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<br />CABARRUS COUNTY <br />BOARD OF COMMISSIONERS <br />AGENDA ITEM REQUEST <br /> <br />Meeting Date 7/14/05 Agenda Item # G - / <br /> <br />SUBJECT: <br />Industrial Incentive Grant for Haas CNC Racing - Public Hearing - 6:30 p.m. <br /> <br />BRIEF SUMMARY: <br /> <br />Pursuant to the Industrial Development Grant Program guidelines effective January 1, <br />2004, Haas CNC Racing, has requested an incentive grant to relocate and expand its <br />motorsports business in the Kannapolis Gateway Business Park. The estimated <br />investment is $16,170,000 ($10,170,000.00 real estate; $6 million equipment) with 15 to <br />70 new full time jobs anticipated. The company is eligible for a Level 1 grant. <br /> <br />REQUESTED ACTION: (Suggested motion if the Board approves the agenda item as presented) <br />Conduct public hearing to consider the incentive grant. Approve the incentive grant <br />subject to the negotiation and execution of a definitive agreement between Cabarrus <br />County and Haas CNC Racing, as outlined in the Industrial Development Grant Program, <br />with authorization granted to the County Manager and County Attorney to conclude the <br />negotiations. <br /> <br />Attachments ~ Yes D No Expected Length of Presentation 5 minutes <br /> <br />Submitted By: Ryan McDaniels, Cabarrus EDC Date: 7/1/05 <br /> <br />Name I Job Title <br /> <br />Budget Amendment Required: D Yes ~ No <br />Budget Amendment Attached and Reviewed by Budget Officer: DYes D No <br /> <br />County Manager's Recommendations/Comments: <br /> <br />This is the expansion of an existing Cabarrus County business. Approval is enthusiastically <br />recommended. <br /> <br />Manager's Signature <br /> <br /> <br />(LfJ <br /> <br />Action Taken: <br />Approved [] <br />Denied [ ] <br /> <br />Deferred [] <br />Other [ ] <br /> <br />0--1 <br />