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June 4, 2007 (Work Session)
<br />Page 389
<br />There are grant opportunities; however, they are unlikely to be
<br />funded. Even if funded through a grant, Cabarrus County would have
<br />to contribute well over $1 million to the project if carried out as
<br />proposed in the Fishertown Sewer Assessment Report. Low interest
<br />loans are an option; however, assessments could make the sewer bill
<br />very high. The low interest loans through Rural Development also
<br />would require a non profit agency to be created. This could be
<br />problematic for a long term loan such as 30 to 90 years.
<br />In the past, it was suggested that reducing the project area might
<br />' increase the competitiveness of the proposal; however, the
<br />questionable eligibility of the area still exists. Area A in the
<br />Fishertown Assessment, which includes Harvard, Yale, Bahama, and
<br />Princeton streets, would cost approximately $339,312 to serve.
<br />County Match would be a minimum of $89,000 under either program.
<br />There are approximately 22 homes that would be served at a cost of
<br />$15,196 per structure. (2001 estimates)
<br />Finally, I have attached a copy of the City of Kannapolis' CIP. The
<br />City of Kannapolis does have a $2.9 million Fishertown project in
<br />their CIP. I do not know if it is the same project as described in
<br />the preliminary engineering report. The project is on the CIP for
<br />future projects which puts it out past FY 2011.
<br />There was a general discussion by Board members on the following
<br />topics: possibly adopting a resolution asking Kannapolis to annex the
<br />Fishertown Community; how much it will cost and how long it will take to
<br />install sewer lines; and possibly meeting with Kannapolis to discuss
<br />annexation and sewer issues, etc.
<br />Ms. Sifford and Jonathan Marshall, Commerce Director, responded to a
<br />variety of questions throughout the presentation.
<br />UPON MOTION of Commissioner White, seconded by Commissioner Privette
<br />and unanimously carried, the Board asked Vice Chairman Juba and Commissioner
<br />Mynatt to meet with Kannapolis officials to discuss sanitary sewer and
<br />annexation issues in the Fishertown Community.
<br />Industrial Development Incentive Grant - Great Wolf Resorts, Inc.
<br />John Cox, President/CEO, Ryan McDaniels, Director of Economic
<br />Development, and DeSales Wagster, President/CEO of the Cabarrus County
<br />Convention & Visitors Bureau presented information on an Industrial
<br />Development Incentive Grant request by Great Wolf Resorts, Inc., a family
<br />entertainment resort.
<br />Mr. McDaniels reported Great Wolf is considering locating a 100,000 sq.
<br />ft. site on Weddington Road Extension in Concord; the projected investment is
<br />approximately $100 million; and includes the creation of approximately 900
<br />new jobs for the county. Next, he reviewed the grant analysis as follows:
<br />
<br /> Year 1 Year 2 Year 3 Year 9 Year 5
<br />Total
<br />Assessed
<br />Value $100,000,000 $100,000,000 $100,000,000 $100,000,000 $100,000,000
<br />County
<br />Taxes at
<br />.63 $630,000 $630,000 5630,000 $630,000 5630,000
<br />Incentive
<br />@ 858 $535,500 $535,500 $535,500 $535,500 $535,500
<br />Net Taxes
<br />to County $99,500 $99,500 599,500 599,500 599,500
<br />This document is for calculation purposes only. The numbers 5 Year Taxes $3,150,000
<br />computed here are estimated based on general assumptions 5 Year
<br />provided by the client, the Cabarrus county Tax office and the
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<br />i Incentive $2,677,500
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<br />vary. Incentives subject to CEDB approval and governmental 5 Year Net
<br />body approval. Revenue $972,500
<br />He further reported the Cabarrus Economic Development Corporation Board
<br />of Directors recommends approval of the incentive grant for a five-year
<br />period to compensate for $15 million in incentives offered by the South
<br />Carolina Tourism Board and S.C. Department of Commerce that cannot be matched
<br />by North Carolina.
<br />Ms. Wagster reported on the additional tax benefits the project will
<br />generate as follows: the CVB will receive a $1.21 million boost from the
<br />project; during the first year of the grant, the County will receive
<br />
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