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<br />CABARRUS COUNTY <br />BOARD OF COMMISSIONERS <br />AGENDA ITEM REQUEST <br /> <br />Meeting Date 5/15/06 <br /> <br />Agenda Item # Q - \ <br /> <br />SUBJECT: <br />Industrial Development Incentive Grant for Haas CNC Racing, Inc.llvey-Cline <br />Development - Public Hearing - 6:30 p.m. <br /> <br />BRIEF SUMMARY: <br /> <br />Haas CNC Racing is considering locating a new automotive research facility on Ivey Cline <br />Road in Concord and has requested an incentive grant. The company, Ivey-Cline <br />Development, proposes to construct a wind tunnel to be used commercially by a number <br />of businesses, including motorsportslracing, car manufacturers, etc. Sites in Lincoln <br />County and South Carolina are also being considered for the project. The estimated <br />investment is approximately $40 million. The EDC Board has recommended a 3-year <br />incentive grant equivalent to 85% of the ad valorem taxes on the investment. <br /> <br />REQUESTED ACTION: (Suggested motion if the Board approves the agenda item as presented) <br />Conduct public hearing on the requested incentive grant. Approve a modification! <br />exemption of the current Industrial Incentive Grant Program for the wind tunnel project by <br />Haas CNC Racingllvey-Cline Development and authorize a 3-year incentive grant <br />equivalent to 85 percent of the ad valorem taxes on the total project investment of <br />approximately $40 million; and authorize the County Manager and County Attorney to <br />conclude the negotiations and execute the Agreement. <br /> <br />Attachments ~ Yes 0 No Expected Length of Presentation 10 minutes <br /> <br />Submitted By: Ryan McDaniels, Cabarrus EDC Date: 5/2/06 <br /> <br />Name I Job Title <br /> <br />Budget Amendment Required: 0 Yes ~ No <br />Budget Amendment Attached and Reviewed by Budget Officer: 0 Yes 0 No <br /> <br />County Manager's Recommendations/Comments: <br /> <br />This project would certainly be an asset in attracting additional investment in Cabarrus <br />County by other motorsports and automotive businesses. <br /> <br />Manager's Signature <br /> <br /> <br />Action Taken: <br />Approved [] <br />Denied [ ] <br /> <br />Deferred [] <br />other [ ] <br /> <br />c;- \ <br />