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CABARRUS COUNTY <br />BOARD OF • • <br />* <br />REGULAR AUGUST 15, 2016 <br />1 <br />AGENDA CATEGORY: <br />New Business <br />SUBJECT: <br />Economic Development Investment - Hotel Concord - Public Hearing 6:30 <br />P.M. <br />BRIEF SUMMARY: <br />Rehab Development, Inc. is working on a redevelopment of the Hotel <br />Concord, the Concord Telephone Exchange Company and Fifth -Third <br />Bank properties adjacent to the Hotel into a mixed use <br />residential /commercial /retail project. Consideration is requested for an <br />economic development amortizable loan not -to- exceed $105,000.00, to <br />be funded equally over 5 years, with clawbacks. <br />Statutory authority for this loan is permitted under NCGS 158- 7.1(b)(8). <br />The City of Concord is also providing economic development assistance <br />for this project. <br />REQUESTED ACTION: <br />Hold a public hearing. <br />Motion to authorize Cabarrus County to enter into an economic <br />development agreement with Rehab Development, Inc. for provision of a <br />$105,000.00 loan, with clawbacks, to be funded equally over 5 years and <br />forgiven upon the happening of certain conditions relating to the <br />successful completion of the project and to authorize the County Manager <br />to execute the agreement subject to review or revision by the County <br />Attorney. <br />Motion to adopt the related budget revision. <br />G -1 Page 166 <br />