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Meeting Date 5/17/04 <br /> <br /> CABARRUS COUNTY <br />BOARD OF COMMISSIONERS <br />AGENDA ITEM REQUEST <br /> <br />Agenda Item # <br /> <br />SUBJECT: <br />Industrial Incentive Grant - Praide Packaging, Inc. - Public Headng - 6:30 p.m. <br /> <br />BRIEF SUMMARY: <br />On 1/26/04 the Board held a public headng and approved an industrial incentive grant for <br />Praide Packaging, Inc.(PPI) based on an anticipated investment of $25 million. Since that <br />time, PPI has revised its plans and now proposes a project with an anticipated investment <br />totaling $59.5 million. The project is to occur in five proposed plant construction and <br />expansion phases with incentives requested over a period of ten years. The Board <br />tentatively approved the proposed incentives at its meeting on March 15, 2004, with <br />additional information to be provided and a second public hearing held. <br /> <br />REQUESTED ACTION: (Suggested motion if the Board approves the agenda item as presented) <br />Conduct public hearing to consider the proposed incentive grant for Praide Packaging. <br />Approve the incentive grant subject to the negotiation and execution of a definitive <br />agreement between Cabarrus County and Praide Packaging, with authorization granted to <br />County Manager John Day and County Attorney Marilyn Porter to conclude the <br />negotiations. <br /> <br />Attachments [] Yes [] No Expected Length of Presentation 5-10 minutes <br /> <br />Submitted By: Ryan McDanlels, Cabarrus EDC Date: 5/5/04 <br /> <br />Budget AmendmentRequired: [] Yes [] No <br /> <br />Budget Amendment Attached and Reviewed by Budget Officer: <br /> <br />[] Yes [] No <br /> <br />County Manager's Recommendations/Comments: <br />Approval is recommended. <br /> <br />Manager's Signature <br /> <br />Action Taken: <br />Approved [ ] Deferred [ ] <br />Denied [] Other [] <br /> <br /> <br />