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AG 2017 01 17
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AG 2017 01 17
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Last modified
1/20/2017 11:55:41 AM
Creation date
11/27/2017 10:27:07 AM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
1/17/2017
Board
Board of Commissioners
Meeting Type
Regular
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CABARRUS <br /> ECONOMIC DEVELOPMENT <br /> PROJECT FALL OVERVIEW (estimated) <br /> Company's Legal Name: SkyGroup Investments, LLC (subsidiary of iFLY Holdings) <br /> State of Incorporation: Florida <br /> Project Overview: <br /> iFLY has opened over 60 locations spanning North America, South America, Europe, and Asia and is <br /> strategically evaluating other select jurisdictions. Pursuant to its growth plan, iFLY is evaluating <br /> opportunities offered by various locations in North Carolina, including Concord. <br /> If approved, iFLY would build a new indoor skydiving facility on Lyles Lane between Carrabba's and Basset <br /> Home Furnishings. The new building would be approximately 6,000 square feet and is expected to serve <br /> over 50,000 customers annually. <br /> Based upon past studies, over 20%of the annual customer base is expected to have travelled at least 90 <br /> or more miles in an effort to experience the activities offered by the Company. iFLY expects to enter <br /> into a ground lease with a third party, although iFLY will remain responsible for all property taxes. <br /> Proposed New or Additional Cabarrus facility: <br /> Proposed Location: 7840 Lyles Lane, Concord, NC 28027 (PIN #: 45898295170000) <br /> Square Feet: 6,000 <br /> Lease or Purchase: Ground Lease (iFLY will be responsible for paying all property taxes) <br /> The client is considering a ground lease term of 15 years with 4 options to extend an additional <br /> 5 years. <br /> Investment: (Net new creation on the tax records. Exclude the cost of any land purchase. Keep in mind <br /> any depreciation of your existing equipment. Project the investment you plan to make over 3 years.) <br /> Building: $6,000,000 <br /> Equipment/Personal Property: $4,000,000 <br /> Total Investment: $10,000,000 <br /> G-1 Page 213 <br />
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