File #: 24-421   
Type: Resolution (Consent) Status: Passed
File created: 8/23/2024 In control: Economic Development Commission
On agenda: 9/19/2024 Final action: 9/19/2024
Enactment date: 9/19/2024 Enactment #: 2024-325
Title: Commissioner Keigher - EDC - To Approve First Amendment to Interlocal Agreement for the Establishment of a Special Increment Value Incentive Area (SIVIA)
Sponsors: Tom Keigher
Attachments: 1. Adopted 2024-325, 2. Resolution, 3. First Amendment to Interlocal Agreement
Related files: 21-471

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Commissioner Keigher - EDC - To Approve First Amendment to Interlocal Agreement for the Establishment of a Special Increment Value Incentive Area (SIVIA)

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STAFF CONTACT

Charles Moore - Legal - 704-866-3140

BUDGET IMPACT
budget

Total payment to the City will increase from $5 million to $6.5 million.  No impact in the current year.

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BACKGROUND

Gaston County and the City of Gastonia entered an Interlocal Agreement on January 27, 2022 (Res. 2021-337) to approve the establishment of a special increment value incentive area (SIVIA) for the FUSE district. The purpose of a SIVIA agreement was to provide that incremental tax revenues which accrued to the County by virtue of the city’s redevelopment of the FUSE entertainment district would be transferred to the City until such time as the County has transferred $5 million dollars in District ad valorem tax revenue to the City. The City and County have agreed to extend the amount of the SIVIA to $6.5 million to support infrastructure improvements for a new development project within the boundaries of the SIVIA.

POLICY IMPACT

N/A

ATTACHMENTS

Resolution; First Amendment to Interlocal Agreement