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CABARRUS COUNTY <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 Milo - 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 Milo pursuant to NC General Statute 158.7.1. Project Milo <br />proposes to develop 75,000 sq. ft. of Class A speculative office space in <br />Cabarrus County, with a projected investment of approximately $8 million <br />in 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 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 Milo 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 />G -2 Page 137 <br />