BC 2004 03 08 RECESSED - Laserfiche WebLink

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March 8, 2004 Page 382 The Board of Commissioners for the County of Cabarrus met in recessed session in the Multipurpose Room at the Cabarrus County Governmental Center in Concord, North Carolina on Monday, March 8, 2004, at 6:00 p.m. Present - Chairman: Robert M. Freeman Vice Chairman: Richard D. Suggs Commissioners: Carolyn B. Carpenter Robert W. Carruth Coy C. Privette Also present were John D. Day, County Manager; Marilyn D. Porter, County Attorney; and Frankie F. Bonds, Clerk to the Board. Chairman Freeman called the meeting to order at 6:10 p.m. Commissioner Carruth gave the invocation. Revised Incentive Grant Agreement with Philip Morris USA Ms. Porter stated the Board of Commissioners approved an Incentive Grant Agreement with Philip Morris USA on October 20, 2003. She reported the company has requested a different calculation process for the incentive grant since that meeting. Bill Kouri, Cabarrus County Audit/Business Personal Property Manager, reviewed the proposed method of calculating the incentive grant for Philip Morris USA. He presented a spreadsheet illustrating the grant scenario in which the assets would be staged in over a multiple year period. In this particular scenario, he demonstrated where, if the former method of calculating the grant was employed, the grant amount would equal 80 percent of the increase in property taxes paid by Philip Morris, instead of the 85 percent calculated when employing the new calculation method to this particular scenario. (Note: The Grant would be calculated at Level III of the Incentive Grant Program, i.e., an amount equal to 85 percent of the increase in property tax paid by Philip Morris on the new personal property installed at its local facility.) UPON MOTION of Vice Chairman Suggs, seconded by Commissioner Carpenter and unanimously carried, the Board approved the newly proposed and different calculation process method for calculating the incentive grant for Philip Morris USA while acknowledging the possible grant differential as illustrated by Mr. Kouri and authorized the execution of the revised Incentive Grant Agreement for personal property to be acquired three consecutive years in the aggregate amount of approximately $124,552,000.00. Presentations on the Proposed Use of the Former Cabarrus Bank and Trust Building (57 Union Street, South, Concord) Jonathan Marshall, Commerce Director, reported that the three bidders for the purchase of the former Cabarrus Bank and Trust Building (portion of building currently leased by Wachovia) were present to review their plans for the building. The proposals were as follows: Danny Bost $1.13 million; NORCOM Properties - $1.125 million; and Salloum Ventures, LLC - $1.1 million. Commissioner Carpenter advised that she is an employee of Wachovia. William L. Mills, III, Attorney representing Danny Bost, stated Mr. Bost does not have specific plans for the development of the former Cabarrus Bank and Trust Building. He introduced Dennis Yates, Architect, who will be assisting Mr. Bost in the development of those plans. Mr. Yates commented on the significance of the building to downtown Concord and suggested that it could be used for both office space and residential property. Ms. Porter questioned Mr. Mills regarding some provisions of the proposed contract, including the reference to the continued location of the civil courts building on the adjoining block. Tom Norman and Steve Rich of NORCOM Properties reviewed the company's experience in development projects and outlined proposed plans for the former Cabarrus Bank and Trust Building. These plans included a restaurant on the first floor, Class A office space on Floors 2 and 3 and high end residential on Floors 4 and 5. Mr. Rich also addressed the timing of the project and associated tax credits.