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February 20, 2017 (Regular Meeting) Page 3038
<br /> A brief discussion ensued. During discussion, Ms. Nixon responded to
<br /> questions from the Board. Veronica McGray, Corning, Plant Manager, was also in
<br /> attendance.
<br /> Cabarrus County Economic Development Grant Analysis - Project Pinecone
<br /> Year 1 Year 2 Year 3 Year 4 Year 5
<br /> Total Assessed Value $109,000,000.00 $109,000,000.00 $109,000,000.00 $109,000,000.00 $109,000,000.00
<br /> County Taxes at .70 $763,000.00 $763,000.00 $763,000.00 $763,000.00 $763,000.00
<br /> Grant @ 85% $648,550.00 $648,550.00 $648,550.00 $648,550.00 $648,550.00
<br /> Net Taxes to County $114,450.00 $114,450.00 $114,450.00 $114,450.00 $114,450.00
<br /> 5 Year Taxes $3,815,000.00
<br /> 5 Year Grant $3,242,750.00
<br /> 5 Year Net
<br /> Revenue 572,250.00
<br /> Chairman Morris opened the public hearing at 6:57 p.m. The public hearing
<br /> notice was posted on the County' s website (www.cabarrus county.us) on February
<br /> 9, 2017 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 investment
<br /> agreement (5 years, 85 percent) between Project Pinecone (Corning) and Cabarrus
<br /> County, and authorized the County Manager to execute the Agreement on behalf of
<br /> the Board, subject to review or revision by the County Attorney.
<br /> (G-3) Communications and Outreach - Branding RFP Recommendation
<br /> Note: This item was tabled.
<br /> (G-4) Infrastructure and Asset Management - Transfer of Funds for Property
<br /> Acquisition for the Downtown Parking Deck $260,000.00
<br /> Susan Fearrington, Finance Director, requested approval of funds in the
<br /> amount of $260, 000. 00 for the downtown parking deck project from the Capital
<br /> Reserve Fund to the Capital Projects Fund to complete the closing on the purchase
<br /> of land.
<br /> UPON MOTION of Commissioner Shue, seconded by Commissioner Kiger and
<br /> unanimously carried, the Board approved the $260, 000.00 transfer of funds from
<br /> the Capital Reserve Fund to the Limited Obligation 2017 Capital Projects Fund
<br /> for the Downtown Parking Deck property purchase and authorized the Finance
<br /> Director to prepare the appropriate budget revision and Capital Project
<br /> Ordinances.
<br /> Date: 2/20/2017 Amount: $260,000
<br /> Dept. Head: Susan Fearrington (prepared by staff) Department: 369 Limited Obligation Bonds 2017
<br /> 0 Internal Transfer Within Department 0 Transfer Between Departments/Funds © Supplemental Request
<br /> Purpose: 450 Capital Reserve Funding of $260,000 land for the Parking Deck Project.
<br /> Account Account Approved Inc Dec Revised
<br /> Number Name Budget Amount Amount Budget
<br /> 45097220-9708 Cont'b to Capt Proj Fd $50,857,978.10 $260,000.00 $51,117,978.10
<br /> 45097220-9821 Building & Reno $14,127,489.20 $260,000.00 $13,867,489.20
<br /> 36961110-6921-DECK Cont'b from CRF $0.00 $260,000.00 $260,000.00
<br /> 36991110-9801-DECK ILand Acquisition DECK 1 $0.001 $260,000.001 $260,000.00
<br /> Ordinance No. 2017-07
<br /> CABARRUS COUNTY
<br /> LIMITED OBLIGATION BONDS 2017 PROJECT
<br /> BUDGET ORDINANCE
<br /> BE IT ORDAINED by the Board of Commissioners of Cabarrus County, North
<br /> Carolina that, Pursuant to Section 13.2 of Chapter 159 of the General Statutes
<br /> of North Carolina, the following capital project ordinance is hereby adopted:
<br /> Section I.
<br /> A. The project authorized is for the construction of a Parking Deck.
<br /> Details of the project are listed in section C. of this Project
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