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January 22, 2008 (Regular Meeting)
<br />Laea
<br />Pu mhases/Architecture
<br />Page 690
<br />Fees 3]0,568 ° 305,391 ° 900,806 ° 416,839 ° 433,512 °
<br />Capital Outlay Expense
<br />Footling 451,224 5]5,000 ~ 540,000 583,200 629,856
<br />Subtotal Kannapolis Ci[y
<br />Schools 951,224 13,80],560 925,391 22,484,006 1,096,695 933,512
<br />Rowan Cabaaus Community
<br />College
<br />Additional Campus Bldg -
<br />Design/Build 10,000,000
<br />Subtotal RCCC 10,000,000
<br />Land/Architect/Engineering
<br />eunds 3,500,000 3,500,000 3,500,000 3,500,000 3,500,000 -
<br />SUBTOTAL EDUCATION 56,)01,224 206,695,111 9,309,]16 106,850,102 111,352,]49 19,693,402
<br />GRAND TOTAL - CABARRUS
<br />COUNTY - 131,960,081 22],428,495 13,]]0,188 110,010,5]9 119,180,9]1 22,113,902 16,400,000
<br />capital Reserve Fund (1,fi0],362) (9,050,000) (1,]00,000) (1,000,000) (2,050,0007
<br />Grants 200,000)
<br />Landfill Enterprise Fund (560,000) (5]0,000) (425,000)
<br />COPB Funding (]0,000,000) (58,638,000)
<br />GO Bonds (48,000,000) 1845,000)
<br />Adequate Public Facility
<br />Fund (1,224,23]) (3,500,0001 13,500,0007 13,500,000) (3,500,000) (3,500,000)
<br />Lottery eroceeds -
<br />Cabasus (2,fi19, 593) (2,]24,3251 12,833,296) (2,946,630) (3,064,495)
<br />Lottery Proceeds -
<br />Kannapolis (3]0,560) 1305,391) (900,806) (416,839) (433,512)
<br />Other 11,631,882)
<br />Undetermined Debt
<br />Instrument (151,460,000) (99,]00,0007 (106,340,000) 110,000,000) TBD
<br />GENBRAL FUND TOTAL - CIP 8,236,600 5,395,304 5,043,402 ),504,4]2 3,92],502 5,115,395 16,400,000
<br />' Indicates New Project Added Since Last Year's CIP
<br />' Capital Reserve Funding
<br />~ Certificate of Participation (COPS) Funding
<br />' Funding Provided by Federal Grant and Capital Reserve Fund
<br />' Funding Provided in Solid Waste Enterprise Fund
<br />s General Obligation Bond (GO) Funding
<br />z General Fund, Adequate Public Facilities Fee, COPS III, $98 million Bond Fund
<br />] General Fund and Capital Reserve Funding
<br />e Lottery Proceeds
<br />e Debt Proceeds to be Determined
<br />' Indicates a Final Budget Change
<br />(G) NEW BUSINESS
<br />(G-1) Industrial Development Incentive Grant Request - Fly Right, Inc. -
<br />Public Hearing - 6:30 p.m.
<br />Ryan McDaniels, Director of Economic Development with the Cabarrus
<br />Economic Development Corporation (EDC), reported Fly Right, Inc. is
<br />considering relocating to Cabarrus County and would be the only flight
<br />simulator training provider in North Carolina. He estimated the company's
<br />investment to be approximately $4 million (equipment) with some investment
<br />towards an upfit of a facility in Westwinds Business Park. He reviewed the
<br />following grant analysis:
<br />Phase I Year 1 Year 2 Year 3 Year 9
<br />Total Assessed Value $9,000,000.00 $9,000,000.00 $9,000,000.00 $9,000,000.00
<br />County Taxes at .63 $25,200.00 $25,200.00 $25,200.00 $25,200.00
<br />Incentive @ 65~ $21,920.00 521,920.00 $21,920.00
<br />Net Taxes to County $3,780.00 $3,780.00 $3,780.00 $25,200.00
<br /> 3 Year Taxes $75,600.00
<br /> 3 Year
<br />Incentive
<br />$69,260.00
<br /> 3 Year Net
<br />Revenue
<br />$11,390.00
<br />He further reported Phase I includes ten new full-time positions with an
<br />average wage of $30 per hour; and will add approximately 1,200 room nights to
<br />Cabarrus County's hotels.
<br />Mr. McDaniels responded to a variety of questions from the Board
<br />related to: the company's history; number of employees; calculation of hotel
<br />nights; does the company have a flight simulator operating now; the amount of
<br />the incentive grant; did the company receive incentives at its present
<br />location; etc.
<br />Chairman White opened the public hearing at 7:16 p.m. The Public
<br />Hearing Notice was published on January 10, 2008 in THE INDEPENDENT TRIBUNE
<br />and in THE CHARLOTTE OBSERVER (Cabarrus Neighbors).
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