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August 15, 2011 (Regular Meeting) Page 572
<br />Ryan McDaniels, Economic Development Corporation (EDC) , presented a
<br />request for an Economic Development Grant (3 year, 85 percent; 3 phases) for
<br />Celgard, LLC, a manufacturer of microporous polymer based membranes, located
<br />at 390 Business Boulevard in Concord, based on an investment of $105,000,000
<br />(real estate - $3,000,000; equipment - $102,000,000) and the creation of 250
<br />new full -time jobs (200 - 2012; 50 - 2013). He reviewed the following grant
<br />analyses:
<br />Cabarrus County Economic Development Grant Analysis - Celgard 3 - 2011
<br />Real Property
<br />Cabarrus County Economic Development Grant Analysis - Celgard
<br />Personal Property - 10% Dec.
<br />Year 1
<br />Year 2
<br />Year 3
<br />Year 4
<br />Total Assessed Value
<br />$3,000,000.00
<br />$3,000,000.00
<br />$3,000,000.00
<br />$3,000,000.00
<br />County Taxes at .63
<br />$18,900.00
<br />$18,900.00
<br />$18,900.00
<br />$18,900.00
<br />Grant @ 85%
<br />$16,065.00
<br />$16,065.00
<br />$16,065.00
<br />Net Taxes to County
<br />$2,835.00
<br />$2,835.00
<br />$2,835.00
<br />$18,900.00
<br />3 Year Taxes
<br />$56,700.00
<br />3 Year Grant
<br />$48,195.00
<br />F 3 Year Net Revenue
<br />$8,505.00
<br />Cabarrus County Economic Development Grant Analysis - Celgard
<br />Personal Property - 10% Dec.
<br />Cabarrus County Economic Development Grant Analysis — Celgard 3 — 2012
<br />Year 1
<br />Year 2
<br />Year 3
<br />Year 4
<br />Total Assessed Value
<br />$23,000,000.00
<br />$20,700,000.00
<br />$18,630,000.00
<br />$16,767,000.00
<br />County Taxes at .63
<br />$144,900.00
<br />$130,410.00
<br />$117,369.00
<br />$105,632.10
<br />Grant @ 85°
<br />$123,165.00
<br />$110,848.50
<br />$99,763.65
<br />Net Taxes to County
<br />$21,735.00
<br />$19,561.50
<br />$17,605.35
<br />$105,632.10
<br />3 Year Taxes
<br />$392,679.00
<br />3 Year Grant
<br />$333,777.15
<br />3 Year Net Revenue
<br />$58,901.65
<br />Cabarrus County Economic Development Grant Analysis — Celgard 3 — 2012
<br />Cabarrus County Economic Development Grant Analysis — Celgard 3 — 2013
<br />Year 1
<br />Year 2
<br />Year 3
<br />Year 4
<br />Total Assessed Value
<br />$74,000,000.00
<br />$66,600,000.00
<br />$59,940,000.00
<br />$53,946,000.00
<br />County Taxes at .63
<br />$466,200.00
<br />$419,580.00
<br />$377,622.00
<br />$339,859.80
<br />Grant @ 85%
<br />$396,270.00
<br />$356,643.00
<br />$320,978.70
<br />Net Taxes to County
<br />$69,930.00
<br />$62,937.00
<br />$56,643.30
<br />$339,859.80
<br />3 Year Taxes
<br />$1,263,402.00
<br />E 3 -- Year Grant
<br />$1,073,891.70
<br />3 Year Net Revenue
<br />$189,510.30
<br />Cabarrus County Economic Development Grant Analysis — Celgard 3 — 2013
<br />Mr. McDaniels further advised Celgard, LLC, has expanded three (3)
<br />times in 18 months, noting their initial $57 million investment and 223 new
<br />jobs in Phase I; Phase 2, announced earlier this year, included an investment
<br />of $65 million and 100 new jobs; and Phase III, a $105 million investment and
<br />250 new jobs, for a total investment of $227 million and the creation of 573
<br />new jobs. Mr. McDaniels also responded to questions from the Board related
<br />to: incentives granted from the state; number of current jobs; local grant
<br />requirements; etc.
<br />Chairman White opened the public hearing at 7:16 p.m. The Public
<br />Hearing Notice was posted on the County's website ( www. cabarrus county. us ) on
<br />August 3, 2011 in accordance with Article 2, Administration, Section 2.1 (Use
<br />of Electronic Means to Provide Public Notices) of the Cabarrus County Code of
<br />Ordinances.
<br />Bonnie Stillwell questioned whether the new jobs were being filled by
<br />transfers or new hires.
<br />Year 1
<br />Year 2
<br />Year 3
<br />Year 4
<br />Total Assessed Value
<br />$5,000,000.00
<br />$4,500,000.00
<br />$4,050,000.00
<br />$3,645,000.00
<br />County Taxes at .63
<br />$31,500.00
<br />$28,350.00
<br />$25,515.00
<br />$22,963.50
<br />Grant @ 85%
<br />$26,775.00
<br />$24,097.50
<br />$21,687.75
<br />Net Taxes to County
<br />$4,725.00
<br />$4,252.50
<br />$3,827.25
<br />$22,963.50
<br />3 Year Taxes
<br />$85,365.00
<br />3 Year Grant
<br />$72,560.25
<br />3 Year Net Revenue
<br />$12,804.75
<br />Mr. McDaniels further advised Celgard, LLC, has expanded three (3)
<br />times in 18 months, noting their initial $57 million investment and 223 new
<br />jobs in Phase I; Phase 2, announced earlier this year, included an investment
<br />of $65 million and 100 new jobs; and Phase III, a $105 million investment and
<br />250 new jobs, for a total investment of $227 million and the creation of 573
<br />new jobs. Mr. McDaniels also responded to questions from the Board related
<br />to: incentives granted from the state; number of current jobs; local grant
<br />requirements; etc.
<br />Chairman White opened the public hearing at 7:16 p.m. The Public
<br />Hearing Notice was posted on the County's website ( www. cabarrus county. us ) on
<br />August 3, 2011 in accordance with Article 2, Administration, Section 2.1 (Use
<br />of Electronic Means to Provide Public Notices) of the Cabarrus County Code of
<br />Ordinances.
<br />Bonnie Stillwell questioned whether the new jobs were being filled by
<br />transfers or new hires.
<br />
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