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North Carolina Fund and the Job Development Investment Grant (JDIG) <br />program were among the incentives that supported the company's <br />decision to expand capacity and create jobs in the State of North Carolina. <br />One North Carolina Fund grants require a local match, and this grant is <br />contingent upon approval of local incentives. <br />In August 2009, Celgard was selected to receive a grant award from the <br />U.S. Department of Energy (DOE) for the same expansion project. The <br />DOE grant is part of the American Recovery and Reinvestment Act of <br />2009 (ARRA) that provides federal stimulus funding to support the <br />creation of American jobs while promoting the development of U.S.-based <br />advanced battery production for the Electric Drive Vehicle (EDV) market. <br />The grant request includes: three (3) 4-year grants of 85 percent of the <br />ad valorem taxes and an up-front payment to Celgard of $350,000 to <br />offset land prices. In accordance with the County's economic <br />development policy, a public hearing is required. <br />REQUESTED ACTION: <br />1. Hold a public hearing. <br />2. Consider a motion to approve the economic development grants as <br />outlined above. If approved, authorize the County Manager and County <br />Attorney to finalize the grant and execute related documentation. <br />EXPECTED LENGTH OF PRESENTATION: <br />10 Minutes <br />SUBMITTED BY: <br />Ryan McDaniels, Cabarrus EDC <br />John Cox, Cabarrus EDC <br />BUDGET AMENDMENT REQUIRED: <br />No <br />COUNTY MANAGER'S RECOMMENDATIONS/COMMENTS: <br />This item was approved by the Board for inclusion on the Agenda as a <br />New Business item. <br />ATTACHMENTS <br />G-2 Page 121 <br />