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July 31, 2006 (Recessed Meeting) Page 26 found guilty of a felony, the incentive grant will be cancelled and all monetary benefits from the grant will be refunded back to Cabarrus County. (C-2) Industrial Development Incentive Grant for Double 0 Plastics, Inc. Public Hearing - 6:00 p.m. Jerry Saunders, Senior Executive with Cabarrus Economic Development Corporation (EDC) , presented a request by Double 0 Plastics, Inc. , for a three-year incentive grant equivalent to 85 percent of the ad valorem taxes on the new investment. He said the plastic injection molding company currently employs 35 people and is located at 4501 Republic Drive in Concord. He reported the company has steadily increased its sales and workforce over the past few years. The company plans to construct a 35,000 square foot building at a new location on Biscayne Drive in Kannapolis. The projected investment is approximately $2.3 million ($1.7 million real estate and $600,000.00 in equipment). Ten new full-time jobs are to be created. Based en the projected level of investment on a three-year incentive grant at 85 percent, Mr. Saunders said the company would pay an estimated $41,504.65 in County taxes and receive an incentive of $35,278.95. Chairman Carruth commented on the approval of incentive grants in the past for the expansion of existing companies within Cabarrus County and identified several grantees. Mr. Saunders responded to a variety of questions on the proposed incentive grant and stated the grant structure is beneficial to small businesses. He pointed out Double 0 Plastics has no room for expansion at its current location. At 6:50 p.m., Chairman Carruth opened the Industrial Development Incentive Grant for Double Public Hearing Notice was published on July 18, TRIBUNE. public hearing on the o Plastics, Inc. The 2006 in THE INDEPENDENT Harold Smith of 108 Edinburg Drive in Kannapolis stated his opposition to tax incentives. He said he ran a state-wide sales organization before he retired and often encountered salesmen who did not know how to present value to the customer. Likewise, he said the County does not know how to present the value of the County to people who want to come here. Mr. smith said the County does not need to give away tax money to entice people to come here. He said the County needs the money to build schools, pay for social services, etc., and does not need to give companies a "free ride." Finally, he said it was time to rethink this policy. with there being no one else to address the Board, Chairman Carruth closed the public hearing at 6:53 p.m. UPON MOTION OF Commissioner Carpenter, seconded by Chairman Carruth with Chairman Carruth, Vice Chairman Juba and Commissioners Carpenter and Freeman voting for and Commissioner Privette voting against, the Board waived the current Industrial Development Incentive Grant program guidelines for Double 0 Plastics, Inc. vice Chairman Juba made a MOTION to approve a three-year incentive grant for Double 0 Plastics, Inc., equivalent to 85 percent of the ad valorem taxes on the anticipated total proj ect investment of $2.3 million and to authorize the County Manager and the County Attorney to conclude the negotiations and execute the Agreement. Commissioner Carpenter seconded the motion. Commissioner Privette stated there are a number of successful businesses in Cabarrus County that employ more than 35 people and do not ask the County for a hand out. He objected to incentives, stating they are not needed and companies will come here anyway. Commissioner Carpenter commented on the importance of helping existing businesses. After further discussion, Commissioner Privette acknowledged Grace Mynatt, who was in the audience. He commented on the growth of the Ben Mynatt companies over the years and said incentives are unfair to companies like Ms. Mynatt's. Chairman Carruth recognized Ms. Mynatt for comments.