BC 1998 11 30 - Laserfiche WebLink

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93 UPON MOTION of Commissioner Niblock, seconded by Commissioner Carpenter with Commissioners Niblock and Carpenter and Chairman Casper voting for and Commissioner Barnhart voting against, the Board authorized the Chair to sign a letter of support from the Board for the Department of Social Services' proposed project to administer Individual Development Accounts. L.I.F.E. Center Construction Fundinq Assistance Request The Board reviewed the November 16th request by the L.I.F.E. Center for assistance in funding $360,000.00 either by a matching grant or a loan to the Center. Instead of a direct local governmental subsidy to the non-profit organization, Mr. Clifton suggested that the Board may want to consider the possibility of assuming the cost for an additional access connection to Lenmore Drive as a direct benefit to the County's Senior Center. The estimated cost for the access connection was $50,000.00. Mr. Alex Rankin, L.I.F.E. Center Building Committee Co-Chair, was present to answer questions regarding the funding request and construction of the new facility. There was discussion about the proposed new L.I.F.E. Center, including the construction costs, the $360,000.00 shortfall in funding, and fundraising efforts by the Center. Mr. Rankin advised the project included plans for 40 to 50 parking spaces that could be used by the Senior Center as well as the L.I.F.E. Center. He estimated the construction cost of the parking lot at $50,000.0O to $60,0O0.00. UPON MOTION of Commissioner Niblock, seconded by Commissioner Barnhart and unanimously carried, the Board approved the $50,000.000 for the access road work and another $50,000.00 for the parking lot for a total of $100,000.00 to be spent towards the road work and parking facility to serve both the Senior Center and the new L.I.F.E. Center. Further, the Board authorized associated budget amendments to provide this funding. Consideration of Request for a Commercial/Retail Incentive Grant for Interstate Combined Ventures and Zamias Services, Inc. Mr. Clifton reviewed the request by Interstate Combined Ventures and Zamias Services, Inc. for an incentive grant to develop a retail shopping center across the street from Concord Mills Mall. He stated the proposed development of 600,000 square feet of retail space would qualify for a Level II grant (50 percent of the County's share of local sales tax). However, for the project to qualify for the grant, the minimum retail sales generated must equal or exceed $200.00 per square foot of gross leasable area. Commissioner Niblock made a motion, seconded by Chairman Casper, to approve the Incentive Grant Agreement with the additions as outlined in the November 2, 1998 memorandum by Mr. Clifton. Commissioner Barnhart stated he had not yet had time to study the proposal and therefore could not support the incentive grant at this time. Further, Commissioner Barnhart asked that staff work on a cost benefit analysis package for any incentives considered in the future. Commissioner Carpenter stated for the record the need for the Board to review and "fine tune" the County's commercial/retail incentive program. Mr. Bill Burk, President of Landex, Inc., reviewed the plans for the proposed commercial retail shopping center and the company's efforts over the past ten (10) years to develop King's Grant. He urged the Board to approve the incentive request, stating the proposal is consistent with the County's current commercial/retail incentive program. During his presentation, Mr. Burk addressed such issues as the development of the project by a local company, the success of King's Grant, the importance of the timing of the proposed project, the new Concord Mills Mall and the uncertainty of future incentive grants in Cabarrus County. He reported that King's Grant would generate approximately $25 million in revenue for the County and the City of Concord. According to Mr. Burk, the development of at least 600,000 square feet would represent a $60 million investment by the company. There was lengthy discussion regarding the proposed project, its benefit to Cabarrus County and the County's incentive program. Mr. Clifton pointed out he has continued to modify the incentive agreements but had not received input from the Board regarding modifications to the policy. Based on projections by Mr. Burk, Mr. Clifton estimated County property taxes on the project at $420,000.00 to $500,000.00 per year. Further, he estimated the