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13 <br />o Consistency with and furtherance of Town planning and <br />development objectives (e.g. downtown development, provision of <br />greenways etc) <br />Process -submit written request to town economic development office <br />Miscellaneous Information <br />o Retail excluded <br />o Must have both capital investment and job creation component <br />CITY OF RALEIGH <br />• No formal policy -review each project on individual basis <br />• Job growth, investment and project merits are prime evaluation criteria <br />WENDELL <br />ape _ not specified; referred to as'grant payments' <br />Capital Investment Requirement <br />o New - $5M; for each additional $5M can receive additional 5% tax <br />assessment deductions up to 95% of annual assessment (for <br />minimum $25M investment) <br />o Expansion. - $1M <br />o Small Business - $100,000 <br />• Job Creation Requirement <br />0 20 new jobs <br />0 5 expansion jobs <br />o No job creation requirement for small business <br />• Incentive Amount - 75% of property tax assessment on new investment <br />• Investment Time Period - up to 5 years <br />• Wage Requirements -100% of average county wage rate <br />• job Quality -company shall underwrite at least 50% of health insurance <br />premium <br />• Miscellaneous Information <br />o Provide 'non-financial incentives' including reductions in parking <br />requirements, density bonuses, property donation, technical <br />assistance with other incentive applications, annexation delay <br />• Process -Request submitted to Town Manager and shall include: <br />o Type of business <br />o Any hazardous waste generated, used, discharged <br />o Site Plan /survey of property <br />o Pre-investment tax valuation <br />o Basic business plan <br />o Financial statements <br />o Total amount of capital investment <br />o Existing employment profile <br />