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Buncombe County Economic Development Incentive Policy INDUSTRIAL ...

Source: www.buncombecounty.org
Topic: Economic Development

Sort Desciption: ENHANCEMENT FOR ECONOMIC DEVELOPMENT. Purpose. The purpose of the program is to broaden and diversify the tax base create new job opportunities for ...

Content Inside: Buncombe County Economic Development Incentive Policy INDUSTRIAL DEVELOPMENT INCENTIVES AND INFRASTRUCTURE ENHANCEMENT FOR ECONOMIC DEVELOPMENT Purpose The purpose of the program is to broaden and diversify the tax base create new job opportunities for the citizens of Buncombe County and promote the economic growth and welfare of Buncombe County. The program is adopted with the intent of complimenting any incentive program that may be adopted by a municipality within Buncombe County or by the State of North Carolina. General The County encourages and supports the development of the industrial base of the County by providing incentives for new industry and the expansion of current industries. Normally assistance is provided through infrastructure development; however in compliance with the North Carolina General Statutes (NCGS) such assistance may also be provided through land development site preparation building preparation and other means identified in NCGS 158-7.1. Limitation There is no vested "right" to any assistance by anyone under this policy. Developer Incentive Consideration in providing infrastructure funding or other direct assistance will be provided only upon the assurance that the pay back in increased real property ad valorem tax revenues occurs within three (3) years. The calculations used to determine the incentive will be based on the then current year tax levy computed at 100 percent collection. a. Estimates of valuation of property enhancement must be based on architects estimates contracted construction development costs or development contracts in hand if third parties are involved. Other forms of proving the level of financial commitment may be considered on an individual basis. b. b. Increased tax revenues beyond the initial three (3) years will enhance the project desirability but will not qualify for County funding. c. Incentives for speculative buildings will be awarded based on the investment schedule provided ...

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