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October 16, 2017 (Regular Meeting) Page 3328
<br /> incorporated into the minutes by reference and is on file with the Clerk to the
<br /> Board.
<br /> (G) NEW BUSINESS
<br /> (G-1) Economic Development Investment - Project Secure - Public Hearing 6:30
<br /> p.m.
<br /> LeeAnn Nixon, Cabarrus Economic Development Corporation (EDC) , Existing
<br /> Industry Project Manager presented a request for an economic development
<br /> investment for Project Secure/ Intert ape Polymer Group (IPG) , located at 13722
<br /> Bill McGee Road in Midland, pursuant to North Carolina General Statute 158.7.1.
<br /> IPG proposes a projected taxable investment in Cabarrus County of approximately
<br /> $13.5 million in personal property that would allow them to expand their
<br /> capacity and create an opportunity for 10 new job positions. A three-year grant
<br /> equivalent to 85 percent of the ad valorem taxes on the increase in personal
<br /> property tax values is requested. A public hearing is required.
<br /> Cabarrus County Economic Development Grant Analysis - Project Secure
<br /> Year 1 Year 2 Year 3
<br /> Total Assessed Value $13,500,000.00 $13,500,000.00 $13,500,000.00
<br /> County Taxes at .70 $94,500.00 $94,500.00 $94,500.00
<br /> Grant @ 85% $80,325.00 $80,325.00 $80,325.00
<br /> Net Taxes to County $14,175.00 $14,175.00 $14,175.00
<br /> 3 Year Taxes $283,500.00
<br /> 3 Year Grant $240,975.00
<br /> 3 Year Net Revenue 42,525.00
<br /> Chairman Morris opened the public hearing at 7:22 p.m. The public hearing
<br /> notice was posted on the County's website (www.cabarruscounty.us) on October 3,
<br /> 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 by Commissioner Shue, seconded by Vice Chairman Honeycutt and
<br /> unanimously carried, the Board approved an economic development investment
<br /> agreement (three years, 85 percent) between Project Secure and Cabarrus County,
<br /> and authorized the County Manager to execute the agreement on behalf of the
<br /> Board, subject to review or revision by the County Attorney.
<br /> (G-2) Economic Development Investment - SL 1000 Derita Road LLC (The Silverman
<br /> Group - Public Hearing 6:30 p.m.
<br /> Samantha Grass, Cabarrus Economic Development Corporation (EDC) ,
<br /> Recruitment Project Manager requested an economic development investment for SL
<br /> 1000 Derita Road LLC (The Silverman Group) for Concord Airport Business Park
<br /> Phase 3, pursuant to North Carolina General Statute 158.7. 1. This project
<br /> consists of three components: a) modification of an existing grant agreement to
<br /> increase the size of Building 1 to over 500, 000 square feet; b) construction of
<br /> a 252, 646 square foot spec building (Building 2) ; and c) construction of a
<br /> 451, 074 square foot spec building (Building 4) . The total net investment is
<br /> projected to be approximately $18 million, after adjustment to the cost of
<br /> Building 1, from the original projected investment. It is anticipated that the
<br /> project will create new construction-related jobs. A three-year grant equivalent
<br /> to 85 percent of the ad valorem taxes on the increase in real property tax
<br /> values is requested. A public hearing is required.
<br /> Silverman Group CABP Phase 3 - Building 1 (Modification)
<br /> Cabarrus County Economic Development Grant Analysis
<br /> Year 1 Year 2 Year 3
<br /> Total Assessed Value $13, 000, 000.00 $13,000,000.00 $13, 000,000.00
<br /> County Taxes at .70 $91,000.00 $91,000.00 $91,000.00
<br /> Grant @ 85% $77,350.00 $77,350.00 $77,350.00
<br /> Net Taxes to County $13,650.00 $13,650.00 $13,650.00
<br /> 3 Year Taxes $273,000.00
<br /> 3 Year Grant $232,050.00
<br /> 3 Year Net Revenue $40,950.00
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