§ 2-166. Definitions.

The following words, terms and phrases, when used in this article, shall have the meanings ascribed to them in this section, except where the context clearly indicates a different meaning:

Cobb Innovation Fund means a grant fund program that may be created by the Development Authority of Cobb County or other entity whose purpose is to encourage entrepreneurship, promote research and development, and expand innovative industries in the county.

Comprehensive plan means the Cobb County Comprehensive Plan.

Economic impact requirement means that a target business shall generate sufficient governmental revenues to meet or exceed the net present value of incentives.

Incentive period means a period of time, as determined by the division of economic development with the concurrence of the county manager and chairman of the board of commissioners or designee, to represent the period of time when the new jobs and economic impact requirements must be satisfied.

New jobs means permanent full-time or full-time equivalent positions created by a target business.

PILOT means payment in lieu of taxes. This is a mechanism whereby private entities that receive tax abatement incentives from the county or development authority compensate the appropriate taxing authority for some or all of the tax revenue lost.

Rehabilitation shall mean projects where the existing structure and the value of the proposed improvement exceeds the value of the land by a ratio of five to one.

Small business means an independently owned and operated for profit entity that does not predominate a given field. The number of employees and average sales volume in a small business varies based upon the industry and the region the entity is located. The county uses the Small Business Administration's "Table of Small Business Size Standards matched to North American Industry Classification System Codes" to identify small businesses.

Special services district means a taxing district created by the board of commissioners authorized by the Special Districts Clause of the Georgia Constitution.

Target business means a preferred business or industry type as identified by North American Industrial Classification System (NAICS)/Standard Industrial Classification codes pursuant to section 2-172 or a special impact project of such magnitude pursuant to section 2-173.

(Ord. of 8-24-93; Code 1977, § 3-9.8-2; Ord. of 1-11-00; Res. of 10-25-11; Amd. of 7-22-14; Amd. of 2-24-15; Amd. of 2-23-16; Amd. of 2-27-18)

Cross reference

Definitions generally, § 1-2.