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10/06/2003 <br /> <br />81:58 <br /> <br />7047844G03 <br /> <br />'i <br /> <br />CABARRUS <br /> <br />ECON DVLPMT <br /> <br />PAGE <br /> <br />81/81 <br /> <br />MEMORANDUM <br /> <br />DATE: <br /> <br />October 6, 2003 <br /> <br />TO: <br /> <br />Board of County Commissloner~ <br /> <br />FROM: Maudce D. Ewing, CEeI:) <br /> President/CEO <br /> Cabsrrus Economic Development <br /> <br />SUBJE. CT:__ Philip .Morris .... <br /> <br />The Philip Morris Company has decided to purchase $124,552,000 of new <br />manufacturing equipment to be located in alther their Richmond, VA plant or at <br />their facility here in Cabarrua County. The purpose of the equipment ia to help <br />keep Philip Morris a iow cott leader in the production of tobacco products and to <br />assure the future of their commitment to manufacturing Jobs at the plant that ie <br />awarded the equipment. <br /> <br />We understand that the city of Richmond and the state of Virginia have made <br />aggressive propoaals to the company in hopes that the new equipment would be <br />Io~;ated at the Vi.rginla facility. <br /> <br />The atata of North Carolina is fl..nalizing their Incentive pack=ge, and Duka Power <br />ia completing work on an incentive package to encourage the Installation of the <br />equipment at the Cabarrtm facility. <br /> <br />The Economic Development board has reviewed the project and determined that <br />t..hla request meets the Industrial grant guidelines as eetebli h <br /> . . s ed by the Board of <br />uommmas,onere, and recommends to the Board that they approve the inducement <br />request as outlined in the attached draft agreemenL <br /> <br />Tha City of Commrd has already approved a City of Concord Industrial Grant. <br /> <br /> <br />