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<br />CABARRUS COUNTY <br />BOARD OF COMMISSIONERS <br />AGENDA ITEM REQUEST <br /> <br />Agenda Item # <br /> <br />c-? <br /> <br />Meeting Date 7/31/06 <br /> <br />SUBJECT: <br />Industrial Development Incentive Grant - Double 0 Plastics, Inc. - Public Hearing <br /> <br />BRIEF SUMMARY: <br /> <br />Double 0 Plastics, Inc., currently located at 4501 Republic Drive, Concord, has requested <br />an incentive grant to expand its business at a new location on Biscayne Drive, Kannapolis. <br />The estimated project investment is $2.3 million ($1.7 million real estate and $600,000 <br />equipment). The Economic Dev. Commission is requesting that the Board consider a <br />modification/exemption to the incentive program to offer a 3-year incentive grant <br />equivalent to 85% of the ad valorem taxes on the new investment. <br /> <br />REQUESTED ACTION: (Suggested motion If the Board approves the agenda Item aa presented) <br />Conduct public hearing. Approve a modificiation/exemption of the Industrial Incentive <br />Grant Program for Double 0 Plastics, Inc., and authorize a 3-year incentive grant <br />equivalent to 85% of the ad valorem taxes on the anticipated total project investment of <br />$2.3 million; 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 <br /> <br />Submitted By: Jerry Saunders, Cabarrus EDC Date: 7/6/06 <br />Name / Job Title <br /> <br />Budget Amendment Required: 0 Yes ~ No <br />Budget Amendment Attached and Reviewed by Budget Officer: 0 Yes ~ No <br /> <br />County Manager's Recommendations/Comments: <br /> <br />None. <br /> <br />Manager's Signature <br /> <br /> <br />Action Taken: <br />Approved [] <br />Denied [ ] <br /> <br />Deferred [] <br />Other [ ] <br /> <br />C--2 <br />