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Policy Guidelines <br />18. All business investment grants will be considered for industries meeting the new investment and new <br />job thresholds. The Board of Commissioners is not obligated to provide an incentive package to any <br />company. <br />19. All projects will be considered on a case-by -case basis. The Town will consider a number of factors <br />in addition to the items previously mentioned when determining consideration and approval of a <br />business incentive grant, including, but not limited to: <br />Types of new jobs created <br />Potential for expansion <br />Reputation of the company <br />The presence of competition for the project <br />Water and sewer capacity needs of the company <br />Impact of project on quality of life for Zebulon citizens <br />Any information relevant to the project may be requested by the Town from the corporation to <br />evaluate the merits of a request, including financial balance sheets and pro forma statements. <br />20. The amount of the grant to be paid or incentive to be provided by the Town shall not exceed 1.50 <br />percent of the assessed value of the new investment, and shall be paid over a period of up to five <br />years. In no event shall the grant amount of any single year exceed the amount of ad valorem taxes <br />paid by the company on the new investment in that calendar year. <br />21. The actual amount of the grant payments or incentives provided may be different from the total <br />project costs discussed by the Town and the corporation. Agreements will be written based on <br />estimates provided by the company. <br />However, actual assessed value will differ from investment costs since investment costs include site <br />work and other corporation -borne costs not used in determining assessed value. Also estimated costs <br />do not factor in the effects of depreciation on assessed value. <br />22. Expenditure of public funds under this policy is not authorized without a legally binding agreement <br />approved by the Board of Commissioners and signed by all parties. Such an agreement will require: <br />that the assessed value of the new investment be confirmed by the Wake County Revenue <br />• Department and that all property taxes are paid prior to providing a grant payment; <br />that the required number of jobs for each calendar year that the grant is in effect be confirmed by <br />the North Carolina Employment Security Commission prior to providing a grant payment; and <br />provisions for a payback schedule of some or all public funds authorized for this project upon <br />default of the terms of the policy by the corporation. <br />23. All grant agreements may be subject to other performance criteria that will be outlined in the business <br />investment contract between the company and the Town. In the event that a company fails to meet <br />any of the provisions of the contract, the Town may adjust the amount of the grant to the company or <br />withdraw the grant entirely. <br />24. These policy guidelines are not retroactive to any project which has been announced prior to the <br />adoption of these policy guidelines. These guidelines are in effect until such time as amended by the <br />Board of commissioners. <br />6iIPage <br />