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CABARRUS COUNTY <br />BOARD OF COMMISSIONERS <br />REGULAR MEETING <br />OCTOBER 18, 2010 <br />6:30 P.M. <br />AGENDA CATEGORY: <br />New Business <br />SUBJECT: <br />EDC - Economic Development Grant Request for Distribution <br />Technologies, Inc. & Public Hearing - 6:30 P.M. <br />BRIEF SUMMARY: <br />An economic development grant is requested for Distribution Technology, <br />Inc. pursuant to N.C. General Statute 158 -7.1. The third party logistics <br />provider proposes to upfit the JEVIC facility located at 432 Pitts School <br />Road in Concord, with a projected new net investment of approximately <br />$1.6 million ($650,000 million [estimated renovations] — real estate; <br />$1,045,000 — equipment). Further, the company intends to create 65 new <br />full time jobs in year 1 and up to 86 jobs in year 3 with an average wage of <br />$14 - $16 per hour. A 3 -year grant equivalent to 85% of the ad valorem <br />taxes on the new net investment is requested. The grant request was <br />approved by the EDC Board of Directors on August 30, 2010 via a <br />conference call. A public hearing on the proposed economic development <br />grant is required. <br />REQUESTED ACTION: <br />Hold a public hearing. <br />Consider a motion to approve an Economic Development Grant for <br />Distribution Technologies, Inc., including exemption(s) to the Program <br />guidelines, if needed. <br />EXPECTED LENGTH OF PRESENTATION: <br />5 Minutes <br />SUBMITTED BY: <br />Ryan McDaniels, Cabarrus EDC <br />G -2 Page 476 <br />