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CABARRUS COUNTY <br />BOARD OF COMMISSIONERS <br />AGENDA ITEM REQUEST <br />Meeting Date 12/17/07 Agenda Item # ~- - 7 <br />SUBJECT: <br />Industrial Development Incentive Grant for American Communications Network, Inc., a <br />Subsidiary of LKN Communications Network,-Inc. -Public Hearing - 6:30 p.m. <br />BRIEF SUMMARY: <br />American Communications Network, Inc., a subsidiary of LKN Communications Network, <br />Inc., is considering relocating its corporate headquarters to a site in Cabarrus County with <br />a projected new net investment of approximately $5 million (net of the current assessed <br />value of the real property to be purchased). <br />REQUESTED ACTION: (Suggested motion if the Board approves the agenda item as presented) <br />Conduct a public hearing on the requested incentive grant. Consider a motion to authorize <br />a 3-year incentive grant to American Communications Network, Inc., a subsidiary of LKN <br />Communications Network, Inc., equivalent to 85 percent of the ad valorem taxes on <br />approximately $5 million (net of the current assessed value of the real property to be <br />purchased). Authorize-the County Manager and County Attorney to conclude negotiations <br />and execute the agreement. <br />Attachments ^X Yes ^ No Expected Length of Presentation 5 Minutes <br />Submitted By: John Cox, Cabarrus EDC Date: 12/6/07 <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 RecommendationslComments: <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 />'~ ' 1 <br />