|
September S, 2009 (Work Session) Page 1550
<br />The Board of Commissioners for the County of Cabarrus met for an Agenda
<br />Work Session in the Multipurpose Room at the Cabarrus County Governmental
<br />Center in Concord, North Carolina on Tuesday, September 8, 2009 at 3:30 p.m.
<br />Present - Chairman: H. Jay White, Sr.
<br />Vice Chairman: Grace M. Mynatt
<br />Commissioners: Robert W. Carruth
<br />Elizabeth F. Poole
<br />Coy C. Privette
<br />Also present were John Day, County Manager; Richard M. Koch, County
<br />Attorney; Mike Downs, Deputy County Manager; Pam Dubois, Deputy County
<br />Manager; Kay Honeycutt, Clerk to the Board and Cynthia Young, Deputy Clerk to
<br />the Board.
<br />Call to Order
<br />Chairman White called the meeting to order at 3:35 p.m.
<br />Approval of Agenda
<br />UPON MOTION of Commissioner Privette, seconded by Commissioner Poole
<br />and unanimously approved, the Board approved the Agenda as presented.
<br />BOC - Acoroval of Modification to Economic Development Grant Program
<br />(Effective October 20, 2008)
<br />John Day, County Manager, presented the following revision to Section
<br />3.2 of the Economic Development Grant Program:
<br />The Grant will only be awarded to bring about the relocation or
<br />expansion of a business that would not have occurred except for
<br />the award of the Grant, or to encourage the development or help
<br />ensure the success of certain targeted businesses and/or
<br />geographic areas. In particular, the BOC desires to encourage
<br />development and redevelopment within municipal boundaries where
<br />supporting infrastructure already exists and in areas where
<br />in fill development or redevelopment may spur additional
<br />l r1 ,1P C l'IYIP (1 r
<br />Mr. Day reported the EDC (Economic Development Corporation) staff
<br />reviewed and agreed with the proposed modification.
<br />UPON MOTION of Commissioner Poole, seconded by Commissioner Carruth and
<br />unanimously carried, the Board voted to place Approval of Modification to the
<br />Economic Development Grant Program (Effective October 20, 2008) on the
<br />September 21, 2009 Agenda as a Consent item.
<br />EDC -
<br />Grant Request for
<br />Chairman White reminded the Board that the Economic Development Grant
<br />request for The Creamery Concord, LLC was placed on the September 21, 2009
<br />agenda at the August work session.
<br />John Day, County Manager, responded to several questions from the Board
<br />regarding the percentage amount and length of time of the proposed grant. A
<br />general discussion ensued with the following topics addressed: a sliding
<br />scale percentage and the broadness of the existing policy allows flexibility.
<br />Cabarrus County Economic Development Grant Analysis - The Creamery
<br />Concord, LLC, is as follows:
<br />Total
<br />Assessed
<br />Value
<br />County
<br />Taxes at
<br />.63
<br />Incentive @
<br />858
<br />Net Taxes
<br />to County
<br />Year 1 Year 2 Year 3 Year 9 Year 5
<br />$3,600,000 .00 $3,600,000. 00 $3,600,000. 00 $3,600,000. 00 $3,600,000. 00
<br />$22,680 .00 $22,680. 00 $22,660. 00 $22,680. 00 $22,680. 00
<br />$19,278 .00 519,278. 00 $19,278. 00 $19,278. 00 $19,278. 00
<br />$3,902 .00 $3,902. 00 $3,402. 00 $3,902. 00 $3,402. 00
<br /> 5 Year Taxes $113,900 .00
<br /> 5 Year
<br />Incentive
<br />$96,390
<br />.00
<br />
|