BC 2005 12 19 REGULAR - Laserfiche WebLink

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December ~9f 2005 - Regular Meeting Page 450 2. These estimates shall be reviewed and approved by a consulting engineer chosen by the County. The applicant for a bond/letter of credit shall be responsible for all costs associated with the outside engineering review. 3. A cash deposit held by Cabarrus County, letter of credit or performance bond by a lender of surety acceptable to the County shall be made out to Cabarrus County in the amount of 125% of the costs determined in step 2 above. 4. The final map of the subdivision shall be approved and recorded. Prior to the reduction or release of the 125% amount required in step 3 above for completion of improvements(s), the following information must be provided, on an application form provided by the Cabarrus County Department of Commerce, when applicable: 1. Proof satisfactory to the County that the applicable improvement (s) has been made to the required specifications. 2. Proof satisfactory to the County that payment in full has been made to the applicable contractor and/or agency for the improvement(s). Upon proof of completion satisfactory to the County, of the required improvement(s), the amount that had been required for that improvement(s) may be released from the total amount required. The total amount of the letter of credit or bond for required improvements may be released when all improvements are complete, and the above information has been provided. The County may employ a consulting engineer to review requests for full or partial releases. The applicant shall be responsible for all costs associated with the outside engineering review. Adopted this the 19th day of December, 2005. /s/ Robert W. Carruth Chairman, Board of Commissioners ATTEST: /s/ Frankie F. Bonds Clerk to the Board Ordinance Numbers 23, 24 and 25 amending the Cabarrus County Zoning Ordinance are on file in the Office of the County Manager. (H-3) Incentive Grant Request for S. Te Motorsports, Ince Ryan McDaniels of the Cabarrus Economic Development Corporation (CEDC) reported S. T. Motorsports, Inc., plans to relocate to Harrisburg and upfit an existing building. The company plans to spend $800,000.00 on building improvements and $5,750,000.00 for equipment for a total estimated investment of $6,550,000.00. He said the race team recently announced that it will be offering a Nextel Cup team in addition to its Busch team. The company was eligible for a Level 1 incentive grant pursuant to the Industrial Incentive Development program guidelines effective January 1, 2004. Mr. McDaniels further reported the incentive request was approved by the CEDC Board and by the Harrisburg Town Council. At 10:59 p.m., Chairman Carruth opened the public hearing proposed incentive grant for S. T. Motorsports, Inc. The public notice was published in THE INDEPENDENT TRIBUNE on December 8, 2005. on the hearing There was no one present to address the Board, and Chairman Carruth closed the public hearing. commissioner Privette commented on the location of other racing teams in Cabarrus County. He questioned the need for an incentive grant, stating racing teams were attracted to this area due to the location of Lowes Motor Speedway. UPON MOTION of Commissioner Carpenter, seconded by Commissioner Juba with Chairman Carruth, Vice Chairman Juba and Commissioners Carpenter and Freeman voting for and Commissioner Privette voting against, the Board approved the incentive grant subject to the negotiation and execution of a definitive agreement between Cabarrus County and S. T. Motorsports, Inc., as outlined in the Industrial Development Grant Program, with authorization