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CABARRUS COUNTY BOARD OF COMMISSIONERS AGENDA ITEM REQUEST Meeting Date 12/15/03 Agenda Item # SUBJECT: Industrial Incentive Grant Program Revision BRIEF SUMMARY: The proposed revision would add flexibility to use the incentives in situations where a business or industry is leasing a facility. The incentives would be available to the building owner or lessee where the subject business or industry is leasing for at least five years and is locating its corporate offices at the leased facility. The building owner and lessee would be subject to all other provisions of the program. Additional changes are recommended to make the County program consistent with the City of Concord's. The attached memorandum explains these changes. REQUESTED ACTION: (Suggested motion ff the Board approves the agenda item as presented) Consider approval of the proposed changes. Attachments IX-I Yes [] No Expected Length of Presentation 5 minutes Submitted By: Jonathan B. Marshall, Commerce Dept. Dir. Date: 12/3/03 Budget Amendment Required: [] Yes [] No Budget Amendment Attached and Reviewed by Budget Officer: [] Yes [] No County Manager's Recommendations/Comments: The point of this amendment is to provide an incentive for developers to recruit corporate headquarters to Cabarrus County and construct quality office buildings. These grants for leased facilities would only be transferable in cases where the tenant buys the building in the first 5 years. If the tenant moves within 5 years, the grant would terminate. Action Taken: Approved [ ] Deferred [ ] Denied [] Other [] The investment threshold for grants is lowered to encourage small business development and grant amounts are adjusted. Approval is recommended. Manager's Signature ~(~~~