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<br />CABARRUS COUNTY <br />BOARD OF COMMISSIONERS <br />AGENDA ITEM REQUEST <br /> <br />Meeting Date 8/21/06 <br /> <br />Agenda Item # G;; -I <br /> <br />SUBJECT: <br />Industrial Development Incentive Grant for PreGel USA/Lares Real Estate USA - Public <br />Hearing - 6:30 p.m. , 2006 <br /> <br />BRIEF SUMMARY: <br /> <br />PreGel USA/Lares Real Estate USA is considering locating a Gelato Manufacturing <br />business at the International Business Park in Concord and has requested an incentive <br />grant. The company proposes a new facility of 100,000 square feet with a total investment <br />estimated at $8.5 million ($7.6 million real estate and $900,000 equipment). The EDC <br />Board has recommended a 3-year incentive grant equivalent to 85% of the ad valorem <br />taxes on the investment. <br /> <br />REQUESTED ACTION: (SuggNted motion Ifthe Boatd approves the agenda Item as ~ <br /> <br />Conduct pUblic hearing; Authorize a 3-year incentive grant to PreGel USA/Lares Real <br />Estate USA equivalent to 85% of the ad valorem taxes on the total project investment <br />(anticipated at $8.5 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 5 minutes <br /> <br />Submitted By: Ryan McDaniels, Cabarrus EDC Date: 8/9/06 <br />Name / 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 />None. <br /> <br />Manager's Signature <br /> <br /> <br />Act/on Taken: <br />Approved [] <br />Denied [ ] <br /> <br />Deferred [] <br />Other [ ] <br /> <br />G;-I <br />