BC 2009 11 16 Regular Meeting - Laserfiche WebLink

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November 16, 2009 (Regular Meeting) Page 1696 Year 7 $ 690,873.30 $4,352.50 $9,352.50 SBM Solar Equipment Life Expectancy EQUIPMENT COST LIFE EXPECTANCY Tabber/Stringer Machine $950,000.00 7 Years Layout Station $150,000.00 15 Years Sheeting Machines $50,000.00 7 Years Laminator E-LAPV-HV 2394-1 Single Opening Lamination Line $780,000.00 10 Years Mr. Cox advised he is in receipt of the agreement drafted by the County Attorney. He reviewed the "Special Conditions" (Section No. 2) that were requested by the County under "Covenants, Terms, and Conditions" as follows: The County's obligation to make the Grants provided in this Agreement are specifically conditioned upon SBM a) executing a commercial lease binding on SBM for a minimum term of five (5) years at the Site, b) occupying the Site for at least five (5) years after installation of the New Investment business, and c) operating the Facility with at least sixteen (16) new fulltime employees with an average annual wage of $90, 000.00 for no less than five (5) years. In the event that SBM does not fulfill any one or more of these conditions, any Grants not paid will be cancelled and SBM will be required to immediately repay all Grants previously paid. This remedy is in addition to the remedies available to County in Paragraph 9, below. Notwithstanding the other provisions of this paragraph, SBM shall not be obligated to repay any previously paid Grant(s) if SBM is unable to fully comply with the Special Conditions (b) or (c) above, due solely to a financial occurrence or event completely beyond the control of SBM An example of such an occurrence or event is a regional or nationwide emergency or disaster which causes a disruption of commerce generally, not solely for SBM. Mr. Cox responded to several questions from Board members concerning the creation of new jobs, depreciation of personal property, etc. A general discussion ensued. Chairman White advised the definition of personal property is not well defined or understood in the incentive grant and it is uncertain whether the Board has had the opportunity to think through all the issues regarding personal property. He advised the item needs to be discussed further and requested the item be tabled to December 21, 2009. UPON MOTION of Commissioner Carrut h, seconded by Commissioner Privette and unanimously carried, the Board voted to table the item until December 21, 2009. Chairman White affirmed the public hearing for SBM Solar, Inc. will be re-advertised for the December 21, 2009 meeting. He advised the Board will discuss issues of personal property involving incentive grants at the December 7 work session. Mr. Cox questioned whether the Board will consider changing the County's grant process relative to personal property. Chairman White advised the process needs to be further defined in the context of personal property. He noted incentivizing personal property is a completely different process than it is for real property due to depreciation. Note: The Public Hearing Notice was posted on the County's website (www.cabarruscounty.us) on November 9, 2009 in accordance with Article 2, Administration, Section 2.1 (Use of Electronic Means to Provide Public Notices) of the Cabarrus county Code of Ordinances. 11 - Hearing - 6:30 P.M. Susie Morris, Planning and Zoning Manager, reviewed the proposed changes to Chapter 4, Part II, Waterbody Buffer Zone, of the Cabarrus County Zoning Ordinance as identified in Text Amendment No. TEXT2009-00011.