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<br />CABARRUS COUNTY <br />BOARD OF COMMISSIONERS <br />AGENDA ITEM REQUEST <br /> <br />Agenda Item # I~ - 3 <br /> <br />Meeting Date 12/19/05 <br /> <br />SUBJECT: <br />Industrial Incentive Grant for S. T. Motorsports, 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, S. T. Motorsports, Inc. has requested an incentive grant to locate its motorsports <br />business in Harrisburg. The estimated investment is $6,550,000 ($800,000 real estate; <br />$5,750,000 equipment) with 30 new full time jobs anticipated. The company is eligible for a <br />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 S. T. Motorsports, Inc., as outlined in the Industrial Development Grant <br />Program, with authorization granted to the County Manager and County Attomey 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: 1217/05 <br />Name I Job Title <br /> <br />Budget Amendment Required: D Yes ~ No <br />Budget Amendment Attached and Reviewed by Budget Officer: D Yes 0 No <br /> <br />County Manager's Recommendations/Comments: <br /> <br />Approval is recommended. <br /> <br />Manager's Signature <br /> <br /> <br />!1 <br /> <br />Action Taken: <br />Approved [] <br />Denied [ ] <br /> <br />Deferred [] <br />Other [ ] <br /> <br />f/-3 <br />