Economic Development Incentives

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POLICY STATEMENT 138

ECONOMIC DEVELOPMENT INCENTIVES

PREPARED BY:
Scott Fogleman, Budget Director

ADOPTED BY COUNCIL:

12/11/03

EFFECTIVE:

12/11/03

SUPERSEDES:

N/A

Purpose

To promote economic development within the Town of Cary and authorize the Town Council to make appropriations to aid and encourage the establishment of new businesses and the expansion of existing businesses in the Town. This policy is intended to assist the town in diversifying and increasing its tax base and developing new employment opportunities for its citizens and the Triangle Region as a whole.

Actions taken under this policy shall be consistent with requirements outlined in North Carolina General Statues 158-7.1 for local economic development as well as other criteria established by the State of North Carolina and the Town Council.

Cary has established itself as a desirable place in which to work, live and raise a family.  The Town’s high standards and quality of life continue to provide the strongest incentives to attract business and jobs to Cary .

Coverage

Upon adoption by the Town Council, this policy shall be applicable to new or expanding businesses to be located within the Town of Cary , provided that such businesses have been determined by the Town to be eligible to receive incentives from the Town.

Policy

1.  Cary values its businesses and the jobs, services and products they provide.  Consistent with our commitment to quality customer service, the Town will make available a range of service incentives that are designed to facilitate the development process and expedite the establishment of new businesses and business expansions.

2.  In order to attract economic development that will provide significant benefits to the Town and its citizens and/or that provides strategic links for future economic growth, the Town will make available infrastructure and/or financial aid, in forms and amounts as determined appropriate by the Town.

3. The use of incentives under this policy will consider geographical areas targeted for development as part of the Economic Development Commission’s strategic plan.

4. Any party receiving incentives of infrastructure and/or financial aid under this policy shall enter into a legally binding agreement in a form approved by the Town Council.

Implementation

Implementation of this policy will be consistent with the Economic Development Commission Guidelines for Policies and Programs adopted by the Town Council on December 12, 2002 .  These guidelines are reprinted here for reference: 

  1. All economic development policies shall have as the first and foremost objective the maintenance of the quality of life objectives of Cary ’s citizens.
  2. Ensure that property taxes remain low for Cary ’s citizens
  3. Broaden employment opportunities within town borders to minimize traffic and infrastructure pressures
  4. Evaluate and enhance Cary’s availability of labor, infrastructure and capital resources to support new and expanding businesses
  5. Improve communication between the Town of Cary and the business community
  6. Attract clean, environmentally friendly industry to protect our natural resources and enhance our quality of life