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CABARRUS COUNTY <br />* <br />REGULAR MEETING <br />� JUNE 18 20 <br />jr f�iffJfl�� <br />1 P .M. <br />AGENDA CATEGORY: <br />New Business <br />SUBJECT: <br />EDC - Economic Development Grant Request & Public Hearing - 6:30 <br />P.M. <br />BRIEF SUMMARY: <br />Representatives of the Cabarrus Economic Development Corporation <br />(EDC) will present an economic development request for Corning. The <br />Company plans to expand its operations by investing $32 million for new <br />equipment. A 3 -year grant equivalent to 85 percent of the ad valorem <br />taxes on the increase in personal property tax is requested. The Cabarrus <br />EDC Board of Directors approved the grant request on June 6, 2012. In <br />accordance with the County's Economic Development Grant Program, a <br />public hearing is required. <br />REQUESTED ACTION: <br />Receive overview of grant request from EDC representatives. <br />Hold a public hearing. <br />Motion to approve an Economic Development Grant (3 -year, 85 percent) <br />of the ad valorem taxes on the increase in personal property taxes for <br />Corning. <br />EXPECTED LENGTH OF PRESENTATION: <br />10 Minutes <br />SUBMITTED BY: <br />John Cox, Cabarrus Economic Development Corp. <br />Ryan McDaniels, Cabarrus Economic Development Corp. <br />G -2 Page 228 <br />