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<br />CABARRUS COUNTY <br />BOARD OF COMMISSIONERS <br />AGENDA ITEM REQUEST <br /> <br />Meeting Date 9/11/06 <br /> <br />Agenda Item # <br /> <br />SUBJECT: <br />Industrial Development Incentive Grant for Old Charlotte Centre - Public Hearing - 5:30 <br />p.m. <br /> <br />BRIEF SUMMARY: <br /> <br />Old Charlotte Centre, a cabinet distribution company, currently operates in Cabarrus <br />County and is requesting an incentive grant in an amount equal to 85 percent of the <br />increase of the ad valorem taxes on the total project investment estimated at $1,610,000 <br />($610,000 real estate and $1 million equipment). The company proposes to locate a <br />facility at 611 Old Charlotte Road in Concord. <br /> <br />REQUESTED ACTION: (Suggested motion if the Board approves the agenda item as presented) <br />Conduct public hearing; Authorize a 3-year incentive grant to Old Charlotte Centre <br />equivalent to 85% of the ad valorem taxes on the total project investment (anticipated at <br />$1,610,000); and authorize the County Manager and County Attorney to conclude the <br />negotiations and execute the Agreement. <br /> <br />Attachments [g] Yes D No Expected Length of Presentation 5 minutes <br />Submitted By: Ryan McDaniels, Cabarrus EDC Date: 9/7/06 <br /> <br />Budget Amendment Required: D Yes ~ No <br />Budget Amendment Attached and Reviewed by Budget Officer: 0 Yes D No <br />County Manager's Recommendations/Comments: <br /> <br />None. <br /> <br />Manager's Signature <br /> <br />Action Taken: <br />Approved [] <br />Denied [ ] <br /> <br />Deferred [] <br />Other [ ] <br />