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September 20, 2010 (Regular Meeting) Page 139
<br />project of DNP's current facility in Concord (4524 Enterprise Drive, NW)
<br />includes an investment of $25 million of additional tax revenue to the county
<br />($20 million in equipment; $5 million in real estate); includes the creation
<br />of thirty -seven (37) new full time jobs with an average wage of $43,000.00,
<br />which is above industry standards; the EDC Board approved the proposal at its
<br />July 29, 2010 meeting and the Concord City Council approved the a grant for
<br />DNP at its meeting last week.
<br />Mr. McDaniels also reviewed the following grant analyses:
<br />Cabarrus County Economic Development Grant Analysis - Project Ribbon
<br />Real Property
<br />Year 1
<br />Year 2
<br />Year 3
<br />Year 4
<br />Total Assessed Value
<br />$5,000,000.00
<br />$5,000,000.00
<br />$5,000,000.00
<br />$5,000,000.00
<br />County Taxes at .63
<br />$31,500.00
<br />$31,500.00
<br />$31,500.00
<br />$31,500.00
<br />Grant @ 85%
<br />$26,775.00
<br />$26,775.00
<br />$26,775.00
<br />Net Taxes to County
<br />$4,725.00
<br />$4,725.00
<br />$4,725.00
<br />$31,500.00
<br />3 Year Taxes
<br />$94,500.00
<br />3 Year Grant
<br />$80,325.00
<br />3 Year Net Revenue
<br />$14,175.00
<br />Personal
<br />Property - 10% Dep.
<br />Year 1
<br />Year 2
<br />Year 3
<br />Year 4
<br />Total Assessed Value
<br />$20,000,000.00
<br />$18,000,000.00
<br />$16,200,000.00
<br />$14,580,000.00
<br />County Taxes at .63
<br />$126,000.00
<br />$113,400.00
<br />$102,060.00
<br />$91,854.00
<br />Grant @ 85%
<br />$107,100.00
<br />$96,390.00
<br />$86,751.00
<br />Net Taxes to County
<br />$18,900.00
<br />$17,010.00
<br />$15,309.00
<br />$91,854.00
<br />3 Year Taxes
<br />$341,460.00
<br />3 Year Grant
<br />$290,241.00
<br />3 Year Net Revenue
<br />$51,219.00
<br />3 year taxes 3 year grant 3 year net revenue
<br />Totals $435,960.00 $370,566.00 $65,394.00
<br />After Mr. McDaniels responded to questions from the Board, Chairman
<br />White opened the public hearing at 7:34 p.m. The Public Hearing Notice was
<br />posted on the County's website ( www.cabarrus county. us ) on September 8, 2010
<br />in accordance with Article 2, Administration, Section 2.1 (Use of Electronic
<br />Means to Provide Public Notices) of the Cabarrus County Code of Ordinances.
<br />There was no one present to address the Board; therefore, Chairman White
<br />closed the public hearing.
<br />UPON MOTION of Commissioner Mynatt, seconded by Commissioner Carruth
<br />and unanimously carried, the Board approved an Economic Development Grant
<br />between Cabarrus County and DNP IMS America Corporation, as outlined above.
<br />(G -4) EDC - Request for Additional Funding for EDC (Economic Development
<br />Corporation)
<br />Commissioner Mynatt provided introductory remarks related to the
<br />Board's approval of the FY 10 -11 budget which reduced the EDC's funding by 50
<br />percent, ongoing efforts to finalize a contract with the EDC for the
<br />remainder of the year and the EDC's request for an additional $100,000
<br />appropriation. She then MOVED to appropriate $50,000.00 to the Economic
<br />Development Corporation (EDC) with funding dedicated to a vacant staff
<br />position with details regarding payment to be finalized at a future meeting
<br />with EDC officials. After the motion was restated for clarification,
<br />Commissioner Carruth seconded the motion.
<br />Commissioner Carruth recommended the concept of the County matching
<br />municipal and private investors' contributions made to the EDC ($l:$l, with
<br />indexing in 2011 and 2012) be considered during the contract negotiation
<br />meeting scheduled later in the week.
<br />After further clarification, Chairman White thanked the audience for
<br />their attendance and for their input. He also addressed the importance
<br />receiving accurate and timely information from the EDC and the need to
<br />strengthen locally owned small businesses. The MOTION unanimously carried.
<br />(G -5) Finance - Qualified School Construction Bonds (QSCB) - Resolution
<br />Approving Installment Contract Financing for Various Public School Projects
<br />in an Aggregate Principal Amount up to $14,637,160.00 and the Execution and
<br />
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