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October 15, 2007 (Regular Meeting) Page 582 Incentive @ 65~ $23,299.25 523,299.25 523,299.25 Net Taxes to County 59,110.75 $9,110.75 $9,110.75 $27,905.00 3 Year Taxes $82,215.00 3 Year Incentive $69,882.75 3 Year Net Revenue $12,332.25 Finally, he reported the EDC Board of Directors approved this request at their September meeting and he responded to questions from the Board on the creation of new jobs for Cabarrus County residents. Chairman Carruth opened the public hearing at 7:35 p.m. The Public Hearing Notice was published on October 9, 2007 in THE INDEPENDENT TRIBUNE and in THE CHARLOTTE OBSERVER (Cabarrus Neighbors). There was no one present to address .the Board; therefore, Chairman Carruth closed the public hearing. Vice Chairman Juba MOVED to authorize a 3-year incentive grant to Overhead Door of Company of Charlotte, equivalent to 85 percent of the ad valorem taxes on the total projected project investment of $9,350,000.00 and authorized the County Manager and County Attorney to conclude negotiations and execute the agreement. Commissioner White seconded the motion. Commissioner Privette commented on the unfairness of incentive grants for existing businesses and stated his intention to vote against the motion. The MOTION carried with Chairman Carruth, Vice Chairman Juba and Commissioners Mynatt and White voting for and Commissioner Privette voting against. (G-2) Approval of Memorandum of Understanding Between Cabarrus County and NOLIM GROUP S.A. for Road Construction Costs for Commercial Real Estate nc..cl n.,roe„r Al nnrr Fortune Avenue Extension & Related Public Hearing - 6:30 P•m. Clay Andrews with the Cabarrus Economic Development Corporation (EDC), commented on the need to bring more business and industrial investments into the County to help balance residential growth. Even though not every job created by an incentive grant is filled by a Cabarrus County resident, he said non-residents do not impact school seats and they support the County by its buying goods and services. He also commented on the County being at a disadvantage due to a lack of high-quality industrial sites. He reported the International Business Park is home to 2,100 jobs and approximately $100 million in new investment. In an effort to stay competitive in the Charlotte Region, he said the owners of the Park have constructed a new 1,900 foot-long access road that will open up approximately 117.08 acres of property. He further reported the EDC has invested in this property by having it certified and placed on the "Certified Site" list with N.C. Department of Commerce. He said the owners have asked Concord and the County to contribute one-third of the road construction costs and related improvements to make the sites ready for sale. He asked the Board to enter into such an agreement based on the Memorandum of Understanding set forth in the agenda packet. Chairman Carruth opened the public hearing at 7:41 p.m. The Public Hearing Notice was published on October 9, 2007 in THE INDEPENDENT TRIBUNE and THE CHARLOTTE OBSERVER (Cabarrus Neighbors). Sean Walker, the Attorney representing the owners of the International Business Park, stated his availability to respond to questions. Ann Marie Keene, resident of 5192 Grand Canyon Rd. in Concord, stated she has been given erroneous information by real estate agents and that her property backs up to the International Business Park. She asked for assistance in finding answers to the following questions concerning the extension of Fortune Drive: where is it coming through and why anyone in her community has not heard about this project. Utilizing the overhead projector, Mr. Andrews pointed out the location of the access road and explained that the road will be confined to the property of the business park. There was further discussion on the existing roads in the business park and who paid for them.