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

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Town of Siler City Economic Development Incentive Policy WHEREAS, the Town of Siler City Board of Commissioners feels that it is the best interest for Siler City to provide economic development incentive grants to new and expanding businesses and industries within the Town of Siler City's Corporate Limits pursuant to authority granted by NCGS §158-7.1 and interpreted by the NC Supreme Court in Maready v. City of Winston Salem, 342 N.C. 708 (1996) and; WHEREAS, economic development incentive grants to new and expanding businesses and industries are based on expanding the property tax base and job creation as determined by the Town Board of Commissioners, and; WHEREAS, the Siler City Board of Commissioners hereby establishes the following Economic Development Incentive Plan: J. There is no right or entitlement to economic development incentive grants. All such grants shall be made at the discretion of the Siler City Board of Commissioners; 2. The business or industry seeking an economic development incentive grant must first submit a letter to the Town Manager requesting an economic development incentive grant. The written statement must include the following information: a. Estimated property tax value increase; b. Explanation of what products or service will be produced at the facility; c. Number of jobs to be created, the average weekly wage to be paid, and benefits to be provided for these jobs; d. Estimated schedule for completion of construction; and e. A preliminary site plan of the proposed facility; 3. New businesses and industries shall submit a certification that the company would not make the investment in Siler City without the Town's assistance; 4. Development projects must not have started construction prior to Town Board consideration of the economic development incentive grant; 5. At a time agreeable to the business or industry, given it's confidentiality concerns, a public notice and a public hearing regarding the proposed grant will be given/held; 6. The business or industry must enter into a binding joint economic development agreement with the Town (including being subject to any reporting or repayment (claw back provision) requirements contained herein;