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February 15, 2016 (Regular Meeting) Page 2651 <br />request for Project Burgundy (Intertape Polymer Group [IPG]). She stated IPG <br />will not make a decision until all local and state incentives are available <br />for review. She advised one delay is that the potential State incentive <br />package is not available at this time. She also advised IPG proposes to <br />construct an 86,700 square foot manufacturing facility in Cabarrus County, <br />with a projected investment of approximately $40 million for the facility. <br />She further advised the project is expected to produce 49 full -time jobs at <br />an average wage of $53,963.00. She stated a five -year grant equivalent to 85 <br />percent of the ad valorem taxes on the increase in real and personal property <br />tax values and a sale at a discounted price of 33 acres of a landlocked tract <br />of County -owned land adjacent to the Aberdeen Western Railroad and near <br />Wallace Road near the Town of Midland is requested, pursuant to North <br />Carolina General Statute 158- 7.1(d2). Samantha Grass, Project Manager, <br />Cabarrus EDC, was also in attendance. <br />Cabarrus County Economic Development Grant Analysis - Project Burgundy <br />Map of the Proposed Site <br />- f <br />__. PROPOSEDSITE •� <br />33.28 ACRES <br />y 5 <br />9 K <br />1111 <br />On <br />Year 1 <br />Year 2 <br />Year 3 <br />Year 4 <br />Year 5 <br />Total Assessed Value <br />$40,000,000.00 <br />$40,000,000.00 <br />$40,000,000.00 <br />$40,000,000.00 <br />$40,000,000.00 <br />County Taxes at .70 <br />$280,000.00 <br />$280,000.00 <br />$280,000.00 <br />$290,000.00 <br />$280,000.00 <br />Grant @ 85% <br />$238,000.00 <br />$238,000.00 <br />$238,000.00 <br />$238,000.00 <br />$23B <br />Net Taxes to County <br />$42,000.00 <br />$42,000.00 <br />$42,000.00 <br />$42,000.00 <br />$42,000.00 <br />5 Year Taxes <br />1 $1,400,000.00 <br />5 Year Grant <br />$1,190,000.00 <br />5 Year Net Revenue <br />$210,000.00 <br />Map of the Proposed Site <br />- f <br />__. PROPOSEDSITE •� <br />33.28 ACRES <br />y 5 <br />9 K <br />1111 <br />On <br />wixr .rat <br />SP -2 <br />Chairman Morris opened the public hearing at 6:48 p.m. The Public <br />Hearing Notice was posted on the County's website ( www. cabarrus county. us ) on <br />February 4, 2016 in accordance with Article 2, Administration, Section 2.1 <br />(Use of Electronic Means to Provide Public Notices) of the Cabarrus County <br />Code of Ordinances. <br />There was no one present to address the Board; therefore, Chairman <br />Morris closed the public hearing. <br />Chairman Morris read the following statement into the record: <br />Findings <br />Regarding Conveyance of Cabarrus County Real Property <br />Pursuant to North Carolina General Statute 5158- 7.l(d) <br />1. In addition to an economic development grant equivalent to 850 of the <br />taxes generated on the increase in assessed value due to new real and <br />\ \_ <br />\ <br />Z <br />7 <br />m` <br />m <br />it <br />U 4 <br />p <br />0 <br />EL <br />4 <br />wixr .rat <br />SP -2 <br />Chairman Morris opened the public hearing at 6:48 p.m. The Public <br />Hearing Notice was posted on the County's website ( www. cabarrus county. us ) on <br />February 4, 2016 in accordance with Article 2, Administration, Section 2.1 <br />(Use of Electronic Means to Provide Public Notices) of the Cabarrus County <br />Code of Ordinances. <br />There was no one present to address the Board; therefore, Chairman <br />Morris closed the public hearing. <br />Chairman Morris read the following statement into the record: <br />Findings <br />Regarding Conveyance of Cabarrus County Real Property <br />Pursuant to North Carolina General Statute 5158- 7.l(d) <br />1. In addition to an economic development grant equivalent to 850 of the <br />taxes generated on the increase in assessed value due to new real and <br />