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CABARRUS COUNTY <br />* <br />REGULAR <br />¢ TN eA BO <br />O 1 <br />� / <br />1 P .M. <br />AGENDA CATEGORY: <br />New Business <br />SUBJECT: <br />EDC - Economic Development Grant Request for Project Burgundy - <br />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 grant for <br />Project Burgundy pursuant to N.C. General Statute 158.7.1. Project <br />Burgundy proposes to construct an 86,700 sq. ft. manufacturing facility in <br />Cabarrus County, with a projected investment of approximately $40 million <br />for the facility. <br />A 5 -year grant equivalent to 85 percent of the ad valorem taxes on the <br />increase in real and personal property tax values and a sale at a <br />discounted price of a landlocked tract of County -owned land adjacent to <br />the Aberdeen Western Railroad and near Wallace Road near the Town of <br />Midland is requested, pursuant to N.C. General Statute 158- 7.1(d2). A <br />public hearing is required. <br />REQUESTED ACTION: <br />Hold a public hearing. <br />Motion to approve an Economic Development Grant (5 years, 85 percent) <br />and the sale at a discounted price of a landlocked tract of County -owned <br />land adjacent to the Aberdeen Western Railroad and near Wallace Road <br />near the Town of Midland. <br />EXPECTED LENGTH OF PRESENTATION: <br />G -1 Page 91 <br />