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CABARRUS COUNTY <br />BOARD OF COMMISSIONERS <br />AGENDAITEM REQUEST <br />Meeting Date 6/18/07 <br />Agenda Item # G ' <br />SUBJECT: <br />Industrial Development Incentive Grant - Great Wolf Resorts, Inc. - Public Hearing - 6:30 <br />p.m. <br />BRIEF SUMMARY: <br />Great Wolf Resorts is considering Cabarrus Counry as a location for a$100 million resort. <br />Great Wolf Resorts, Inc.T"' is the largest owner, operator and developer in America of <br />drive-to family resorts featuring indoor waterparks and other family-oriented activities. At <br />its May 22nd meeting, the EDC Board unanimously voted to recommend a 5-year incentive <br />grant equivilent to 85 percent of the ad valorem taxes on the investment of approximatley <br />$100 million. Four hundred new full-time jobs will be created. <br />REQUESTED ACTION: (Suggested motion if the eoard approves the agenda ifem as presented) <br />1. Hold a public hearing. <br />2. Authorize a 5-year incentive grant to Great Wolf Resorts, Inc. equivalent to 85 percent <br />of the ad valorem taxes on the total project investment projected at $100 million. Authorize <br />the County Manager and County Attorney to conclude negotiations and execute the <br />agreement. <br />Attachments ^X Yes ^ No Expected Length of Presentation 5 Minutes <br />Submitted By: Ryan McDaniels, Cabarrus EDC <br />Date: 5/31 /07 <br />Name / Job Title <br />Budget Amendment Required: ^ Yes ^ 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 />Action Taken: <br />Approved [ ] Deferred [ ] <br />Denied [ ] Ofher [ ] <br />_3 <br />