BC 2009 07 20 Regular - Laserfiche WebLink

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July 20, 2009 (Regular Meeting) Page 1504 Anna Lu Wilson, Cabarrus Economic Development Corporation (EDC) Vice President of Business Services, presented information related to an Economic Development grant request (5-year, 85 percent) for The Old Creamery Redevelopment Project. She reported the following: the project includes 37,900 square feet of office space and some retail; the developer plans a $3.6 million investment in new real and personal property improvements (current building land value: $1,374,920.00; increase in real and personal property: $3,6 million); the EDC Board of Directors endorsed this request at its June 2009 meeting; etc. In response to a question from Chairman White, Ms. Wilson explained that currently, there is no employment, as the developer is simply redeveloping the current property for future use. She also explained this project was approved by the EDC Board of Directors for a 5-year grant because it is a redevelopment project. Vice Chairman Mynatt stated this facility will be more viable project for future employment, noting the facility will house future retail and office spaces. Chairman White opened the public hearing at 7:10 p.m. The public hearing notice was posted on the County's website on July 7, 2009 in accordance with Article 2, Administration, Section 2.1 (Use of electronic means to provide public notices) of the Cabarrus County Code of Ordinances. With there being no one present to address the Board, Chairman White closed the public hearing. Commissioner Carruth noted that savings realized by the project from an economic development grant will be passed on to future tenants. He also stated this project will create jobs not only in the future retail and office spaces, but during the refurbishment process. He then MOVED to authorize an economic development grant for Creamery Concord pursuant to the Economic Development Grant Program effective October 20, 2008 and authorize the County Manager to execute the Agreement, subject to review and/or revision by the County Attorney. Commissioner Poole expressed a need for more redevelopment projects like this project, noting the importance of inner city development. Commissioner Privette noted that if the County provides an economic grant to this project, many other redevelopment projects will want grants as well. He also noted the construction of the Embassy Suites which did not receive an incentive grant. Commissioner Carruth stated that established neighborhoods within the cities of the County are slowly becoming vacant due to sprawling development. He noted this type of redevelopment inside the city limits will save taxpayers money by not having to pay for costs associated with infrastructure for new developments. Vice Chairman Mynatt addressed the need for the Board to meet with staff from the Economic Development Corporation regarding the Economic Development grant program. Chairman White stated his approval of this type of economic development, noting that if one blighted area is redeveloped, it encourages development in the surrounding area. He also addressed the need to encourage development in old mills and vacant buildings in the area. He expressed concern regarding the grant lasting five (5) years as opposed to three (3) years and stated the need to have a more concrete plan with regard to these types of grants. Commissioner Carruth withdrew his original motion. Commissioner Carruth then MOVED to table the Economic Development Grant request for The Old Creamery Redevelopment Project for thirty (30) days for further discussion. Chairman White suggested that the Board revisit this item at its Agenda Work Session on August 3, 2009. He also stated if the Board has questions regarding the current Economic Development grant program, to send those questions to the County Manager for coordination with the EDC so that appropriate responses can be received.