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CABARRUS COUNTY <br />* <br />REGULAR MEETING <br />pTxarcA�a�� N <br />• 20 <br />��fiiffJfl /�� <br />1 P .M. <br />AGENDA CATEGORY: <br />New Business <br />SUBJECT: <br />EDC - Economic Development Grant Request for Project Tuxedo & Public <br />Hearing - 6:30 P.M. <br />BRIEF SUMMARY: <br />EDC representatives will present an economic development grant request <br />for Project Tuxedo pursuant to NCGS 158 -7.1. Project Tuxedo proposes <br />to expand its company operations in Cabarrus County, with a projected <br />investment of approximately $41 million for facility and equipment <br />upgrades and the creation of approximately 200 jobs. A 5 -year grant <br />equivalent to 85% of the ad valorem taxes on the increase in real and <br />personal property tax values is requested. A public hearing is required. <br />REQUESTED ACTION: <br />Hold a public hearing. <br />Motion to approve an Economic Development Agreement (5 years, 85 <br />percent) between Project Tuxedo and Cabarrus County; and authorize the <br />County Manager to execute the Agreement on behalf of the Board, <br />subject to review and /or revisions by the County Attorney. <br />EXPECTED LENGTH OF PRESENTATION: <br />5 Minutes <br />SUBMITTED BY: <br />John Cox, Cabarrus EDC <br />Ryan McDaniels, Cabarrus EDC <br />BUDGET AMENDMENT REQUIRED: <br />G -1 Page 196 <br />