Laserfiche WebLink
October 18, 2010 (Regular Meeting) Page 178 <br />Technologies, Inc. is a company based in Charlotte, N.C. which has been in <br />business for 40 years; the company is a third party logistics supplier that <br />that proposes to upfit the vandalized JEVIC facility located on Pitts School <br />Road in Concord, with a projected new net investment of approximately $1.65 <br />million ($650,000.00 - rehabilitation of real property; $1,045,000.00 - new <br />information technology equipment); the company intends to create 65 new full - <br />time jobs in year 1 and up to 86 jobs in year 3 with an average wage of $14 - <br />$16 per hour; the average distribution wage in Cabarrus County starts at <br />$7.88 for entry level workers and goes to $15.75 for more experienced <br />workers; and, due to the rapid depreciation of computer equipment, the <br />investment may dip below the threshold amount of $1.5 million in years two <br />and three of the grant. Mr. McDaniels asked the Board to consider including <br />a waiver of the program guidelines in the final Agreement. <br />Mr. McDaniels responded to several questions from the Board. <br />The grant analyses for Distribution Technologies provided by the EDC <br />are as follows: <br />DWbution Technologies <br />Cabarrus Cotmty Econernic Development Grant Analysis <br />CABARRU5 <br />dais daemoeetapdrahtrr�ioap®vpaset anry. 7Rt armtresmngaums <br />thrfrWtfsei WrA fbm ea+a n99hd0 m9vuV60WproeiacaayswrMeRt 3 YeW gram $ <br />tarC RbaffmOoma ty7borogkrani! frmDept orxevra,ar. <br />AdLnr9 ma6 amy %ar 3 yr. net reveme is <br />ante: Grants ses*d to Cn&m f Etvaomrc DeWJbpreentAaaN <br />QA-~A gaaetnmenmat <br />Note: The grant request was approved by the EDC Board of <br />Directors on August 30, 2010 via a conference call. <br />Chairman White opened the public hearing at 6:58 p.m. The Public <br />Hearing Notice was posted on the County's website ( www.cabarrus county. us ) on <br />October 6, 2010 in accordance with Article 2, Administration, Section 2.1 <br />(Use of Electronic Means to Provide Public Notices) of the Cabarrus County <br />Code of Ordinances. <br />There was no one present to address the Board; therefore, Chairman <br />White closed the public hearing. <br />Vice Chairman Poole asked if the waiver is included in the Agreement <br />set forth in the agenda. Richard M. Koch, County Attorney, advised that the <br />wavier is not currently in the Agreement. He asked Mr. Daniels to clarify <br />whether the wavier is like the one the Board recently granted to ACN to allow <br />additional investments of equipment or is it a general waiver of the <br />threshold amount. Mr. McDaniels advised that a general waiver is requested. <br />Mr. Koch advised that the Agreement can be amended easily with standard <br />language. <br />UPON MOTION of Vice Chairman Poole, seconded by Commissioner Carruth <br />and unanimously carried, the Board approved an Economic Development Grant for <br />Distribution Technologies, Inc., including a waiver of the investment <br />threshold amount. <br />Cabarrus Cotmty Econernk Development Grant Anofysis <br />Persaeal Praa"- 10%D60 <br />s <br />Wiz.. <br />Year3. , <br />rear. a..Z.z <br />Total Assessed %talus <br />1645 ,00 <br />s mix3m <br />CoUrity tales at .63 <br />6,M.50 <br />$ <br />S 25.15 <br />; <br />5,332.64 <br />4,799.37 <br />Gr3M @ SS <br />$ 5,595.98 $ <br />SX&38 i <br />4,532.74 <br />dais daemoeetapdrahtrr�ioap®vpaset anry. 7Rt armtresmngaums <br />thrfrWtfsei WrA fbm ea+a n99hd0 m9vuV60WproeiacaayswrMeRt 3 YeW gram $ <br />tarC RbaffmOoma ty7borogkrani! frmDept orxevra,ar. <br />AdLnr9 ma6 amy %ar 3 yr. net reveme is <br />ante: Grants ses*d to Cn&m f Etvaomrc DeWJbpreentAaaN <br />QA-~A gaaetnmenmat <br />Note: The grant request was approved by the EDC Board of <br />Directors on August 30, 2010 via a conference call. <br />Chairman White opened the public hearing at 6:58 p.m. The Public <br />Hearing Notice was posted on the County's website ( www.cabarrus county. us ) on <br />October 6, 2010 in accordance with Article 2, Administration, Section 2.1 <br />(Use of Electronic Means to Provide Public Notices) of the Cabarrus County <br />Code of Ordinances. <br />There was no one present to address the Board; therefore, Chairman <br />White closed the public hearing. <br />Vice Chairman Poole asked if the waiver is included in the Agreement <br />set forth in the agenda. Richard M. Koch, County Attorney, advised that the <br />wavier is not currently in the Agreement. He asked Mr. Daniels to clarify <br />whether the wavier is like the one the Board recently granted to ACN to allow <br />additional investments of equipment or is it a general waiver of the <br />threshold amount. Mr. McDaniels advised that a general waiver is requested. <br />Mr. Koch advised that the Agreement can be amended easily with standard <br />language. <br />UPON MOTION of Vice Chairman Poole, seconded by Commissioner Carruth <br />and unanimously carried, the Board approved an Economic Development Grant for <br />Distribution Technologies, Inc., including a waiver of the investment <br />threshold amount. <br />Cabarrus Cotmty Econernk Development Grant Anofysis <br />Persaeal Praa"- 10%D60 <br />