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September 21, 2009 (Regular Meeting) Page 1562
<br />Chairman White opened the meeting for informal public comments at 6:95
<br />p.m. He stated each speaker would be limited to three minutes.
<br />Ms. Bonny Stilwell, who resides at 5729 Burch Drive in Concord,
<br />commented on the dire need for a traffic light at the entrance of Afton
<br />Village. She elaborated on the necessity of a stop light due to the
<br />increased traffic in that area.
<br />With there being no one else to address the Board, Chairman White
<br />closed the informal public comment portion of the meeting.
<br />_(E) OLD BUSINESS
<br />(E-i) EDC - Economic Development Grant Request for The Creamerv Concord, LLC
<br />(Continuation from July/August)
<br />Harris Morrison, representative for The Creamery Concord, LLC,
<br />petitioned the Board to consider a vote on an economic development grant for
<br />The Creamery Concord, LLC project. He commented on the importance of the
<br />project, citing it will be a great economic driver, generating jobs and
<br />bringing businesses to the community and the downtown Concord area. He
<br />mentioned the project will have an office and retail component. He responded
<br />to questions from the Board noting the project is approximately 37,000 square
<br />feet, and that the requested cost of the renovation is $3.6 million; however,
<br />the projected cost will exceed that amount. He further stated a small
<br />portion of the cost will be allocated for cleaning contaminated soil, and a
<br />large majority of the cost will be used to renovate the deteriorated building
<br />and bring it back to service. Mr. Morrison advised he is representing his
<br />family who has a vested interest in the community and are the primary
<br />investors of this operation.
<br />A discussion ensued on whether the tax grant would be passed on to
<br />tenant companies. Mr. Morrison concurred with Chairman White that other
<br />entities would not get a grant, and that the investors of the project are the
<br />sole recipients of the grant. He noted the grant will enable the project
<br />owners to charge a lower rent and thus attract tenants to the building.
<br />Vice Chairman Mynatt commented on the necessity of revitalizing the
<br />downtown area rather than creating sprawl, and expressed her agreement with
<br />the project getting underway. She noted one of the issues the Board looks at
<br />is employment and wanted to know how many retail stores and offices are
<br />anticipated to open. In response, Mr. Morrison advised they have several
<br />tenants very interested in coming to the building: two medically-related
<br />office users, one of which is between 10,000-30,000 feet; a sandwich/coffee
<br />shop; and several small office users in the 1,000-feet range. He noted it is
<br />very difficult to determine how many jobs it would translate into; however,
<br />it is usually 2-4 jobs per 1,000 square feet of office space, potentially
<br />creating 50-100 jobs.
<br />Commissioner Privette commented on the considerable renovation
<br />currently done on the project and wanted to know what else is slated for the
<br />project. Mr. Morrison stated there is more work to be done on the inside of
<br />the building from installing lights and an elevator to finishing the
<br />corridors. He noted the space is still in a very raw condition, not heated
<br />or lighted. He further noted in order to make the space tenant ready, the
<br />project needs at least $2-$3 million worth of additional work done.
<br />Commissioner Privette questioned Mr. Morrison on whether receipt of the
<br />grant is contingent upon completing the renovation of the building. Mr.
<br />Morrison responded that it is very important to the project. Commissioner
<br />Privette further questioned Mr. Morrison whether the project would be
<br />curtailed if the grant is not received. In response, Mr. Morrison stated he
<br />could not say with certainty but does not want to lose momentum of the
<br />project.
<br />The Grant Analysis for The Creamery Concord, LLC project is as follows:
<br /> Year 1 Year 2 Year 3 Year 9 Yeax 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 $22,680.00 $22,680.00 $22,680.00
<br />Incentive @
<br />858 $19,278.00 $19,278.00 $19,278.00 $19,278.00 $19,278.00
<br />Net Taxes $3,902.00 $3,902.00 $3,902.00 $3,902.00 $3,902.00
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