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

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Job Creation Threshold: All New Industries /Office Parks must propose to create at least twenty (20) new jobs (defined in Section ILE) during the performance period defined in the legally - binding agreement between the grantee and the Town of Wendell. Incentive Amounts: New Industries /Office Parks meeting the investment/job threshold requirements outlined above will be considered for an incentive grant equivalent to 75% of the Town of Wendell local property tax assessment on the new investment for each year over a total five -year period. For cacti additional $5 million in investment, applicants will be considered for incremental increases of 5% in tax assessment deductions, up to a maximum grant amount of 95% of the local tax assessment for each year over a total five -year period (minimum $25 million investment). Examples: A threshold grant for a $5 million New Industry /Office Park investment would be calculated as ($5,000,000 1100 x 0.49), or $24,500 per year x 75 %= $18,375 x 5 years = $91,875. A maximum grant for a $50 million New Industry /Office Park investment would be calculated as ($50,000,000 /100 x 0.49), or $245,000 per year x 95% _ $232,750 x 5 years = $1,163,750. B. Industry /Office Park Expansions Eligible Applicants: Eligible applicants for Industy /Office Park Expansion grants include existing manufacturing facilities; warehousing, distribution, and transportation facilities; and service industries (including office park facilities). Existing retail businesses are eligible for expansion assistance under the Small Business incentive (see Section III.Q. Investment Threshold: In order to receive consideration for an economic development incentive grant from the Town of Wendell, Industry /Office Park Expansions must propose a new investment in building and/or equipment (exclusive of land) of one million dollars ($1 million) or greater as calculated in Section ILD, above. Job Creation Threshold: All Industry /Office Park Expansions must propose to create at least five (5) new jobs (defined in Section ILE) during the performance period defined in the legally - binding agreement between the grantee and the Town of Wendell. Incentive Amounts: Eligible Industry/Office Park Expansions meeting the investment /job threshold requirements outlined above will be considered for an incentive grant equivalent to 75% of the Town of Wendell local property tax assessment on the new investment for each year over a total five -year period. For cacti additional $1 million in investment, applicants will be considered for incremental increases of 5% in tax assessment deductions, up to a maximum grant amount of 95% of the local tax assessment for each year over a total five -year period (minimum $5 million investment). Examples: A threshold grant for a $1 million Industy /Office Park Expansion would be calculated as ($1,000,000 /100 x 0.49), or $4,900 per year x 75% = $3,675 x 5 years = $18,375. A maximum grant for a $10 million Industry /Office Park Expansion would be calculated as ($10,000,000 /100 x 0.49), or $49,000 per year x 95% = $46,550 x 5 years = $232,750. C. Small Business incentives Eligible Applicants: Eligible applicants for Small Business grants include new or existing restaurants, retail establishments, lodging facilities, service establishments (including smaller- scale, compatible office park facilities), and mixed -use development located in the existing or proposed corporate limits of the Town of Wendell. Investment Threshold: In order to receive consideration for an economic development incentive grant from the Town of Wendell, Small Business applicants must propose a new investment in building and/or equipment (exclusive of land) of one hundred thousand dollars ($100,000) or greater as calculated in Section ILD, above. Job Creation Threshold: There is no job creation threshold for Small Business grants 571 Page