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4 <br />• Evaluation Criteria (varies by area <br />o Need for assistance verified ("But for...") <br />o Financial commitment of investors /Developer equity <br />o Amount of new or expansion investment <br />o Tax increment revenue exceeds incentive <br />o Similar experience of developer <br />o Number /type of jobs created and corresponding salaries <br />o Type of product /service provided <br />o Location of project <br />o More specific criteria provided for targeted development areas within City <br />Miscellaneous Information <br />o Policy includes multiple 'development areas' with specific policies <br />tailored to each area (e.g. Community Development Area, Urban <br />Growth Area, Parrish Street Project Area <br />o Specific investment criteria for the specific areas <br />o Specific industries are called out (e.g. health care facilities, R&D, <br />biotech, etc) -varies by area <br />o Provide adjustment for job creation targets (i.e. lower) for specific <br />industries <br />o Provide criteria for what expenditures are eligible for incentives <br />(e.g. design/engineer, infrastructure improvements, etc) <br />o Specific project details provided in'incentive agreement' <br />HARNETT COUNTY - "Economic Development Incentive Grant <br />Program" <br />ape <br />o Grant based on actual value, schedule and payment of county <br />property taxes <br />o Property taxes paid in full each year; if criteria are met, portion of <br />property tax will be returned <br />• Amount of Incentive <br />o Refund 80% of property taxes for varying number of years (3 - 7 <br />years) <br />o Number of years of 'refund' increases with investment level <br />Incentive Payment Period - 3 to 7 years depending on criteria met <br />• Required Capital Investment <br />o Three tiers of investment for both new and expansions <br />o New Investment: <br />^ $1.5 million or greater <br />^ $10 Million or greater <br />^ $20 million or greater <br />o Expansions: <br />$750,000 or greater <br />