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May 16, 2016 (Regular Meeting)
<br />Page 2735
<br />Cabarrus Countv Economic Development Grant Analvsis - Project Earhart
<br />Chairman Morris
<br />Notice was posted on
<br />2016 in accordance
<br />Electronic Means to
<br />Ordinances.
<br />opened the public hearing at 6:59 p.m. The Public Hearing
<br />the County's website ( www. cabarrus county. us ) on May 4,
<br />with Article 2, Administration, Section 2.1 (Use of
<br />Provide Public Notices) of the Cabarrus County Code of
<br />There was no one present to address the Board; therefore, Chairman Morris
<br />closed the public hearing.
<br />Commissioner Shue MOVED to approve an Economic Development Grant (3 years,
<br />85 percent) between Project Earhart and Cabarrus County, and to authorize the
<br />County Manager to execute the Agreement on behalf of the Board, subject to
<br />review or revision by the County Attorney. Commissioner Mynatt seconded the
<br />motion.
<br />Chairman Morris expressed support for the Grant, stating this is an
<br />excellent example of helping existing businesses.
<br />Following a brief discussion, the MOTION unanimously carried.
<br />(G -2) EDC - Economic Development Grant Request for Project Milo - Public
<br />Hearing 6:30 P.M.
<br />Samantha Grass, Project Manager, Cabarrus Economic Development
<br />Corporation (EDC), presented an Economic Development Grant Request for Project
<br />Milo (4540 Fortune Ave LLC) . She stated 4540 Fortune Ave LLC proposes to
<br />construct a 75,000 square foot, one story, spec Class A office building on lots
<br />7 and 8 Phase II at the International Business Park at Concord. She further
<br />stated, the estimated investment for the building shell and tenant improvements
<br />is $8.1 million. She requested a three -year grant equivalent to 85 percent of
<br />the ad valorem taxes on the increase in real and personal property tax values.
<br />She also responded to questions from the Board.
<br />Cabarrus Countv Economic Development Grant Analvsis - Project Milo
<br />Year 1
<br />Year 2
<br />Year 3
<br />Total Assessed Value
<br />$2,500,000.00
<br />$2,500,000.00
<br />$2,500,000.00
<br />County Taxes at .70
<br />$17,500.00
<br />$17
<br />$17,500.00
<br />Grant @ 85%
<br />$14,875.00
<br />$14,875.00
<br />$14,875.00
<br />Net Taxes to County
<br />$2,625.00
<br />$2,625.00
<br />$2,625.00
<br />3 Year Taxes
<br />$52,500.00
<br />3 Year Grant
<br />$44,625.00
<br />3 Year Net Revenue
<br />$7,875.00
<br />Chairman Morris
<br />Notice was posted on
<br />2016 in accordance
<br />Electronic Means to
<br />Ordinances.
<br />opened the public hearing at 6:59 p.m. The Public Hearing
<br />the County's website ( www. cabarrus county. us ) on May 4,
<br />with Article 2, Administration, Section 2.1 (Use of
<br />Provide Public Notices) of the Cabarrus County Code of
<br />There was no one present to address the Board; therefore, Chairman Morris
<br />closed the public hearing.
<br />Commissioner Shue MOVED to approve an Economic Development Grant (3 years,
<br />85 percent) between Project Earhart and Cabarrus County, and to authorize the
<br />County Manager to execute the Agreement on behalf of the Board, subject to
<br />review or revision by the County Attorney. Commissioner Mynatt seconded the
<br />motion.
<br />Chairman Morris expressed support for the Grant, stating this is an
<br />excellent example of helping existing businesses.
<br />Following a brief discussion, the MOTION unanimously carried.
<br />(G -2) EDC - Economic Development Grant Request for Project Milo - Public
<br />Hearing 6:30 P.M.
<br />Samantha Grass, Project Manager, Cabarrus Economic Development
<br />Corporation (EDC), presented an Economic Development Grant Request for Project
<br />Milo (4540 Fortune Ave LLC) . She stated 4540 Fortune Ave LLC proposes to
<br />construct a 75,000 square foot, one story, spec Class A office building on lots
<br />7 and 8 Phase II at the International Business Park at Concord. She further
<br />stated, the estimated investment for the building shell and tenant improvements
<br />is $8.1 million. She requested a three -year grant equivalent to 85 percent of
<br />the ad valorem taxes on the increase in real and personal property tax values.
<br />She also responded to questions from the Board.
<br />Cabarrus Countv Economic Development Grant Analvsis - Project Milo
<br />Chairman Morris opened the public hearing at 7:03 p.m. The Public Hearing
<br />Notice was posted on the County's website ( www.cabarrus county. us ) on May 4,
<br />2016 in accordance with Article 2, Administration, Section 2.1 (Use of
<br />Electronic Means to Provide Public Notices) of the Cabarrus County Code of
<br />Ordinances.
<br />There was no one present to address the Board; therefore, Chairman Morris
<br />closed the public hearing.
<br />UPON MOTION of Vice Chairman Honeycutt, seconded by Commissioner Shue and
<br />unanimously carried, the Board approved an Economic Development Grant (3 years,
<br />85 percent) between Project Milo and Cabarrus County, and authorized the County
<br />Manager to execute the Agreement on behalf of the Board, subject to review or
<br />revision by the County Attorney.
<br />(G -3) EDC - Economic Development Grant Request for Project Print - Public
<br />Hearing 6:30 P.M.
<br />Year 1
<br />Year 2
<br />Year 3
<br />Total Assessed Value
<br />$8,100,000.00
<br />$8,100,000.00
<br />$8,100,000.00
<br />County Taxes at .70
<br />$56, ?00.00
<br />$56,700.00
<br />$56,700.00
<br />Grant @ 85%
<br />$48,195.00
<br />$48,195.00
<br />$48,195.00
<br />Net Taxes to County
<br />$8,505.00
<br />$8,505.00
<br />$8,505.00
<br />3 Year Taxes
<br />$170,100.00
<br />3 Year Grant
<br />$144,585.00
<br />3 Year Net Revenue
<br />$25,515.00
<br />Chairman Morris opened the public hearing at 7:03 p.m. The Public Hearing
<br />Notice was posted on the County's website ( www.cabarrus county. us ) on May 4,
<br />2016 in accordance with Article 2, Administration, Section 2.1 (Use of
<br />Electronic Means to Provide Public Notices) of the Cabarrus County Code of
<br />Ordinances.
<br />There was no one present to address the Board; therefore, Chairman Morris
<br />closed the public hearing.
<br />UPON MOTION of Vice Chairman Honeycutt, seconded by Commissioner Shue and
<br />unanimously carried, the Board approved an Economic Development Grant (3 years,
<br />85 percent) between Project Milo and Cabarrus County, and authorized the County
<br />Manager to execute the Agreement on behalf of the Board, subject to review or
<br />revision by the County Attorney.
<br />(G -3) EDC - Economic Development Grant Request for Project Print - Public
<br />Hearing 6:30 P.M.
<br />
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