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Meeting Date <br /> <br /> CABARRUS COUNTY <br />BOARD OF COMMISSIONERS <br />AGENDA ITEM REQUEST <br /> <br />1 O/2O/03 <br /> <br />Agenda Item # <br /> <br />SUBJECT: <br />Industrial Incentive Grants - Public Hearing - 6:30 p.m. <br />a. Philip Morris USA <br />b. Chip Ganassi Racing with Felix Sabates <br /> <br />BRIEF SUMMARY: <br />Pursuant to the guidelines of the Industrial Development Grant Program adopted in June <br />1999, Philip Morris USA and Chip Ganassi Racing with Felix Sabates have requested <br />incentive grants. Philip Morris plans to purchase $124,552,000 of new manufacturing <br />equipment to be located in either their Richmond plant or the facility in Concord. Chip <br />Ganassi Racing with Felix Sabates is considering the option of relocating their race team <br />from Iredell County to Concord with an estimated investment of $15,500,000. The <br />Economic Development Board has recommended approval of the requests. <br /> <br />REQUESTED ACTION: (Suggested motion if the Board approves the agenda item as presented) <br /> <br />Conduct public hearing to consider the industrial development incentive grants; Approve <br />the incentive grants for Philip Morris USA and Chip Ganassi Racing with Felix Sabates, <br />subject to the negotiation and execution of definitive agreements as outlined in the <br />Industrial Development Grant Program. <br /> <br /> Attachments ~-I Yes I--1 No Expected Length of Presentation <br /> <br />Submitted By: Maurice Ewing, Cabarrus Econ. Development Date: 10/7/03 <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 />Approval of the incentive grants is recommended. <br /> <br />Action Taken: <br />Approved [ ] Deferred [ ] <br />Denied [] Other [] <br /> <br /> <br />