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CABARRUS COUNTY <br />BOARD OF • • <br />* <br />REGULAR <br />¢ Ttt eAR�rjr JULY 18 20 <br />� / <br />1 P .M. <br />AGENDA CATEGORY: <br />New Business <br />SUBJECT: <br />EDC - Economic Development Investment for Project Hornet - Public <br />Hearing 6:30 P.M. <br />BRIEF SUMMARY: <br />Representatives from the Cabarrus Economic Development Corporation <br />(EDC) will present an opportunity for an economic development <br />investment for Project Hornet pursuant to NCGS 158.7.1. Project Hornet <br />proposes to construct a 30,000 square foot light industrial facility in <br />Cabarrus County, with a projected investment of approximately $2.75 <br />million for the facility and equipment. <br />A 3 -year investment equivalent to 85 percent of the ad valorem taxes on <br />the increase in real and personal property tax values is requested. A <br />public hearing is required. <br />REQUESTED ACTION: <br />Hold a public hearing. <br />Motion to approve an Economic Development Investment Agreement (3 <br />years, 85 percent) between Project Hornet and Cabarrus County, and to <br />authorize the County Manager to execute the Agreement on behalf of the <br />Board, subject to review or revision by the County Attorney. <br />EXPECTED LENGTH OF PRESENTATION: <br />10 Minutes <br />SUBMITTED BY: <br />G -1 Page 105 <br />