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Agenda - 12-06-2010 - 7e
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Agenda - 12-06-2010 - 7e
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12/3/2010 12:08:01 PM
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12/3/2010 12:07:57 PM
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BOCC
Date
12/6/2010
Meeting Type
Regular Meeting
Document Type
Agenda
Agenda Item
7e
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Minutes 12-06-2010
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\Board of County Commissioners\Minutes - Approved\2010's\2010
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8 <br />LEE COUNTY - "Lee County, City of Sanford and Town of Broadway <br />Economic Development Investment Guidelines" <br />• TXpe -not specified; referred to as '...various financial investments...' <br />• Required Investment -Minimum of $5M for new project, of $1M for <br />expansion <br />• Wage Requirement -100% of applicable industry sector in Lee County <br />• Targeted Industries -Only specific industries qualify <br />• Miscellaneous Information -also references the inclusion of the Town of <br />Broadway, City of Sanford in the policy <br />• Use of Funds -examples provided, but not limited to: '... site acquisition, <br />site preparation, internal and external infrastructure, site improvements, job <br />training or other purposes which leave value in the community'. <br />• Exclusions: <br />o Company not current in ad valorem taxes <br />o No assignment of grant to another company without written <br />consent <br />o Projects that pose significant risk to environmental degradation <br />FRANKLIN COUNTY - "Franklin County Incentive Policy" <br />• TYpe _ cash grant based on tax valuation of project; paid either as single <br />payment or vial 4 payments over 4 years <br />• Required Investment - no minimum stated in order to help both small and <br />large businesses <br />• Incentive Amount -1 % to 3% of investment <br />• Tob Requirement -not specified, but must have a job creation component <br />to qualify for incentive <br />• Time -project must be complete in 18 months <br />• Evaluation Criteria <br />o Does business fit in defined business cluster for County <br />o Number of jobs(no minimum requirement) <br />o Amount of investment (no minimum requirement) <br />o Does business offer healthcare/benefits package <br />CITY OF BURLINGTON - "city of Burlington Economic Development <br />Incentive Policy" <br />• Type -grant paid from ad valorem taxes create by new/ expanded tax <br />base from an Economic Development Fund <br />• Incentive Amount -1 % of total investment; additiona10.5 % for corporate <br />headquarters relocation or HQ expansion with 50 new jobs <br />o Other incentives may include streets, site mitigation, clearing,. <br />water & sewer extension etc. <br />
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