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November 16, 2009 (Regular Meeting)
<br />Page 1695
<br />(F-16) Parks Department - Carolina Thread Trail Greenway Masterplan
<br />Cabarrus County coordinated the development and operations of a
<br />Greenways Steering Committee encompassing all local government entities in
<br />the County. The purpose of the Committee was to work with Carolina Thread
<br />Trail Office, a Greenway Planner, and the citizens in the development of a
<br />new Greenway Plan for Cabarrus County. This plan will not only identify
<br />potential Greenway corridors, but will establish a corridor for the Carolina
<br />Thread Trail, a 15-County Regional Plan for alternative connectivity.
<br />There were three (3) public meetings, postings on County and Municipal
<br />web-sites, on-line surveys, paper surveys, local media outlets (newspapers,
<br />local cable TV, and Channel 22), and presentations to all local government
<br />units. All local government units adopted the proposed Resolution of Support
<br />for the Carolina Thread Trail as well. Additionally, the Cabarrus County
<br />Park Commission (8/20/2009 meeting) and the Cabarrus County Zoning Board
<br />(9/17/2009 meeting) recommended the proposed plan to the BOC for
<br />consideration. At the October agenda meeting the Board requested additional
<br />information regarding notification of affected property owners.
<br />UPON MOTION of Commissioner Carrut h, seconded by Commissioner Privette
<br />and unanimously carried, the Board approved the Final Draft of the Carolina
<br />Thread Trail - Cabarrus County Greenway Masterplan as a revision to the
<br />Livable Community Blueprint Plan (approved 2002) with the understanding that
<br />adjacent property owners to the proposed route will be notified before
<br />development of a specific section of the plan therefore leading to the
<br />possibility that the proposed route may vary.
<br />(G) NEW BUSINESS
<br />(G-1) EDC - Economic Development Grant Request for SBM Solar, Inc. and
<br />Public Hearing - 6:30 P.M.
<br />John Cox, President and CEO of the Cabarrus Economic Development
<br />Corporation (EDC) presented a request for an industrial grant on behalf of
<br />SBM Solar, Inc. He gave a brief background summary on the owner and creator
<br />of SBM Solar, Inc., Dr. Osbert Cheung, PhD and his wife. He provided the
<br />following information on SBM Solar, Inc.: the company is working on projects
<br />for Concord Regional Airport, the City of Concord and Charlotte Douglas
<br />Airport; the company manufactures solar panels and has been domiciled in
<br />Cabarrus County in Concord since 2002; the company plans to make a local
<br />expansion and lease a 22,000 square foot space; the company currently has
<br />four (4) employees with an annual payroll between $250,000 - $500,000; the
<br />company plans to add sixteen (16) full-time employees with an annual wage of
<br />$90,000.00; and the company plans to invest $1.3 million in equipment.
<br />The grant analysis outlined by Mr. Cox is as follows:
<br /> Year 1 Year 2 Year 3 Year 9
<br />Total Assessed Value 51,300,000. 00 $1,300,000. 00 $1,300,000. 00 $1,300,000. 00
<br />County Taxes at .63 58,190. 00 $8,190. 00 $8,190. 00 58,190. 00
<br />Incentive @ 85~ 56,961. 50 $6,961 .50 56,961. 50
<br />Net Taxes to County $1,228. 50 51,226 .50 $1,228. 50 $8,190. 00
<br /> 3 Year Taxes $29,570. 00
<br /> 3 Year Incentive 520,889. 50
<br /> 3 Year Net Revenue 53,685. 50
<br />Mr. Cox also reviewed the following information:
<br />Depreciation Schedule
<br />SBM Solar
<br />Depreciation Schedule, 10$
<br />Investment - $1,300,000
<br />
<br />Year Investment County Tax (.63) 65o Grant Net to County
<br />Year 1 $1,300,000.00 $8,190.00 $6,961.50 $1,228.50
<br />Year 2 $1,170,000.00 $7,371.00 $6,265.35 $1,105.65
<br />Year 3 $1,053,000.00 $6,633.90 $5,638.82 $ 995.09
<br />Year 4 $ 947,700.00 $5,970.51 $5,970.51
<br />Year 5 $ 852,930.00 $5,373.46 $5,373.46
<br />Year 6 $ 767,637.00 $9,836.11 $4,836.11
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