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CABARRUS COUNTY <br /> 1792 <br /> BOARD OF COMMISSIONERS <br /> r ' <br /> REGULAR MEETING <br /> O <br /> FEBRUARY 20, 2017 <br /> 6:30 P.M. <br /> AGENDA CATEGORY: <br /> New Business <br /> SUBJECT: <br /> Economic Development Investment - Project G2 - Public Hearing 6:30 <br /> P.M. <br /> BRIEF SUMMARY: <br /> Representatives from the Cabarrus Economic Development Corporation <br /> (EDC) will present a request for an economic development investment for <br /> Project G2 pursuant to NC General Statute 158.7.1 . Project G2 proposes <br /> a projected taxable investment of $77,400,000 in personal property for <br /> Phases 1 and 2, and a projected investment of $148,950,000 in personal <br /> property for Phase 3. <br /> One 5-year grant for Phases 1 and 2 and one 5-year grant for Phase 3 <br /> are proposed, each requesting a grant amount equal to 85% of the net <br /> increase in personal property assessed values for years 1-3, 75% for year <br /> 4 and 65% for year 5. The first grant would be applied to Phases 1 and 2, <br /> and upon successful completion, the second grant could be initiated for <br /> Phase 3. A public hearing is required. <br /> REQUESTED ACTION: <br /> Hold a public hearing. <br /> Motion to approve an economic development investment agreement <br /> for one 5-year grant for Phases 1 and 2 and one 5-year grant for Phase 3 <br /> (with grant amounts equal to 85% of the net increase in personal property <br /> assessed values for years 1-3, 75% for year 4 and 65% for year <br /> 5) between Project G2 and Cabarrus County, and to authorize the County <br /> Manager to execute the Agreement on behalf of the Board, subject to <br /> review and revision by the County Attorney. <br /> G-1 Page 110 <br />