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September 8, 1997 <br /> <br />I CABAF~RUS COUNTY] <br /> NO~II~ CAf]OtlNA <br /> <br />MEMORANDUM <br /> <br />TO: Board of Commissioners <br /> <br />FROM: Frank W. Clifton, Jr., County Manag <br /> <br />RE: Concord Mills Incentive Grant Agreement <br /> <br />Attached please find a copy of the proposed incentive grant agreement between Concord Mills, the <br />City of Concord and Cabarrus County. At the September 15 meeting of the Board of County <br />Commissioners, a public heating is scheduled to be held; and afterwards, the Board is requested to <br />approve the agreement. The City should have approved the agreement on September 11. <br /> <br />The only difference between the terms of this agreement (for the County) and the Memorandum of <br />Understanding (MOU) approved by the Board of Commissioners on luly 30 is the allowance for a <br />timely expansion of the project and extension of the original grant terms to that expansion (see <br />Section 4: Future Expansion, page 11). The expansion would have to be "at least" 250,000 SF GLA <br />and occur within the initial five-year period of the first grant. Only the additional 250,000 SF GLA <br />would qualify for a new five-year grant at the 75% grant level. <br /> <br />Due to the magnitude of the project, it is felt that the extension of the 75% grant level to the added <br />space is reasonable and may serve as an incentive to encourage the addition. <br /> <br />Your approval of the proposed incentive grant agreement after the scheduled public hearing is both <br />recommended and encouraged. <br /> <br />FWC/sb <br /> <br />Attachment <br /> <br />CC: <br /> <br />Blair Bennett <br />Fletcher Hartsell <br /> <br /> Office of the County Manager <br /> <br />P. O. Box 707 · Concord, NC 28026-0707 · (704) 788-8100 * Charlotte 375-0829 <br /> 3 <br /> <br /> <br />