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CABARRUS COUNTY <br />BOARD OF • • <br />* <br />REGULAR <br />¢ TN eAR° �jr MAY 16 20 <br />� / <br />1 P .M. <br />AGENDA CATEGORY: <br />New Business <br />SUBJECT: <br />EDC - Economic Development Grant Request for Project Earhart - 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 Earhart pursuant to NC General Statute 158.7.1. Project Earhart <br />proposes to invest $2.5 million in equipment and personal property upfits <br />related to the equipment and facility in Cabarrus County. <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 in 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 Earhart and Cabarrus County, and to authorize the <br />County Manager to execute the Agreement on behalf of the Board, <br />subject to review or revision by the County Attorney. <br />EXPECTED LENGTH OF PRESENTATION: <br />10 Minutes <br />SUBMITTED BY: <br />Terry Crawford, Cabarrus EDC <br />G -1 Page 128 <br />