BC 2011 09 19 Regular Meeting - Laserfiche WebLink

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September 19, 2011 (Regular Meeting) Page 619 Jason Oesterreich, resident of 800 Towncreek Place in Concord, stated that during the break, the Tax Administrator addressed some of issues he raised earlier concerning the base rate. He compared the skyrocketing demand for building materials in 2008 to the economic decline in 2012, which significantly reduced the need for building materials and lowered costs. He pointed out that appraisal costs are expensive for all parties and is unfair to require them when base rate indexes can be clearly and easily used. He stated there has been significant depreciation during the last four years and advocated the use of the base rate index in order to be fair to the people. Chairman White urged Mr. Oesterreich to meet with the Tax Department to review the Schedule of Values further. With there being no one else to address the Board, Chairman White closed the public hearing. No further action was taken. (G -4) EDC - Economic Development Grant - PreGel America, Inc. - Expansion An Economic Development Grant is requested for PreGel America, Inc. The gelato manufacturer, located at 4450 Fortune Avenue NW in Concord, proposes to expand its facility by 130,000 sq. ft. and intends to invest approximately $11,400,000 over a 3 -year period. The manufacturer also anticipates forty -five (45) new full -time jobs will be created during 2011- 2013 and six (6) new full -time jobs will be created in years 2014 -2015. A 3- year 85 percent grant for each phase is requested. In response to questions from the Board, Richard Koch, County Attorney, advised the expansion project was originally approved by the Board. He stated this is the same project; however, the phasing is being spread out over a longer period of time as opposed to being done all at one time. In response to a question from the Board, John Cox, Cabarrus Economic Development Corporation (EDC) , advised PreGel America, Inc. received a grant when they decided to relocate to Cabarrus County originally. The grant analyses as presented in the Agenda are as follows: Amaretto - 2011 Cabarrus County Economic Development Grant Analysis Real Property Cabarrus County Economic Development Grant Analysis Personal Property - 10% Deo Year 1 Year 2 Year 3 Year 4 Total Assessed Value $400,000.00 $400,000.00 $400,000.00 $400,000.00 County Taxes at .63 $2,520.00 $2,520.00 $2,520.00 $2,520.00 Grant @ 85% $2,142.00 $2,142.00 $2,142.00 Net Taxes to County $378.00 $378.00 $378.00 $2,520.00 3 Year Taxes $7,560.00 3 Year Grant $6,426.00 3 Year Net Revenue $1,134.00 Cabarrus County Economic Development Grant Analysis Personal Property - 10% Deo Amaretto - 2012 Cabarrus County Economic Development Grant Analysis Real Property Year 1 Year 2 Year 3 Year 4 Total Assessed Value $200,000.00 $180,000.00 $162,000.00 $145,800.00 County Taxes at .63 $1,260.00 $1,134.00 $1,020.60 $918.54 Grant @ 85% $1,071.00 $963.90 $867.51 Net Taxes to County $189.00 $170.10 $153.09 $918.54 3 Year Taxes $3,414.60 3 Year Grant $2,902.41 3 Year Net Revenue $512.19 Amaretto - 2012 Cabarrus County Economic Development Grant Analysis Real Property Year 1 Year 2 Year 3 Year 4 Total Assessed Value $8,300,000.00 $8,300,000.00 $8,300,000.00 $8,300,000.00 County Taxes at .63 $52,290.00 $52,290.00 $52,290.00 $52,290.00 Grant @ 85% $44,446.50 $44,446.50 $44,446.50 Net Taxes to County $7,843.50 $7,843.50 $7,843.50 $52,290.00 3 Year Taxes $156,870.00 3 Year Grant $133,339.50