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CABARRUS COUNTY <br /> 1792 <br /> BOARD OF COMMISSIONERS <br /> REGULAR MEETING <br /> JULY 1712017 <br /> 6:30 P.M. <br /> AGENDA CATEGORY: <br /> New Business <br /> SUBJECT: <br /> Economic Development Investment - Project Hercules - Public Hearing <br /> 6:30 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 Hercules (developer) pursuant to NC General Statute 158.7.1 . <br /> Project Hercules proposes a projected taxable investment in Cabarrus <br /> County of approximately $50 million in real property. <br /> The request includes reimbursement for infrastructure improvements for <br /> an amount up to $1 ,487,500, (equivalent to a 5-year grant at 85 percent of <br /> the ad valorem taxes on the increase in real and personal property tax <br /> values). A public hearing is required. <br /> REQUESTED ACTION: <br /> Hold a public hearing. <br /> Motion to approve an economic development investment agreement <br /> between Project Hercules (developer) and Cabarrus County for the <br /> reimbursement of infrastructure improvements for an amount up to <br /> $1 ,487,500, and to authorize the County Manager to execute the <br /> agreement on behalf of the Board, subject to review or revision by the <br /> County Attorney. <br /> EXPECTED LENGTH OF PRESENTATION: <br /> 10 Minutes <br /> G-1 Page 63 <br />