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AG 2017 10 16
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AG 2017 10 16
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Last modified
10/18/2017 10:51:44 AM
Creation date
11/27/2017 10:31:03 AM
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Meeting Minutes
Doc Type
Agenda
Meeting Minutes - Date
10/16/2017
Board
Board of Commissioners
Meeting Type
Regular
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CABARRUS COUNTY <br /> 1792 <br /> BOARD OF COMMISSIONERS <br /> r REGULAR MEETING <br /> OCTOBER 16, 2017 <br /> 6:30 P.M. <br /> AGENDA CATEGORY: <br /> New Business <br /> SUBJECT: <br /> Economic Development Investment — SL 1000 Derita Road LLC (The <br /> Silverman Group) — Public Hearing 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 /> SL 1000 Derita Road LLC (The Silverman Group) for Concord Airport <br /> Business Park Phase 3, pursuant to NC General Statute 158.7.1 . This <br /> project consists of three components- a) modification of an existing grant <br /> agreement to increase the size of Building 1 to over 500,000 square feet, <br /> b) construction of a 252,646 square foot spec building (Building 2), and c) <br /> construction of a 451 ,074 square foot spec building (Building 4). The total <br /> net investment is projected to be approximately $18 million, after <br /> adjustment to the cost of Building 1 , from the original projected <br /> investment. It is anticipated that the project will create new construction- <br /> related jobs. A three-year grant equivalent to 85% of the ad valorem taxes <br /> on the increase in real property tax values is requested. A public hearing <br /> is required. <br /> REQUESTED ACTION: <br /> Hold a public hearing. <br /> Motion to approve an economic development investment agreement <br /> (three-year, 85 percent) between SL 1000 Derita Road LLC (The <br /> Silverman Group) and Cabarrus County, and to authorize the County <br /> Manager to execute the agreement on behalf of the Board, subject to <br /> review or revision by the County Attorney. <br /> G-2 Page 79 <br />
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