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<br />CABARRUS COUNTY <br />BOARD OF COMMISSIONERS <br />AGENDA ITEM REQUEST <br /> <br />Meeting Date 9/19/05 <br /> <br />Agenda Item # <br /> <br />G-I <br /> <br />SUBJECT: <br />Industrial Incentive Grant for Cabarrus Plastics, Inc. - 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, Cabarrus Plastics, Inc., has requested an incentive grant to expand its plastics - <br />injection molding business on Zion Church Road. The estimated investment is $9.8 million <br />($2.8 million real estate; $7 million equipment) with 18 new full time jobs anticipated. <br />The company is eligible for a level 1 grant. <br /> <br />REQUESTED ACTION: (Suggested motion If the Board apptoves the agenda Item as ~ <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 Cabarrus Plastics, Inc., as outlined in the Industrial Development Grant <br />Program, with authorization granted to 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: 9/7/05 <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 />Approval of incentives for the expansion of this Cabarrus County plant is recommended. <br />Also, attached for your information are the results of a survey indicating North Carolinians <br />support offering economic development incentives by a 2 to 1 margin. <br /> <br />Manager's Signature <br /> <br /> <br />J <br /> <br />Action Taken: <br />Approved [] <br />Denied [ ] <br /> <br />Deferred [] <br />Other [ ) <br /> <br />0.-1 <br />