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CABARRUS COUNTY <br />BOARD OF • • <br />REGULAR <br />DECEMBER 14, 2015 <br />1 <br />AGENDA CATEGORY: <br />New Business <br />SUBJECT: <br />EDC - Economic Development Grant Request for Project Pac - 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 Pac pursuant to NCGS 158.7.1. Project Pac proposes to construct <br />a 343,000 sq. ft. manufacturing building in Cabarrus County, with a <br />projected investment of approximately $39.5 million for the facility. A 3- <br />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 />Note: If the Board approves the economic development grant request for <br />Project Pac, then approval is also requested of a resolution of support to <br />aid Project Pac's grant application with NCDOT's Economic Development <br />Fund. <br />REQUESTED ACTION: <br />Hold a public hearing. <br />Motion to approve an Economic Development Grant (3 years, 85 percent) <br />between Project Pac 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 />Motion to approve the Resolution in Support for Project Pac. <br />G -1 Page 335 <br />