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CABARRUS COUNTY <br />BOARD OF COMMISSIONERS <br />AGENDA ITEM REQUEST <br />Meeting Date 2/18/08 <br />Agenda Item # ~-a <br />SUBJECT: <br />Industrial Development Incentive Grant Request -Fly Right Inc. -Public Hearing - 6:30 <br />p. m. <br />BRIEF SUMMARY: <br />Fly Right Inc. is considering relocating its operations to Cabarrus County. The company is <br />considering an upfit of an existing building in Concord with an expected investment of <br />$4 million in Phase I and $12 million in Phase 11. Fly Right is a flight simulator-based <br />training provider. <br />REQUESTED ACTION: (Suggested motion if the Board approves the agenda item as presented) <br />1. Hold public hearing. <br />2. Motion to authorize or deny a 3-year incentive grant to Fly Right, Inc. <br />Attachments ^X -Yes ^ No Expected Length of Presentation 5 Minutes <br />Submitted By: Ryan McDaniels, Cabarrus EDC <br />Date: 2/5/08 <br />Name /Job Title <br />Budget Amendment Required: ^ Yes ^ No <br />Budget Amendment Attached and Reviewed by Bud et Officer: ^ Yes ^ No <br />County Manager's Recommendations/Comments: <br />Attached is an analysis of the EDC's grant request prepared by county staff. It is more <br />accurate than that of the EDC in that it accounts for depreciation. Please note that it takes <br />approximately 8 years for the net tax revenue to equal the amount of the requested grant. <br />Another important consideration is the current effort of a bankrupt company no longer in <br />operation (Pillowtex) to collect an incentive grant from the county. <br />If the Board decides to award an incentive grant to FlyRight, then I strongly recommend <br />releasing the grant funds only after the company has operated in Cabarrus County for at <br />least 8 years and all terms and conditions of the grant have been met. <br />Action Taken: <br />Approved [ ] Deferred [ ] <br />Denied [ ] Other [ ] <br />