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5 <br />^ $5 Million <br />^ $10 Million <br />• Tob Quality Criteria-110% of County's average weekly wage <br />• Municipal Involvement -Municipalities have agreed to match terms of <br />County's proposal <br />• Date of Policy -unknown; provided on website <br />SILER CITY - "Economic Development Incentive Policy" [from web page - <br />• ape <br />o Grant based on payment of property taxes due <br />o If incentive requirements met, a specific percentage of taxes paid <br />will be granted in the form of an economic incentive grant (see <br />table below for percentage) <br />• Length of Incentive Period -pre-determined percentage of property taxes <br />returned for 5 years <br />• Required Tob Creation- Grant based on matrix of job creation AND <br />investment -four categories of job creation are provided <br />• Required Capital Investment- grant based on matrix of job creation AND <br />investment -three cate ories of investment are rovided <br />New or Expansion <br />Amount 0-39 Jobs 40-74 <br />Jobs 75-99 <br />Jobs >100 <br />Jobs <br />$500,000- <br />$2,499,999.99 55% 60% 65% 70% <br />$2.5M - $7,499,999.99 60 % 65 % 70 % 75 <br />$7.5M and u 65% 70% 75% 80% <br />• Wa e Requirements - at least 100% of county's average weekly wage <br />• Protocol -Business submits letter to Manager requesting incentive to <br />contain: <br />o Estimated property value increase <br />o Product/ service produced <br />o Number jobs created, average weekly wage and benefits <br />o Schedule for construction completion <br />o Preliminary site plan <br />o Certification that company would not make investment without <br />assistance <br />• Miscellaneous <br />o Specific industries targeted <br />o Retail is excluded <br />