BC 2009 11 02 Work Session - Laserfiche WebLink

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November 2, 2009 (Work Session) Page 1676 Total Assessed Value $1,300,000.00 $1,300,000.00 $1,300,000.00 $1,300,000.00 County Taxes at .63 $8,190.00 $8,190.00 $8,190.00 $8,190.00 Incentive @ 858 $6,961.50 $6,961.50 $6,961.50 Net Taxes to County $1,228.50 $1,228.50 $1,228.50 $8,190.00 3 Year Taxes $29,570,00 3 Year Incentive $20,889.50 3 Year Net Revenue $3,685.50 Ms. Wilson responded to questions from the Board. Issues addressed included the following: the depreciation schedule (not shown or provided to the Board) is for seven (7) years for equipment to be purchased; the company plans to expand and purchase the 57,000 square foot facility in year 2 of the grant; if the facility is not purchased in year 2, it will be purchased in year 3; the facility is conducive for expansion and the company plans to up- fit the older building, which is currently vacant; the company will start with one shift and advance to three shifts thereby increasing the number of new jobs to 60; and currently there is no contract in place to purchase the facility. Richard Koch, County Attorney, responded to questions from the Board and advised he prepared a draft of the incentive grant agreement for the SBM Solar proposal based on the Fly Right model which incorporates clawback provisions. He noted Fly Right was required to execute a lease for a minimum of five (5) years and this same clawback provision is in SBM's draft grant agreement. He stated he was unaware that SBM Solar is contemplating purchasing the property in year two (2) and that the agreement can be revised. He also advised SBM Solar has not reviewed the draft agreement. UPON MOTION of Commissioner Carruth, seconded by Commissioner Poole and unanimously carried, the Board voted to place the Incentive Grant Request for SBM Solar, Inc. on the November 16, 2009 Agenda as a New Business item. By the same vote, the Board scheduled a public hearing for 6:30 p.m. Closed 3esaion UPON MOTION of Commissioner Carruth, seconded by Commissioner Privette and unanimously carried, the Board moved to go into Closed Session Pursuant to NCGS 143-318.11(a)(9)and (5), to discuss the location or expansion of a business/industry and to establish or instruct the public body's staff or negotiating agents concerning the position to be taken by or on behalf of the public body concerning the price for the acquisition of real property. Mike Downs, Deputy County Manager, and Ryan Mc Daniels, Cabarrus EDC, were invited into the closed session. UPON MOTION of Commissioner Privette, seconded by Commissioner Poole and unanimously carried, the Board moved to come out of closed session at 6:13 p.m. Adjourn UPON MOTION of Commissioner Privette, seconded by Commissioner Poole, and unanimously carried, the meeting adjourned at 6:13 p.m. Cler to B rd