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July 21, 2008 (Regular Meeting) <br />MIDLAND F/D $0.00 <br />MT. MITCHELL F/D $0.00 <br />MT. PLEASANT F/D $0.00 <br />NORTHEAST F/D $9.20 <br />ODELL F/D $0.00 <br />POPLAR TENT F/D $0.00 <br />RICHFIELD F/D $0.00 <br />RIMER F/D $0.00 <br />WINECOFF F/D $0.00 <br />(G) NEW BUSINESS <br />Page 908 <br />(G-1) Industrial Development Incentive Grant - Saddle Creek Corporation - <br />Public Hearing - 6:30 p.m. <br />Ryan McDaniels, with the Economic Development Corporation (EDC), <br />requested a public hearing be held to consider an Industrial Development <br />Incentive Grant for the Saddle Creek Corporation. <br />Samantha Moose, EDC Existing Industry Specialist, gave the following <br />overview of Saddle Creek Corporation: the corporation has been located in <br />Harrisburg since 2002; the company is a third-party logistics company <br />currently employing 195 employees; the company will provide an investment of <br />$11,026,000.00 ($10,700,000 - real estate; $326,000 - equipment)and plans to <br />construct a 30,000 square foot building; and the company will create 31 new <br />full time jobs (29 hourly and 2 salaried) with an average wage of $16.00 per <br />hour. <br />Mr. McDaniels stated the grant analysis has been readjusted since the <br />work session and reviewed the following updated grant analysis: <br /> Year 1 Year 2 Year 3 Year 9 <br />Total Assessed <br />Value <br />$11,026,000. <br />00 <br />$11,026,000. <br />00 <br />$11,026,000. <br />00 <br />$11,026,000.00 <br />County Taxes at <br />.63 <br />569,963. <br />80 <br />$69,963. <br />80 <br />$69,963. <br />80 <br />$69,963.80 <br />Grant @ 858 559,099. 23 $59,099. 23 $59,099. 23 <br />Net Taxes to <br />County <br />$10,919. <br />57 <br />$10,919. <br />57 <br />$10,919. <br />57 <br />$69,963.80 <br /> 3 Year Taxes 5208,391.90 <br /> 3 Year <br />Incentive <br />$177,132.69 <br /> 3 Year Net <br />Revenue <br />$31,258.71 <br />Mr. McDaniels responded to a question regarding the breakdown of the <br />investment and stated the total investment is approved with the Tax <br />Department. Note: A breakdown of personal equipment was provided to the <br />Board as supplemental information. <br />Chairman White opened the public hearing at 6:43 p.m. The Public <br />Hearing Notice was published on June 10, 2008 in THE INDEPENDENT TRIBUNE and <br />in THE CHARLOTTE OBSERVER (Your Week in Cabarrus). <br />There was no one present to address the Board; therefore, Chairman <br />White closed the public hearing. <br />Vice Chairman Juba MOVED to authorize a three-year incentive grant to <br />the Saddle Creek Corporation, equivalent to 85 percent of the ad valorem <br />taxes on the total project investment of $12 million and authorize the County <br />Manager and County Attorney to conclude the negotiations and execute the <br />agreement. <br />Commissioner Privette expressed opposition to the incentive grant and <br />stated his intent to vote against the motion. <br />The MOTION carried, with Chairman White, Vice Chairman Juba and <br />Commissioners Carruth and Mynatt voting for and Commissioner Privette voting <br />against. <br />9 - Public Hearing - 6:30 p.m. <br />Bob Bushey, Transportation Operations Manager, reported a Rural <br />Operating Assistance Program (ROAP) grant request of $227,720.00 will be <br />submitted to the North Carolina Department of Transportation and includes <br />