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<br />CABARRUS COUNTY <br />BOARD OF COMMISSIONERS <br />AGENDA ITEM REQUEST <br /> <br />Agenda Item # &-2 <br /> <br />Meeting Date 6/19/06 <br /> <br />SUBJECT: <br />Industrial Development Incentive Grant for Fanz Enterprises, Inc. - Public Hearing - 6:30 <br />p.m. <br /> <br />BRIEF SUMMARY: <br /> <br />Pursuant to the Industrial Development Grant Program guidelines effective January 1, <br />2004, Fanz Enterprises, Inc., has requested an incentive grant to locate a NASCAR <br />NEXTEL Cup Race Team/Facility at 8401 Westmoreland NE, Concord, NC. The company <br />plans to add an 11,387 square foot mezzanine onto an existing building. The estimated <br />project investment is $7.7 million ($5 million real estate and $2.7 million equipment). The <br />company is eligible for a Level 1 Grant or 65 percent of the real and personal property tax <br />revenue value anticipated to be generated by the project. <br /> <br />REQUESTED ACTION: (Suggested motion "the Board apfJI'Oves the agenda Item lIB ptN8llted) <br /> <br />Conduct public hearing to consider the requested incentive grant. Approve the Level 1 <br />incentive grant subject to the negotiation and execution of a definitive agreement between <br />Cabarrus County and Fanz Enterprises, Inc., as outlined in the Industrial Development <br />Grant Program; and authorize the County Manager and County Attorney to conclude the <br />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: 6/6/06 <br />Name / Job ntle <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 />None. <br /> <br />Manager's Signature <br /> <br /> <br />Act/on Taken: <br />Approved [] <br />Denied [ ] <br /> <br />Deferred [] <br />Other [ ] <br /> <br />G~2 <br />