirements outlined in Section I11, the town is not obligated to provide an incentive package. As outlined in Section V of tins policy, all proposed economic incentive applications from new and existing industries and businesses will be carefully evaluated by the town staff prior to submittal of each completed incentive application and a written staff recommendation to the Board of Commissioners for final evaluation. Each proposed new industry /business development or industry/business expansion will be reviewed to ensure consistency with the land use objectives and development goals defined in the Town of Wendell Comprehensive Plan, and with regard to proposed water and sewer allocations. Also, changes in economic conditions may necessitate action by the Board of Commissioners to modify, amend, or even rescind this incentive policy, subject to compliance with any incentive agreements in effect at the time of rescission. Geographic Eligibility: This policy shall apply to all lands within the current corporate limits of Wendell or properties that qualify for annexation under North Carolina General Statutes. Actual economic development incentive grants will not be made to businesses until annexation procedures are complete and the new investment can be formally assessed and taxed by Wake County on behalf of the Town of Wendell. Legally- Binding Commitment: Each industry or business that receives an economic development incentive grant under the terms of this policy shall be required to execute a legally- binding agreement with the Town of Wendell that outlines the amount and terms of the grant, the specific investment amount and job creation goals (if applicable) guaranteed by the grantee, and all other agreed terms and conditions 551 Page