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<br /> <br />CABARRUS COUNTY <br />BOARD OF COMMISSIONERS <br />AGENDA ITEM REQUEST <br /> <br />Meeting Date 10/3/05 <br /> <br />Agenda Item # <br /> <br />r;.-2... <br /> <br />SUBJECT: <br />Incentive Grant for Wight Lightning Motorsports, LLC . <br /> <br />BRIEF SUMMARY: <br /> <br />Pursuant to the Industrial Development Grant Program guidelines effective January 1, <br />2004, Wight Lightning Motorsports, LLC has requested an incentive grant to locate a <br />facility in Oakmont Industrial Park in Concord. The estimated investment is $18,288,000 <br />($15,784,000 real estate; $2,504,000 equipment) with 120 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 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 Wight Lightning Motorsports, LLC as outlined in the Industrial Development <br />Grant Program, with authorization granted to the County Manager and County Attorney to <br />conclude the negotiations and execute the Agreement. <br /> <br />Attachments ~ Yes D No Expected Length of Presentation 5 minutes <br /> <br />Submitted By: Ryan McDaniels, Cabarrus EDC Date: 10/3/05 <br />Name / Job Title <br /> <br />Budget Amendment Required: D Yes ~ No <br />Budget Amendment Attached and Reviewed by Budget Officer: D Yes D No <br /> <br />County Manager's Recommendations/Comments: <br /> <br />Approval is recommended, <br /> <br />Manager's Signature <br /> <br /> <br />Action Taken: <br />Approved [] <br />Denied [ ] <br /> <br />Deferred [] <br />Other [ ] <br /> <br />(2;-2 <br />