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Cabarrus County Economic Development Grant Analysis - Project Hercules
<br /> Year 1 Year 2 Year 3 Year 4 Year 5
<br /> Total Assessed Value $50,000,000.00 $50,000,000.00 $50,000,000.00 $50,000,000.00 $50,000,000.00
<br /> County Taxes at .70 $350,000.00 $350,000.00 $350,000.00 $350,000.00 $350,000.00
<br /> Grant @ 850 $297,500.00 $297,500.00 $297,500.00 $297,500.00 $297,500.00
<br /> Net Taxes to County $52,500.00 $52,500.00 $52,500.00 $52,500.00 $52,500.00
<br /> 5 Year Taxes 1 $1,750,000.00
<br /> 5 Year Grant $1,487,500.00
<br /> 5 Year Net
<br /> Revenue $262,500.00
<br /> Chairman Morris opened the Public Hearing at 7:01 p.m. The Public Hearing
<br /> Notice was published on the County's website (www.cabarruscounty.us) on July 6,
<br /> 2017 in accordance with Article 2, Administration, Section 2.1 (Use of
<br /> Electronic Means to Provide Public Notices) of the Cabarrus County Code of
<br /> Ordinances.
<br /> There was no one present to address the Board; therefore, Chairman Morris
<br /> closed the public hearing.
<br /> UPON MOTION by Vice Chairman Honeycutt, seconded by Commissioner Kiger
<br /> and unanimously carried, the Board approved an economic development investment
<br /> agreement between Project Hercules (TPA Group, developer) and Cabarrus County
<br /> for the reimbursement of infrastructure improvements for an amount up to
<br /> $1,487,500.00, and authorized the County Manager to execute the agreement on
<br /> behalf of the Board, subject to review or revision by the County Attorney.
<br /> (G-2) Economic Development Investment - Project Laser - Public Hearing 6:30
<br /> p.m.
<br /> Samantha Grass, Economic Development Corporation (EDC) Recruitment
<br /> Project Manager presented a request for an economic development investment for
<br /> Project Laser (Classic Graphics) pursuant to North Carolina General Statute
<br /> 158.7.1. She advised Classic Graphics proposes to lease approximately 100,000
<br /> square feet at the Concord Airport Business Park, Phase III, in Concord. Classic
<br /> Graphics proposes a projected taxable investment in Cabarrus County of
<br /> approximately $1.5 million in personal property over the next three years. She
<br /> reported job creation will include 30 new full-time jobs and 20 transfers from
<br /> Charlotte. A 3-year grant equivalent to 85 percent of the ad valorem taxes on
<br /> the increase in personal property tax values is requested. A public hearing is
<br /> required.
<br /> Cabarrus County Economic Development Grant Analysis - Project Laser
<br /> Year 1 Year 2 Year 3
<br /> Total Assessed Value $1,500,000.00 $1,500,000.00 $1,500,000.00
<br /> County Taxes at .70 $10,500.00 $10,500.00 $10,500.00
<br /> Grant @ 850 $8,925.00 $8,925.00 $8, 925.00
<br /> Net Taxes to County $1,575.00 $1,575.00 $1,575.00
<br /> 3 Year Taxes $31,500.00
<br /> 3 Year Grant $26,775.00
<br /> 3 Year Net Revenue $4,275.00
<br /> Chairman Morris opened the Public Hearing at 7:04 p.m. The Public Hearing
<br /> Notice was published on the County's website (www.cabarruscounty.us) on July 6,
<br /> 2017 in accordance with Article 2, Administration, Section 2.1 (Use of
<br /> Electronic Means to Provide Public Notices) of the Cabarrus County Code of
<br /> Ordinances.
<br /> There was no one present to address the Board; therefore, Chairman Morris
<br /> closed the public hearing.
<br /> Vice Chairman Honeycutt MOVED to approve an economic development
<br /> investment agreement (3 years, 85 percent) between Project Laser and Cabarrus
<br /> County, and to authorize the County Manager to execute the agreement on behalf
<br /> of the Board, subject to review or revision by the County Attorney. Commissioner
<br /> Poole seconded the motion.
<br /> Chairman Morris expressed support for this and other economic development
<br /> investments and commented on their benefits to Cabarrus County.
<br /> The MOTION unanimously carried.
<br /> A-1 Page 12
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