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May 17, 2004 Page 466 conclude in year ten. However, he explained the total number of years would increase if a phase goes beyond a 12-month period to 18 months. At 7:52 p.m., Chairman Freeman opened the public hearing on the Industrial Incentive Grant for Prairie Packaging, Inc. The Public Hearing Notice was published in THE INDEPENDENT TRIBUNE on May 5, 2004. Mr. Thomas B. Hill of 10896 Pioneer Mill Road, Concord, stated opposition to the incentive grant. He stated he was appreciative of the Board's efforts to attract new jobs to Cabarrus County but objected in principle to incentive grants. There was no one else to address the Board, and Chairman Freeman closed the Public Hearing at 7:55 p.m. Ms. Porter and Mr. Parmer responded to questions regarding the targeted number of jobs by PPI for each phase. They explained that the company would need to maintain a minimum of 75 percent of its targeted number of jobs in order to remain eligible for the incentive grant. UPON MOTION of Vice Chairman Suggs, seconded by Commissioner Privette and unanimously carried, the Board approved the incentive grant for Prairie Packaging, Inc., subject to the negotiation and execution of a definitive agreement between Cabarrus County and Prairie Packaging with authorization granted to County Manager John Day and County Attorney Marilyn Porter to conclude the negotiations. (G-4) Proposed Industrial Incentive Grant - Bonitz Contracting Ryan McDaniels (CEDC) reported Bonitz Contracting, Inc., plans to construct a 48,000 square foot facility in the International Business Park and plans to employ approximately 175 persons at an average wage of $16.18 an hour. The estimated project investment is $3 million in real estate and equipment estimated at $300,000.000 Mr. McDaniels said Bonitz qualifies for an incentive grant at fifty percent or approximately $47,964.60 with a net tax revenue of approximately $49,665.17 to the County. UPON MOTION of Commissioner Privette, seconded by Vice Chairman Suggs and unanimously carried, the Board endorsed the Incentive Grant for Bonitz Contracting, Inc., and scheduled a public hearing at 5:00 p.m. on May 31, 2004. (G-5) Proposed Industrial Incentive Grant for Hendrick Motorsports Ryan McDaniels (CEDC) reported Hendrick Motorsports requests an incentive grant to assist in its continued expansion. The company plans to spend $11 million on real property improvements and $800,000.00 on equipment. Hendrick Motorsports qualifies for an incentive grant at 65 percent or approximately $168,051.52 with a net tax revenue of $158,294.53 to the County. Eight new jobs would be created with an average annual salary of $50,000.O0. UPON MOTION of Commissioner Privette, seconded by Commissioner Carruth and unanimously carried, the Board endorsed the Incentive Grant for Hendrick Motorsports and scheduled a public hearing at 5:00 p.m. on May 31, 2004. (G-6) Industrial Incentive Grant for Oiles America ' Ryan McDaniels (CEDC) reported Oiles America, a manufacturer of self- lubricating bearings, plans to build a 32,120 square foot addition to its facility located in the International Business Park. The estimated real estate investment is $2.75 million and equipment valued at $3.15 million. This addition will house 20 employees, bringing the Concord workforce to 100. Oiles America qualifies for an incentive grant of 65 percent or approximately $69,633.20. The net tax revenue to the County is estimated at $76,164.48. UPON MOTION of Commissioner Privette, seconded by Vice Chairman Suggs and unanimously carried, the Board endorsed the Incentive Grant for Oiles America and scheduled a public hearing at 5:00 p.m. on May 31, 2004. (G-7) Proposed 2004-2005 Secondar~ Roads Construction Program for Cabarrus County D. Ritchie Hearne, P. E., District Engineer with the North Carolina Department of Transportation, presented the following Proposed 2004-2005 Secondary Roads Construction Program for Cabarrus County. The Public Notice