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CABARRUS COUNTY <br /> 1792 <br /> BOARD OF COMMISSIONERS <br /> REGULAR MEETING <br /> AUGUST 21 , 2017 <br /> 6:30 P.M. <br /> AGENDA CATEGORY: <br /> New Business <br /> SUBJECT: <br /> Economic Development Investment - Project Hercules II - 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 II (tenant) pursuant to NC General Statute 158.7.1 . <br /> Project Hercules II proposes a projected taxable investment in Cabarrus <br /> County of approximately $35 million in personal property. <br /> A 3-year grant equivalent to 85 percent of the ad valorem taxes on the <br /> increase in personal property tax values is requested. A public hearing is <br /> required. <br /> REQUESTED ACTION: <br /> Hold a public hearing. <br /> Motion to approve an economic development investment agreement (3 <br /> years, 85 percent) between Project Hercules II and Cabarrus County, and <br /> to authorize the County Manager to execute the agreement on behalf of <br /> the Board, subject to review or revision by the County Attorney. <br /> EXPECTED LENGTH OF PRESENTATION: <br /> 5 Minutes <br /> SUBMITTED BY: <br /> Robert Carney, Jr., EDC <br /> G-1 Page 213 <br />