BC 2004 05 31 RECESSED - Laserfiche WebLink

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May 31, 2004 Page 478 Motorsports. The Notice of the Public Hearing was published in THE INDEPENDENT TRIBUNE on May 20, 2004. There was no one present to address the Board, and Chairman Freeman closed the public hearing. UPON MOTION of Commissioner Carruth, seconded by Commissioner Carpenter and unanimously carried, the Board approved the incentive grant subject to the negotiation and execution of a definitive agreement between Cabarrus County and Hendrick Motorsports as outlined in the Industrial Development Grant Program, with authorization granted to the County Manager and County Attorney to conclude the negotiations. Oiles America - Public Hearing Pursuant to the Industrial Development Grant Program guidelines effective January 1, 2004, Oiles America (a Michigan based manufacturer) has requested an incentive grant to assist in its expansion. The company is considering a 32,120 square foot addition to its existing facility in the International Business Park in Concord. The new addition will house 20 new employees, bringing the Concord facility's employment to 100. The estimated investment of the project is $2,750,000.00 of real estate with equipment valued at $3,150,000.00. At 5:12 p.m., Chairman Freeman opened the public hearing and asked if anyone wished to address the Board regarding the proposed grant for Oiles America. The Notice of the Public Hearing was published in THE INDEPENDENT TRIBUNE on May 20, 2004. There was no one present to address the Board, and Chairman Freeman closed the public hearing. UPON MOTION of Commissioner Privette, seconded by Commissioner Carruth and unanimously carried, the Board approved the incentive grant subject to the negotiation and execution of a definitive agreement between Cabarrus County and Oiles America as outlined in the Industrial Development Grant Program, with authorization granted to the County Manager and County Attorney to conclude the negotiations. Branson Jones, on behalf of the Chairman of the Board for Oiles America, thanked the Board for considering the incentive grant to expand the company's operation in Cabarrus County. As the former Executive Vice- President of Cabarrus Economic Development, Mr. Jones expressed concern regarding the organization and stated his willingness to assist in any way. Change in Regular Meeting Date Due to scheduling conflicts, all Board members cannot be present on either June 21 (original meeting date) or June 28 (revised meeting date) for the regular meeting of the Board. All Board members have indicated they can be present for a meeting on June 15. UPON MOTION of Commissioner Privette, seconded by Commissioner Carpenter and unanimously carried, the Board by resolution amended the regular meeting schedule and set the date of the regular meeting in June on June 15, 2004, at 6:30 p.m. Presentation of the Proposed FY 2005 Cabarrus County Budget Mr. Day read into the record the following Budget Message for the recommended FY 2005 Cabarrus County Budget: Honorable Chairman and Board Members. The annual budget serves as a planning document and a spending plan. It describes the levels of service provided by the various county programs and their costs. It includes a capital improvement plan, which is a schedule for future capital projects and a method for funding them. The budget also includes a 5-year financial plan, which projects county spending, over that period, within the fiscal constraints of existing revenue sources, including the current 56 cents property tax rate. The proposed Cabarrus County budget for fiscal year 2005 totals $135,508,148, representing a decrease of one-third of one percent over the current year's budget. It meets the Board's goal, established last year, of maintaining the county's tax rate at 56 cents. The general fund, totaling $131,576,201, decreases by a little more than one-half percent over the current year Despite that overall decrease, education spending