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Meeting Date 5/31/04 <br /> <br /> CABARRUS COUNTY <br />BOARD OF COMMISSIONERS <br />AGENDA ITEM REQUEST <br /> <br />Agenda Item # <br /> <br />SUBJECT: <br />Industrial Incentive Grant for Hendrick Motorsports - Public Hearing - 5:00 p.m. <br /> <br />BRIEF SUMMARY: <br />Pursuant to the Industrial Development Grant Program guidelines effective January 1, <br />2004, Hendrick Motorsports requests an incentive grant to assist in its continued <br />expansion. Plans call for spending $11 million for improvements to real property and <br />$800,000 to $2 million on business personal property. Eight to 10 new employees will be <br />hired with an average salary of $50,000. The project includes moving the headquarters for <br />Hendrick Companies from Charlotte to Cabarrus County. Hendrick Motorsports currently <br />employs~about 400 people. <br /> <br />REQUESTED ACTION: (Suggested motion if the Board approves the agenda item as presented) <br /> <br />Conduct public hearing to consider the proposed incentive grant. Approve the incentive <br />grant subject to the negotiation and execution of a definitive agreement between Cabarrus <br />County and Hendrick Motorsports as outlined in the Industrial Development Grant <br />Program, with authorization granted to the County Manager and County Attorney to <br />conclude the negotiations. <br /> <br />Attachments [~ Yes I--1 No Expected Length of Presentation 5 minutes <br /> <br />Submitted By: Ryan McDaniels, Cabarrus EDC Date: 5/25/04 <br /> <br />Budget Amendment Required: [] Yes J~l No <br /> <br />Budget Amendment Attached and Reviewed by Budget Officer: <br /> <br />Yes i--I No <br /> <br />County Manager's Recommendations/Comments: <br /> <br />Action Taken: <br />Approved [ ] Deferred [ ] <br />Denied [ ] Other [ ] <br /> <br />Manager's Signature <br /> <br /> <br />