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CABARRUS COUNTY <br />BOARD OF COMMISSIONERS <br />REGULAR MEETING <br />SEPTEMBER 20, 2010 <br />6:30 P.M. <br />AGENDA CATEGORY: <br />New Business <br />SUBJECT: <br />EDC - Approval of Revised Economic Development Grant Agreement for <br />LKN /ACN & Public Hearing - 6:30 P.M. <br />BRIEF SUMMARY: <br />In 2008, the Board approved an economic incentive grant for LKN /ACN <br />for 5 years at 99% of the increase in assessed value. These grants were <br />to be matched by the One North Carolina Fund up to a maximum <br />combined total of $300,000.00. <br />The County Attorney and /or representatives of the EDC will <br />address the need for a revised economic development agreement <br />between Cabarrus County and LKN /ACN. The revised <br />agreement includes the company's investments of personal property <br />which is contrary to the County's ED grant program; therefore, a waiver is <br />requested. A public hearing on this matter is required. <br />REQUESTED ACTION: <br />1. Hold a public hearing. <br />2. Consider a motion to approve the revised Agreement between <br />Cabarrus County and LKN /ACN. <br />EXPECTED LENGTH OF PRESENTATION: <br />5 Minutes <br />SUBMITTED BY: <br />Richard M. Koch, County Attorney <br />Ryan McDaniels, Cabarrus EDC <br />Page 311 <br />G -2 <br />