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November 21, 2016 (Regular Meeting) Page 296I
<br /> Note: The motion approving the property purchases was made later in the
<br /> meeting.
<br /> (G-2) Economic Development Investment - Project ISE - Public Hearing 6:30 P.M.
<br /> Robert Carney, Jr. , Cabarrus Economic Development Corporation (EDC) ,
<br /> Executive Director, announced two projects are being presented for the Boards'
<br /> consideration tonight. He stated one is a potential relocation of a regional
<br /> headquarters operation and the other request is an adjustment to an existing
<br /> project.
<br /> Leann Nixon, Cabarrus Economic Development Corporation (EDC) , Existing
<br /> Industry Project Manager, reported ISE Enterprises, Inc. (formerly ECS, Project
<br /> Hornet) has changed the location of the facility and increased their investment
<br /> amount since approval of the original grant approved by the Board on July 16,
<br /> 2016. Since that time, she stated, the company has realized the need for a
<br /> larger building. She requested the Board consider increasing the grant based
<br /> on ISE' s larger investment. She advised ISE has changed the location from 840
<br /> Biscayne Drive to 5885 Davidson Highway; the investment amount has increased
<br /> from $2, 750, 000 to $3 million; the square footage has increased from 30, 000 to
<br /> 45, 000; and the job count of 20 remains the same. She requested approval for
<br /> a three-year investment equivalent to 85 percent of the ad valorem taxes on the
<br /> increase in real and personal property tax values. She also responded to
<br /> questions from the Board.
<br /> Cabarrus County Economic Development Grant Analysis - Project Hornet
<br /> Year 1 Year 2 Year 3 Year 4
<br /> Total Assessed Value $2,750,000.00 $2,750,000.00 $2,750,000.00 $2,750,000.00
<br /> County Taxes at .70 $19,250.00 $19,250.00 $19,250.00 $19,250.00
<br /> Grant @ 85% $16,362.50 $16,362.50 $16,362.50
<br /> Net Taxes to County $2,887.50 $2,887.50 $2,887.50 $19,250.00
<br /> 3 Year Taxes $57,750.00
<br /> 3 Year Grant $49,087.50
<br /> 3 Year Net
<br /> Revenue $8,662.50
<br /> Revised
<br /> Year 1 Year 2 Year 3 Year 4
<br /> Total Assessed Value $3,000,000.00 $3,000,000.00 $3,000,000.00 $3,000,000.00
<br /> County Taxes at .70 $21,000.00 $21,000.00 $21,000.00 $21,000.00
<br /> Grant @ 85% $17,850.00 $17,850.00 $17,850.00
<br /> Net Taxes to County $3,150.00 $3,150.00 $3,150.00 21,000.00
<br /> 3 Year Taxes $63,000.00
<br /> 3 Year Grant $53,550.00
<br /> 3 Year Net
<br /> Revenue $9,450.00
<br /> Chairman Morris opened the public hearing at 7:27 p.m. The Public Hearing
<br /> Notice was posted on the County's website (www.cabarrus county.us) on November
<br /> 10, 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 investment
<br /> agreement (3 years, 85 percent) between ISE and Cabarrus County, and to
<br /> authorize the County Manager to execute the Agreement on behalf of the Board,
<br /> subject to review or revision by the County Attorney. Vice Chairman Honeycutt
<br /> seconded the motion.
<br /> Following a brief discussion, the MOTION unanimously carried.
<br /> (G-1) County Manager - Purchase of Additional Land for Wallace Park - Public
<br /> Hearing 6:30 p.m. (Continued)
<br /> Chairman Morris announced a motion was not made earlier to approve the
<br /> property purchases as needed.
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