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CABARRUS COUNTY <br />BOARD OF COMMISSIONERS <br />AGENDA ITEM REQUEST <br />Meeting Date 5/21/07 Agenda Item # c-r - 3 <br />SUBJECT: <br />Consideration of County Participation in the N.C. Research Campus Tax Increment <br />Financing (TIF) Project <br />BRIEF SUMMARY: <br />Kannapolis has requested the County's participation in a TIF bond issue through an <br />Interlocal Agreement for development of roads, utilities, parks and open space related to <br />the Castle and Cooke "NC Research Campus" project. <br />REQUESTED ACTION: (Suggested motion if the Board approves the agenda item as presented) <br />Decide whether the County will provide funding to Kannapolis for its use in meeting <br />portion of the debt service requirements of a TIF bond. <br />If approved, terms and conditions of the related interlocal agreement will be determined in <br />subsequent meetings. <br />Attachments <br />^ Yes ^X No <br />Expected Length of Presentation 75 Minutes <br />Date: 5/10/07 <br />Submitted By: Bob Carruth, Chairman <br />Name I Job Title <br />Budget Amendment Required: ^ Yes X^ No <br />Budget Amendment Attached and Reviewed by Budget Officer: ^ Yes ^ No <br />County Manager's Recommendations/Comments: <br />This item was approved by the Board for inclusion on the Agenda as a New Business item <br />Since the Castle and Cooke project will proceed without the use of county tax dollars, I <br />recommend against providing funding to Kannapolis for its use in meeting a portion of the <br />debt service requirements of a TIF bond. <br />Action Taken: <br />Approved [ ] Deferred <br />Denied [ ] Other <br />_3 <br />