BC 2015 11 16 Regular Meeting - Laserfiche WebLink

Home Browse Search

November 16, 2015 (Regular Meeting) Page 2587 measurements. Fees are composed of a quantitative portion relating to Gross Dperating revenue and a qualitative portion relating to more subjective performance measures. The fee for the Arena operations is $46.684 and the fee for the flood and Beveraae is $71.122. Account Number Account Name Approved Budget Inc Amount Dec Amount Revised Budget 42098310 -9404 Performance Incentives $0.00 $46,684.00 $46,684.00 42098310- 9404 -FSVC Performance Inc -F &B $0.00 $71,122.00 $71,122.00 42068310 -6901 Fund Balance - Approp $50,000.00 $117,806.00 $167,806.00 (F -6) Tax Administration - Refund and Release Report - October 2015 Release report contains taxpayers` names, bill numbers, valuations, tax amounts, along with the justifications for releasing the valuation /tax amounts for outstanding levies in accordance with N.C.G.S. 105 -381. Refund report is a summary sheet which lists data from each refund request form, along with the justification for the refunds to the taxpayers in accordance with N.C.G.S. 105 -381. Note: Due to the transition of motor vehicles onto the new North Carolina vehicle Tax System (NCVTS), motor vehicle - related refunds and releases will begin to be displayed on the new report generated by NCVTS. UPON MOTION of Commissioner Honeycutt, seconded by Commissioner Mynatt and unanimously carried, the Board approved the October 2015 Refund -- Release report, along with the NCVTS Refund report, as submitted and granted authority to the Tax Collector to process the refunds and releases. The report is hereby incorporated into the minutes by reference and is on file with the Clerk to the Board. (G) NEW BUSINESS (G -1) EDC - Economic Development Grant Request - Public Hearing 6 :30 P.M. Patrick Coughlin, President and CEO, Cabarrus EDC (Economic Development Corporation), presented a request for an economic development cash grant in the amount of $930,240.00 for Beacon Partners (River Oaks - River Oaks Corporate Center), pursuant to North Carolina General Statute 158 -7.1 to provide public infrastructure within the River Oaks Corporate Center to include: a public roadway, utility extensions, and a traffic signal at the intersection of the new roadway and Derita Road. He displayed renderings of the proposed project and reviewed the following project description: Phase I - construct of two buildings, pre -grade one additional site, and installation of significant infrastructure in the Park including private connector roads, storm water management ponds, and private utilities. Phase I real property investment: $25,000,000.00. Phase I completed by September 30, 2016. Phase II - construct at .Least two of the remaining three buildings planned for the Park. Phase II real property investment: $28,000,000.00. Phase II completed by December 31, 2018. Total Investment: $53,000,000.00 Beacon is requesting that the Cabarrus County Board of Commissioners approve and provide upfront funding for public infrastructure within the Park totaling $930,240.00. Beacon's development plan will repay the County by the end of 2020 through increased property taxes paid. In the event that the minimum capital investment of $53,000,000.00 of new real property investments are not made in accordance with the timelines and dates, Beacon agrees to reimburse Cabarrus County by the end of 2020 for any outstanding balance. The infrastructure funding will include: • +/- 1,070 linear feet of public roadway at a projected cost of $419,298.00 • Public utilities and tie -ins at a projected cost of $310,942.00 4 -way stoplight at the intersection of Derita Road and the new public road serving the Park at a cost of $200,000.00 Project Current Phase 1 and 2 Repayment Cabarrus County Economic Development Grant Analysis