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CABARRUS COUNTY <br />A <br />* <br />REGULAR MEETING <br />NOVEMBER 21, 2016 <br />1 <br />AGENDA CATEGORY: <br />New Business <br />SUBJECT: <br />Economic Development Investment - Project ISE - Public Hearing 6:30 <br />P.M. <br />BRIEF SUMMARY: <br />Representatives from the Cabarrus Economic Development Corporation <br />(EDC) will present a request for an economic <br />development investment agreement for Project ISE pursuant to NC <br />General Statute 158.7.1. ISE proposes to construct a 45,000 square foot <br />light industrial facility in Cabarrus County, with a project investment of <br />approximately $3 million for the facility and equipment. <br />ISE (formerly ECS, Project Hornet) has changed the location of the facility <br />and increased their investment amount. A 3 -year investment equivalent to <br />85% of the ad valorem taxes on the increase in real and personal property <br />tax values is requested. <br />REQUESTED ACTION: <br />Hold a public hearing. <br />Motion to approve an economic development investment agreement (3 <br />years, 85 percent) between ISE and Cabarrus County, and to authorize <br />the 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 />5 Minutes <br />G -2 Page 203 <br />