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CABARRUS COUNTY <br />A <br />w r; BOARD OF COMMISSIONERS <br />REGULAR MEETING <br />JUNE 1 2016 <br />1 <br />AGENDA CATEGORY: <br />New Business <br />SUBJECT: <br />EDC - Economic Development Grant Request for Project Blue - 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 Blue pursuant to NC General Statute 158.7.1. Project Blue <br />proposes to upfit 21,443 square feet in a leased facility in Cabarrus <br />County, with a project investment of approximately $5.8 million for the <br />facility and equipment. <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 is requested. A public <br />hearing is required. <br />REQUESTED ACTION: <br />Hold a public hearing. <br />Motion to approve an Economic Development Grant (5 years, 85 percent) <br />between Project Blue 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 -4 Page 390 <br />