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August 3, 2009 (Work Session)
<br />Page 1519
<br />Pam Dubois, Deputy County Manager, briefly reviewed the QSCB
<br />applications for Cabarrus County and Kannapolis City Schools. She also
<br />responded to questions from the Board.
<br />UPON MOTION of Commissioner Privette, seconded by Commissioner Poole
<br />and unanimously carried, the Board voted to place the Discussion Related to
<br />Project Applications for Potential of Debt Issuance via Qualified Zone
<br />Academy Bonds (QZAB'a) and Qualified School Construction Bonds (QBCB's) for
<br />Cabarrus County and Kannapolis City Schools on the August 17, 2009 Agenda as
<br />a Consent item.
<br />Finance - School Construction Fund and 2009 School Construction Fund -
<br />Len Witke, Cabarrus County Schools, presented a request for an
<br />additional $255,000.00 to pay for start-up funds and custodial equipment at
<br />Cox Mill High School totaling $225, 000.00; and the removal of poor quality
<br />materials and/or rock removal at Carl A. Furr Elementary - $15, 000 and the
<br />Bus Maintenance Facility - $15,000.00. He explained that additional
<br />engineering services were needed and that the work had already been
<br />completed. He also responded to questions from the Board.
<br />UPON MOTION of Commissioner Privette, seconded by Commissioner Poole
<br />and unanimously carried, the Board voted to place the following item on the
<br />August 17, 2009 Agenda as a New Business item: The School Construction Fund
<br />and 2009 School Construction Fund - Contingency Request for Cox Mill High
<br />($225,000.00), Carl A. Furr Elementary ($15,000.00) and Bus Maintenance
<br />Facility ($15,000.00), Totaling $255,000.00.
<br />Chairman White requested Mr. Witke's presence at the August 17, 2009
<br />meeting.
<br />EDC - Economic Development Grant Request for 390 Business Boulevard, LLC and
<br />Public Hearing - 6:30 P.M.
<br />Ryan Mc Daniels, Vice President of the Economic Development Corporation
<br />(EDC), presented the following information related to a request for an
<br />Economic Development Grant for 390 Business Boulevard, LLC: this project is
<br />a speculative building being considered for construction by 390 Business
<br />Boulevard, LLC; the building will be 177,000 square feet at a cost of
<br />approximately $7.8 million; there is currently a provision in the economic
<br />development grant policy for this type of request; the structure is setup so
<br />that any future tenant of the speculative building would not be considered
<br />for a grant; etc. Mr. McDaniels also reviewed the following grant analysis:
<br />Cabarrus County Economic Development Grant Analysis - 390 Business Boulevard
<br /> Year 1 Year 2 Year 3 Year 9
<br />Total
<br />Assessed
<br />Value $7,800,000.00 $7,800,000.00 $7,800,000.00 $7,800,000.00
<br />County
<br />Taxee at
<br />.63 $99,190.00 $49,190.00 $99,140.00 $99,140.00
<br />Incentive @
<br />858 $91,769.00 $91,769.00 $91,769.00
<br />Net Taxes
<br />to Count $7,371.00 $7,371.00 $7,371.00 $49,190.00
<br />
<br /> 3 Year Taxes $197,920.00
<br /> 3 Year
<br /> Incentive $125,307.00
<br /> 3 Year Net
<br /> Revenue $22,113.00
<br />UPON MOTION of Commissioner Privette, seconded by Commissioner Poole
<br />and unanimously carried, the Board voted to place the Economic Development
<br />Grant Request for 390 Business Boulevard, LLC on the August 17, 2009 Agenda
<br />as a New Business item and scheduled a public hearing for 6:30 p.m.
<br />Transportation - Section 5316 Job Access and Reverse Commute Pro ram Grant
<br />(JARC)
<br />Randy Bass, Transportation Director, presented information related to
<br />the Section 5316 Job Access and Reverse Commute (JARC) Program Grant as
<br />follows: this State grant will address the transportation needs of citizens
<br />who do not have adequate transportation to their employment; there is a need
<br />for this assistance in eastern Cabarrus County, in the communities of
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