Agenda - 03-24-2011 - 1 - Laserfiche WebLink

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~ "".W.#'t.~N~w M 17 SUMMARY OF SELECT INCENTIVE POLICIES Prepared 11%29/2010 ALAMANCE COUNTY - "Incentives -The Carolina Corridor" • ape -Primary local incentive is cash grant o Also offer utility upgrades/extensions o Utility rate incentives o Expedited regulatory processes o Various fee waivers for development costs • Incentive Basis -Capital investment • Incentive Amount -Negotiable Date of Policy -unknown DURHAM CITY- "Resolution Establishing an Economic Development Financial Assistance and Incentive Policy for Job Creation and Retention and Capital Investment" • ape -Not specified, other than'payment' • Incentive Basis -Jobs and/ or capital investment • Tob-Based Incentive Award - up to $2,500 per new or retained job, with maximum of $1,000,000 (varies by designated area) • Capital Investment Incentive Award o From 1.5% to 16% of capital investment to maximum of $10,000,000 (varies by designated area) o Can be combined with required job creation • Required Capital Investment -From $187,500 to $45,000,000 (varies by designated area) • Required job Creation Range - 5 - 25 new jobs (varies by designated area) during specified time period Required Tob Retention Range - ' ...more than 100...' retained jobs during specified time period Time Period for job Creation /Capital Investment Completion - 2 years to maximum 5 years (varies by designated area) • Job Quality Criteria o Full time, permanent o Retained for at least 5 years o Must be posted in local ESC office o Must pay City's livable wage rate o Jobs creation levels maintained for continuous 12-month period o Payment based on employer's certified unemployment insurance filings with NCESC o Lower job creation requirement may be offered for jobs in 'Targeted Industry' Page 1 of 13