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CABARRUS COUNTY <br />BOARD OF COMMISSIONERS <br />AGENDA ITEM REQUEST <br />Meeting Date 10/15/07 Agenda Item # G _ ~ <br />SUBJECT: <br />Industrial Development Incentive Grant for Overhead Door Company of Charlotte -Public <br />Hearing - 6:30 p.m. <br />BRIEF SUMMARY: <br />Overhead Door Company is considering relocating to a site in Cabarrus County. The <br />company would construct a 50,000 sq. ft. facility in Harrisburg with an expected value of <br />$4,350,000 and create approximately 120 FT and 100 PT jobs. Overhead Door pioneered <br />the upward-acting door industry, inventing the first upward-acting door in 1921 and the first <br />electric door opener in 1926. At its September 25th meeting, the EDC Board of Directors <br />voted unanimously to recommend approval of the grant. <br />REQUESTED ACTION: (Suggested motion if the Board approves the agenda item as presented) <br />Conduct public a public hearing on the requested incentive grant. Authorize a 3-year <br />incentive grant to Overhead Door of Charlotte equivalent to 85 percent of the ad valorem <br />taxes on the total projected project investment of $4,350,000. Authorize the County <br />Manager and County Attorney to conclude negotiations and execute the agreement. <br />Attachments ^X Yes ^ No Expected Length of Presentation 5 Minutes <br />Submitted By: Ryan McDaniels, Cabarrus EDC Date: 9/28/07 <br />Name I 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 [ ] Other [ ] <br />