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FY2026 Economic Development Incentive Grant Factors
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INFORMATION CONTACT:
Ron Mahle, Economic Development, Director, 980-476-5279
ACTION REQUESTED:
Approve adjustment to Economic Development Grant Factors for FY 2025-2026. Factors are retroactive to July 1, 2025, and effective through June 30, 2026.
PRIOR BOARD ACTIONS:
None.
BACKGROUND:
Effective July 1, 2025, the Union County Board of Commissioners adopted a tax rate of $.4342/$100 value. This new tax rate requires an update to Union County’s Economic Development Grant Factors. The new factors are:
Step 1 Existing: 1.09%
Step 1 New: 1.09%
Step 2: 1.41%
Step 3 : 1.63%
Step 4 : 1.74%
The formula used to determine grant factors is: % relief of taxes multiplied by current tax rate multiplied by term of grant award.
For example: Step 4 grant factor is calculated as 80% tax relief X .004342 X 5 = 1.74%
FINANCIAL IMPACT:
Grant factors are used to calculate economic development incentive awards on a case-by-case basis as determined by project investment level, current tax rate, and term of grant award.