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JanuaryS, 1998 <br /> <br />I CABARRUS COUNTYI <br /> NOalH C,~ROLINA <br /> <br />MEMORANDUM <br /> <br />TO: Board of Commissioners <br /> <br />S&D Coffee, Inc. <br />Industrial Incentive Grant Agreement <br />(Implementation Date) <br /> <br />Per the attached request from S&D Coffee, and in review of the agreement dated July 21,997, it is <br />suggested that the request be approved. Based upon the assessed value of January 1, 1996 of <br />$8,017,490 and the assessed valuation of January 1, 1997, the project covered in the S&D Grant <br />application had not been completed. <br /> <br />It is estimated that the project will produce assessed valuation in excess of $13,000,000 on January <br />1, 1998. It would be appropriate for the County to allow the delay of the implementation of the grant <br />until after the January 1, 1998 valuation is in effect (next tax year). <br /> <br />With County Commission approval, the implementation date will begin with next year's tax valuation. <br />(Note: Effectively the value of S&D improvements had not yet met the $5,000,000 level to qualify <br />during 1997; therefore, your action to approve this request is consistent with the grant guidelines and <br />recognizes that large project construction periods can extend over multiple tax years.) <br /> <br />Yourapprovalisrequested. <br /> <br />Respectfully, <br /> <br />FWC/sb <br />Attachments <br />cc: S & D Coffee <br /> Fletcher Hartsell <br /> Leonard Sossamon <br /> Terry Rowland <br /> <br /> Office of the County Manager <br /> <br />P, O. Box 707 · Concord, NC 28026-0707 · (704) 788-8100 · Char!otte 375-0829 <br /> <br /> <br />