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CABARRUS COUNTY <br />BOARD OF • • <br />* REGULAR MEETING <br />��8�a ��i ►� AUGUST 15 20 <br />`�iri�JJ1 /J� <br />6: 30 P .M. <br />AGENDA CATEGORY: <br />New Business <br />SUBJECT: <br />EDC - Economic Development Grant Request for Celgard, LLC & Public <br />Hearing - 6:30 P.M. <br />BRIEF SUMMARY: <br />EDC representatives will present an economic development grant request <br />for Celgard LLC, A Polypore Company, pursuant to N.C. General Statute <br />158 -7.1. The company, a manufacturer of battery separation and stored <br />energy products, proposes to expand its operations in Cabarrus County <br />with a projected investment of approximately $105 million and create <br />approximately 250 jobs. A 3 -year grant in three (3) separate phases <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 (3 years, 85 <br />percent) between Celgard, LLC and Cabarrus County; and authorize the <br />County Manager to execute the Agreement on behalf of the Board. <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 -2 Page 213 <br />