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October 17, 2011 (Regular Meeting) Page 651 its operations by building a new location in Cabarrus County and investing some $5 million in the project and creating 40 new jobs. A similar resolution was adopted in 2007. UPON MOTION of Commissioner Burrage, seconded by Commissioner Carruth and unanimously carried, the Board adopted the following resolution: Resolution No. 2011 -22 RESOLUTION WHEREAS, the Cabarrus County Board of Commissioners desires to encourage the expansion of quality industry and the creation of new jobs in the County; and WHEREAS, Baucom's Nursery, a North Carolina corporation with its principal place of business in Mecklenburg County, is considering expanding its operations by building a new location in Cabarrus County and investing some $5 million in the project and creating 40 new jobs; and WHEREAS, the expansion requires that a turn lane is added to Highway 601, at the intersection of Flowes Store Road, near the location of the Baucom's Nursery project, and that the Department of Transportation (DOT) is requesting that Baucom's Nursery pay for this turn lane at a cost of approximately $250,000.00; and WHEREAS, the Board of Commissioners deem this project by Baucom's Nursery to be very important to the economic development of Cabarrus County and supports asking the North Carolina Senate and House to work with the North Carolina Department of Transportation to approve funds to pay the cost of the turn lane on Highway 601 at the intersection of Flowes Store Road. NOW THEREFORE BE IT RESOLVED that the Cabarrus County Board of Commissioners by this resolution, hereby asks the North Carolina Senate and House to work with the North Carolina Department of Transportation to approve funds to pay the cost for the addition of the turn lane on Highway 601 and Flowes Store Road. Adopted this the 17 day of October, 2011. Attest: /s/ Kay Honeycutt Kay Honeycutt, Clerk to the Board (G) NEW BUSINESS /s/ H. Jay White, Sr. H. Jay White, Sr., Chairman Board of Commissioners (G -1) CCS - Cabarrus County School's Request for Use of QSCB Contractor Sales Tax On behalf of the Cabarrus County Board of Education (BOE), Kelly Kluttz, Cabarrus County Schools (CCS) Finance Director, requested the contractor sales tax refunds for the QSCB (Qualified School Construction Bonds) projects, currently used to reduce debt service, be used to offset rising construction costs. She advised the sale of the QSC bonds were delayed which caused an unanticipated failure to fund all of the identified projects. She estimated the shortfall to be approximately $1.3 million and noted the interest on the bonds is less than one (1) percent. To fund these projects later, would likely cost more. In response to questions from the Board, she noted that all the sales tax refunds would not cover the $1.3 million deficit and that many of the projects have not been put out for bid. A lengthy discussion ensued during which Commissioner Carruth explained the concept of contractor sales tax refunds for the benefit of the viewing audience. Ms. Dubois reviewed various stipulations associated with the Bonds and noted the sale delay was attributed to obtaining a favorable interest rate in the market. Discussion continued with Ms. Kluttz and Pam Dubois, Deputy County Manager, responding to a variety of questions from the Board. Vice Chairman Poole MOVED to table " Cabarrus County School's Request for Use of QSCB Contractor Sales Tax" until such time as specific data (amount of sales tax and remaining projects, if any) can be provided by both Boards of Education. Commissioner Carruth seconded the motion.