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CABARRUS COUNTY <br />BOARD OF COMMISSIONERS <br />REGULAR MEETING <br />MAY 18, 2015 <br />6:30 P.M. <br />AGENDA CATEGORY: <br />New Business <br />SUBJECT: <br />EDC - Economic Development Grant Request for Project Toby - 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 Toby pursuant to NCGS 158 -7.1. Project Toby proposes to <br />construct a 108,000 sq. ft. speculative building in Cabarrus County, with a <br />projected investment of approximately $7 million for the facility. A 3 -year <br />grant equivalent to 85% of the ad valorem taxes on the increase in real <br />and personal property tax values is requested. A public hearing is <br />required. <br />REQUESTED ACTION: <br />Hold a public hearing. <br />Motion to approve an Economic Development Grant (3 years, 85 percent) <br />between Project Toby 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 />Patrick Coughlin, President and CEO, Cabarrus EDC <br />Samantha Grass, Project Manager, Cabarrus EDC <br />G -1 Page 134 <br />