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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 # ~--E <br /> <br />SUBJECT: <br />Industrial Incentive Grant for Hendrick Motorsports. <br /> <br />BRIEF SUMMARY: <br />Hendrick Motorsports requests an incentive grant to assist in its continued expansion. <br />Plans call for spending $11 million for improvements to real property and $$00,000 to $2 <br />million on business personal property. Eight to 10 new employees will be hired with an <br />average salary of $50,000. The project includes moving the headquarters for Henddck <br />Companies from Charlotte to Cabarrus County. <br /> <br />Henddck Motorsports currently employs about 400 people. <br /> <br />REQUESTED ACTION: (Suggested motion ~ the Board approves the agenda item as presented) <br /> <br />Consider endorsing the grant and schedule a public headng on it for Monday, May 31 at <br />5:00 PM, or as soon thereafter as people may be heard. <br /> <br />Attachments [] Yes [] No Expected Length of Presentation $ minutes <br /> <br />Submitted By: Ryan McDanlels, Cabarrus EDC Date: 5/10104 <br /> <br />Budget Amendment Required: [] Yes [] No <br /> <br />Budget Amendment Attached and Reviewed by Budget Officec <br /> <br />[] Yes [] No <br /> <br />County Manager's Recommendations/Comments: <br /> <br />Approval of the grant pending a public headng on May 31 is recommended. Hendrick <br />Motorsports is an excellent corporate citizen that we are proud to have in our community. <br /> <br />Manager's Signature <br /> <br />Action Taken: <br />Approved [ ] Deferred [ ] <br />Denied [] Omer [] <br /> <br /> <br />