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CABARRUS COUNTY <br />w r; <br />BOARD OF COMMISSIONERS <br />REGULAR MEETING <br />MARCH 21, 2016 <br />i �'y�J,rJJl� ll <br />1 <br />AGENDA CATEGORY: <br />New Business <br />SUBJECT: <br />EDC - Economic Development Grant Request for Project Silver - Public <br />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 Silver pursuant to NC General Statute 158.7.1. Project Silver <br />proposes to construct a 300,000 sq. ft. industrial speculative building in <br />Cabarrus County, with a projected investment of approximately $17 million <br />for the facility. <br />A 3 -year grant equivalent to 85 percent of the ad valorem taxes on the <br />increase in real and personal property tax values is requested. A public <br />hearing is required. <br />REQUESTED ACTION: <br />Hold a public hearing. <br />Motion to approve an Economic Development Grant (3 years, 85 percent) <br />between Project Silver 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 />EXPECTED LENGTH OF PRESENTATION: <br />10 Minutes <br />SUBMITTED BY: <br />G -1 Page 102 <br />