2. GFMEDC sales tax proposal - Laserfiche WebLink

,..... > ~ Growth Plan FAQs '. What is the Growth Plan? The Growth Plan is a vision for growth in Cass County, the purpose of which is positioning our community to compete for high-wage jobs for Cass County citizens. The holistic and comprehensive plan includes five key building blocks to re- engineer the Greater Fargo Moorhead economy - Centers for Advancement of Emerging Technologies, Entrepreneurial Infrastructure, Telecommunications Infrastructure, Air Service, and K-12 STEM Initiatives. It is the result of 18 months of dedicated planning by dozens of community, business, public sector and academic leaders. Why do we need it? . Jobs. The Growth Plan enables us to fulfill our responsibility to create high-paying, quality jobs for our citizens today and in future generations. . Reversing out-migration. Demographers project deceleration of population in Greater Fargo Moorhead and a decreasing number of high school graduates in North Dakota, Minnesota, and South Dakota, the source of over 90% oflocal college students. We need to keep college graduates here and move new people into the community to . sustain growth. . Our community is being overlooked and overshadowed as a destination for growth sector companies. Projects and site locations have historically gone to communities that are actively pursuing, and building infrastructure for emerging sectors. Why now? Why not wait until 2008 when there is a scheduled election? . Defining the future of Cass County and Greater Fargo Moorhead is an important issue that deserves its own election. . We have done an exhaustive review of our assets and global growth sectors, and we are poised to act. . The rapid speed of change and innovation in the new economy means companies in growth sectors will not wait for us. . Major global corporations are interested in our vision for the future - today. We must act. What is the benefit for Cass County? . A broader tax base-as Cass County grows in population and new businesses move to town, the tax burden gets spread wider and wider. This means that as the community grows, each individual and family pays a smaller proportion of their income to taxes. . Former residents moving back to the community for high- paying, career track jobs. . More college graduates and staying in the community; they will no longer have to make a decision between prosperity and living near family. . Jobs for your kids and grandkids - and yourself. . The Growth Plan recommends working with K-12 education system to make sure our kids benefit from the changes taking place in the global economy. By focusing on skills and education in STEM disciplines, we are preparing our children to excel in the careers the global economy demands. . Growth in Cass County is good for all its communities. The nature of the regional economy means that increases in employment and wages create better economic conditions for all existing businesses in the region, as well as their employees. Asjobs move to Cass County, the demand increases for all kinds of lifestyles; the faster pace of city life, and the more relaxed pace of living in surrounding communities. How are we going to pay for the Growth Plan? A combination of sources we be used to pay for the Growth Plan 1. Growth Plan public funding mechanism- 1/2 penny sales tax. 2. GFMEDC Smart Growth Initiative private and public sector funding 3. Federal and state funding 4. Corporate investment How long will the public funding mechanism last? How much money will it raise? . The tax has a definite duration of twelve years. It will begin in 2008 and end in 2020. . Approximately $9.5 - $10 million per year.