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Section 5. GRANT APPROVAL PROCEDURE <br />1. Completion -Prior to initiating a project for which a Grant application is <br />proposed, the applicant shall complete a Development Grant Application for submittal to <br />the Cabarrus Eoonomic Development Corporation. <br />2. Recommendation - Upon completion of the Development Grant <br />Application by the applicant, the Cabarrus Economic Development Corporation Board <br />will review the application and determine if the application will be recommended to the <br />BOC. <br />3. Application -Applications recommended by the Cabarrus Economic <br />Development Corporatiion Board will be submitted to the County Manager's office for <br />scheduling a public hearing before the BOC. <br />4. ~ Acceptance -The BOC may consider acceptance of the Development <br />Grant Application. A public hearing must be scheduled by law prior to the approval of a <br />Grant. The County shall publish a notice of the public hearing at least 10 days before <br />the hearing is held. The no#ice shall describe the project and the BOC's intention to <br />consider approval of the Grant request. <br />5. Public Hearing -- The BOC shall conduct a public hearing on the <br />Development Grant Application to inform the public of the Grant request, invite <br />comments and vote on it. <br />8. A reement -The BOC a roves the Grant b offer' <br />Rf y mg the applicant an <br />Agreement. Offers not accepted are deemed rejected by the applicant. Unless <br />otherwise adopted and approved by the BOC, the Grant offer remains open for 30 days <br />from the date of tender of the proposed Agreement to the applicant. Acceptance is the <br />execution of the Agreement between the County and the applicant. The BOC reserves <br />the right to reject any Grant application. <br />7. Construction -Construction shall be required to adhere to plans approved <br />in the. plan review and permitting process, as well as to plans, or plan elements <br />approved as conditions of the Agreement. <br />8. Assessment -The value of the subject property following the completion <br />of construction shall be established by the Tax Assessor. The actual increase in post- <br />construction assessed value over pre-construction assessed value shall equal, or <br />exceed the estimated increase specified in the Agreement. Failure to meet or exceed <br />the Grant approval threshold of $1.5 million, where applicable, shall render the Grant <br />void. <br />Adopted this the 20"' day of October, 2008 by <br />the Cabarrus County Board of Commissioners. <br />ti Attachment number 3 <br />G-1 Page 367 of 627 <br />