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Tune 20, 2016 (Regular Meeting)
<br />No further action was required of the Board.
<br />Page 2803
<br />(G -4) EDC - Economic Development Grant Request for Project Blue - 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 />Blue (Yokohama Corporation of North America [YCNA]). She stated YCNA is
<br />considering the lease of a 21,443 square feet of space at 4715 Corporate Drive
<br />located in the International Business Park in Concord. YCNA estimates an
<br />investment of $5,867,500.00 - $7,567,500.00 with 56 new full -time jobs at an
<br />average wage of $80,500.00. This includes 15 current employees that will be
<br />transferred to the project location from a facility outside North Carolina with
<br />an additional 41 jobs to be hired. She advised YCNA's decision is contingent
<br />on City of Concord and State grants.
<br />Cabarrus Countv Economic Development Grant Analysis - Project Blue
<br />Cabarrus Countv Economic Development Grant .Analysis - Project Blue
<br />Year 1
<br />Year 2
<br />Year 3
<br />Year 4
<br />Year 5
<br />Total Assessed Value
<br />$5,867,500.00
<br />$5,867,500.00
<br />$5,667,500.00
<br />$5,867,500.00
<br />$5,867,500.00
<br />County Taxes at .70
<br />$41,072.50
<br />$41,072.50
<br />$41,072.50
<br />$41,072.50
<br />$41,072.50
<br />Grant @ 85%
<br />$34,911.63
<br />$34,911.63
<br />$34,911.63
<br />$34,911.63
<br />$34,911.63
<br />Net Taxes to County
<br />$6,150.88
<br />$6,150.88
<br />$6,150.88
<br />$6,150.88
<br />$6,150.88
<br />5 Year Taxes
<br />$205,362.50
<br />5 Year Grant
<br />$174,558.13
<br />5 Year Net
<br />Revenue
<br />$30,804.38
<br />Cabarrus Countv Economic Development Grant .Analysis - Project Blue
<br />Chairman Morris opened the public hearing at 7:2B p.m. The Public Hearing
<br />Notice was posted on the County's website ( www.cabarrus county. us ) on June 9,
<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 />Commissioner Shue MOVED to approve an Economic Development Grant (5 years,
<br />85 percent) between Project Blue 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 />exciting project for Cabarrus County with the possibility for future expansion.
<br />The MOTION unanimously carried.
<br />(G -5) CCS - Design Changes for STEAM Ma et Program at Royal Oaks Elemen to
<br />Tim Lowder, Executive Director of Operations, Cabarrus County Schools
<br />(CCS), requested funding to incorporate design changes specific to the STEAM
<br />(Science, Technology, Engineering, Arts and Mathematics) magnet program planned
<br />for Royal. Oaks Elementary School. He stated the original design was completed
<br />in October 2015, and changes to that design are needed to address specific arts
<br />needs for the program. He also responded to questions from the Board.
<br />There was a brief discussion regarding the request for funding.
<br />UPON MOTION of Commissioner Poole, seconded by Vice Chairman Honeycutt
<br />and unanimously carried, the Board approved the Cabarrus County Schools funding
<br />Year 1
<br />Year 2
<br />Year 3
<br />Year 4
<br />Year 5
<br />Total Assessed Value
<br />$7,567,500.00
<br />$7,567,500.00
<br />$7,567,500.00
<br />$7,567,500.00
<br />$7,567,500.00
<br />County Taxes at .70
<br />$52,972.50
<br />$52,972.50
<br />$52,972.50
<br />$52,972.50
<br />$52,972.50
<br />Grant @ 85%
<br />$45,026.63
<br />$45,026.63
<br />$45,026.63
<br />$45,026.63
<br />$45,026.63
<br />Net Taxes to County
<br />$7,945.88
<br />$7,945.88
<br />$7,945.88
<br />$7,945.88
<br />$7,945.88
<br />5 Year Taxes
<br />$264,862.50
<br />5 Year Grant
<br />$225,133.13
<br />Year Net
<br />5 t
<br />Revenue
<br />$39,729.38
<br />Chairman Morris opened the public hearing at 7:2B p.m. The Public Hearing
<br />Notice was posted on the County's website ( www.cabarrus county. us ) on June 9,
<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 />Commissioner Shue MOVED to approve an Economic Development Grant (5 years,
<br />85 percent) between Project Blue 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 />exciting project for Cabarrus County with the possibility for future expansion.
<br />The MOTION unanimously carried.
<br />(G -5) CCS - Design Changes for STEAM Ma et Program at Royal Oaks Elemen to
<br />Tim Lowder, Executive Director of Operations, Cabarrus County Schools
<br />(CCS), requested funding to incorporate design changes specific to the STEAM
<br />(Science, Technology, Engineering, Arts and Mathematics) magnet program planned
<br />for Royal. Oaks Elementary School. He stated the original design was completed
<br />in October 2015, and changes to that design are needed to address specific arts
<br />needs for the program. He also responded to questions from the Board.
<br />There was a brief discussion regarding the request for funding.
<br />UPON MOTION of Commissioner Poole, seconded by Vice Chairman Honeycutt
<br />and unanimously carried, the Board approved the Cabarrus County Schools funding
<br />
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