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April 16, 2012 (Regular Meeting) WOODS AMANDA MICHELLE 2011- 609602 SITUS ERROR--- - WOODS AMANDA MICHELLE 2011 - 609602 SITUS ERROR--- - WOODS AMANDA MICHELLE 2011 - 609602 SITUS ERROR ---- WORLEY ROBERT CHRIS 2011 - 595687 PRORATION WORLEY ROBERT CHRIS 2011 - 595687 PRORATION G) NEW BUSINESS Page 1030 CI04ADVLTAX KTAGFFEEFEE C ADVLTAX C ADVLTAX C102ADVLTAX 25.14 15 32.32 16.96 11.31 (G -1) EDC - Economic Development Grant Request and Public Hearing - 6 P.M. Following introductory remarks, John Cox, Cabarrus Economic Development Corporation (EDC) , requested an economic development grant for Corning, a local glass manufacturer located in Midland. The company plans to expand its current operation with an investment of $50 million. In addition, approximately 70 new full -time jobs with an average wage of $16 -20 per hour will be created. The grant request (3 year, 85 percent) was approved by the EDC board on March 27 th . He emphasized the need for new jobs in Cabarrus County, noted the legality of incentive grants and reported on the additional tax revenue collected as a result of Corning's initial grant, many years ago. Cabarrus County Economic Development Grant Analysis - Corning Expansion Chairman Poole opened the public hearing at 7:30 p.m. The Public Hearing Notice was posted on the County's website ( www.cabarrus county. us ) on April 3, 2012 in accordance with Article 2, Administration, Section 2.1 (Use of Electronic Means to Provide Public Notices) of the Cabarrus County Code of Ordinances. Ronnie Long, resident of 4140 Brown Wood Lane NW in Concord and President of We The People NC, Inc. read the following statement: Good evening madam Chairman and Fellow Commissioners. My name is Ronnie Long - I'm a Resident of Cabarrus County and President of We the People NC the local Tea Party group. This evening I would like to address you on behalf of the more than 700 members of We The People who once again would like to speak out in opposition to tax incentives. The problem which needs addressing is the income short fall of more than $17 million dollars this coming fiscal year and finding ways to cope with that issue. Unfortunately you are once again being lured into the incentive trap, by some who believe offering incentives to a business will somehow magically solve this shortfall or at least help. We have tried this over and over again and to what avail? We have simply created more and more companies wanting to feed from the taxpayer's trough without any guaranteed return on our investment. The facts before .us right now are 1) Corning is an established company here in Cabarrus County 2) They have received tax incentives previously 3) They are most likely going to do this expansion with or without the proposed incentives. Let's be honest with each other, they have too much invested in this property and if they have made plans to expand this facility it's doubtful anything will stop them. As has happened too many times in the past we are looking down the wrong path. Might I suggest an alternative way of thinking? Instead of offering tax incentives, which reduces the tax receipts to the county which we so desperately need right now, might we be the wiser to look at ways of removing and or reducing other onerous taxes and burdensome rules and regulations which cost companies like Corning much more than what we can ever offer in incentives? Year 1 Year 2 Year 3 Year 4 Total Assessed Value $50,000,000.00 $50,000,000.00 $50,000,000.00 $50,000,000.00 County Taxes at .63 $315,000.00 $315,000.00 $315,000.00 $315,000.00 Grant @ 85% $267,750.00 $267,750.00 $267,750.00 Net Taxes to County $47,250.00 $47,250.00 $47,250.00 $315,000.00 3 Year Taxes $945,000.00 3 Year Grant $803,250.00 F T Year Net Revenue $141,750.00 Chairman Poole opened the public hearing at 7:30 p.m. The Public Hearing Notice was posted on the County's website ( www.cabarrus county. us ) on April 3, 2012 in accordance with Article 2, Administration, Section 2.1 (Use of Electronic Means to Provide Public Notices) of the Cabarrus County Code of Ordinances. Ronnie Long, resident of 4140 Brown Wood Lane NW in Concord and President of We The People NC, Inc. read the following statement: Good evening madam Chairman and Fellow Commissioners. My name is Ronnie Long - I'm a Resident of Cabarrus County and President of We the People NC the local Tea Party group. This evening I would like to address you on behalf of the more than 700 members of We The People who once again would like to speak out in opposition to tax incentives. The problem which needs addressing is the income short fall of more than $17 million dollars this coming fiscal year and finding ways to cope with that issue. Unfortunately you are once again being lured into the incentive trap, by some who believe offering incentives to a business will somehow magically solve this shortfall or at least help. We have tried this over and over again and to what avail? We have simply created more and more companies wanting to feed from the taxpayer's trough without any guaranteed return on our investment. The facts before .us right now are 1) Corning is an established company here in Cabarrus County 2) They have received tax incentives previously 3) They are most likely going to do this expansion with or without the proposed incentives. Let's be honest with each other, they have too much invested in this property and if they have made plans to expand this facility it's doubtful anything will stop them. As has happened too many times in the past we are looking down the wrong path. Might I suggest an alternative way of thinking? Instead of offering tax incentives, which reduces the tax receipts to the county which we so desperately need right now, might we be the wiser to look at ways of removing and or reducing other onerous taxes and burdensome rules and regulations which cost companies like Corning much more than what we can ever offer in incentives?