|
July 6, 2009 (Work Session)
<br />Page 1474
<br />program was recently modified, it was geared toward projects of this nature.
<br />He stated the old Creamery and Coke building is valued at $1.3 million and
<br />the ownership group is proposing an additional investment of $3.6 million in
<br />the facility.
<br />Cabarrus County Economic Development Grant Analysis -The Creamery Concord
<br /> Year 1 Year 2 Yeax 3 Year 9 Year 5
<br />Total
<br />Assessed
<br />Value $3,600,000.00 $3,600,000.00 $3,600,000.00 $3,600,000.00 $3,600,000.00
<br />County
<br />Taxes at
<br />.63 $22,680.00 $22,680.00 $22,fi80.00 $22,680.00 $22,680.00
<br />Incentive @
<br />85~ $19,278.00 $19,278.00 $19,278.00 $19,278.00 $19,278.00
<br />Net Taxes
<br />to County $3,402.00 $3,902.00 $3,902.00 $3,902.00 $3,902.00
<br /> 5 Year Taxes $113,900.00
<br /> 5 Year
<br /> Incentive $96,390.00
<br /> 5 Year Net
<br /> Revenue $17,010.00
<br />Mr. McDaniels responded to questions from the Board, with the following
<br />topics being addressed: the baseline for grants; potential tenants for the
<br />redevelopment; etc.
<br />In response to a question from Chairman White, John Day, County
<br />Manager, stated the name for the grant request is different from the request
<br />being presented to the City of Concord because of the familiarity of the name
<br />"The Old Creamery".. He explained that it has been a long time since the
<br />County has been involved in a retail project. He stated this type of retail
<br />project will probably be a growing trend as the City of Concord and the
<br />County strives to steer development inward. He also defined a redevelopment
<br />project as a structure in disrepair that is redeveloped into another use
<br />instead of being renovated for the same type of use.
<br />Mr. McDaniels stated the EDC has been working with the previous and new
<br />ownership group for this property for some time and there has been a lot of
<br />interest in investment in the facility.
<br />UPON MOTION of Commissioner Carruth, seconded by Vice Chairman Mynatt
<br />and unanimously carried, the Board voted to place the Economic Development
<br />Grant Request for The Old Creamery Redevelopment on the July 20, 2009 Agenda
<br />as a New Business item. By the same vote, the Board also scheduled a public
<br />hearing for 6:30 p.m.
<br />EDC - Economic Development Grant Request for JRH Vehicle and Public Hearing -
<br />6:30 P.M.
<br />Anna Lu Wilson, Economic Development Corporation (EDC) Vice President
<br />of Business Services, presented a request for an Economic Development Grant
<br />for JRH Vehicle Investments II, LLC (Hendrick Motorsports). She reported the
<br />following: JRH Vehicle Investments II, LLC is expanding its current location
<br />in Cabarrus County; they are planning a 50,000 square foot facility used
<br />primarily for storing cars awaiting restoration and cars for display at
<br />private events on Papa Joe Hendrick Boulevard; 40 percent of the property is
<br />in Mecklenburg County and 60 percent is in Cabarrus County; and the estimated
<br />investment in Cabarrus County is $2.9 million.
<br />Cabarrus County Economic Development Grant Analysis - JRH Vehicle
<br /> Year 1 Year 2 Year 3 Year 9
<br />Total
<br />Assessed
<br />Value $2,910,000.00 $2,910,000,00 $2,910,000.00 $2,910,000,00
<br />County
<br />Taxes at
<br />.63 $18,333.00 $18,333.00 $18,333.00 $18,333.00
<br />Incentive @
<br />859 $15,583.05 $15,583.05 $15,583.05
<br />Net Taxes
<br />to County $2,799.95 $2,799,95 $2,799.95 $18,333.00
<br /> 3 Year Taxes $59,999.00
<br /> 3 Year
<br /> Incentive $96,799.15
<br /> 3 Year Net
<br /> Revenue $8,299.85
<br />
|