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CABARRUS COUNTY <br />BOARD OF COMMISSIONERS <br />AGENDA ITEM REQUEST <br /> <br />Meeting Date 5/31/04 <br /> <br />Agenda Item # <br /> <br />SUBJECT: <br />Industrial Incentive Grant for Oiles America - Public Hearing - 5:00 p.m. <br /> <br />BRIEF SUMMARY: <br />Pursuant to the Industrial Development Grant Program guidelines effective January 1, <br />2004, Oiles America, a Michigan based manufacturer, has requested an incentive grant to <br />assist in its expansion. The company,is considering a 32,120 square foot addition to its <br />existing facility in the International Business Park in Concord. The new addition will house <br />20 new employees, bringing the Concord facility's employment to 100. The estimated <br />investment of the project is $2,750,000 of real estate with equipment valued at $3,150,000. <br />Oiles America is also considering Michigan for this expansion. <br /> <br />REQUESTED ACTION: (Suggested motion if the Board approves the agenda item as presented) <br /> <br />Conduct public hearing to consider the incentive grant. Approve the incentive grant subject <br />to the negotiation and execution of a definitive agreement between Cabarrus County and <br />Oiles America as outlined in the Industrial Development Grant Program, with authorization <br />granted to the County Manager and County Attorney to conclude the negotiations. <br /> <br />Attachments ~] Yes [] No Expected Length of Presentation 5 minutes <br /> <br />Submitted By: Ryan McDaniels, Cabarrus EDC Date: 5/26/04 <br /> <br />Budget Amendment Required: I---] Yes [] No <br /> <br />Budget Amendment Attached and Reviewed by Budget Officer: <br /> <br />Yes <br /> <br />[] No <br /> <br />County Manager's Recommendations/Comments: <br /> <br />Manager's Signature <br /> <br />Action Taken: <br />Approved [ ] Deferred [ ] <br />Denied [ ] Other [ ] <br /> <br /> <br />