BC 1998 11 30 - Laserfiche WebLink

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94 600,000 square foot development would generate approximately $2.4 million annually in local sales tax. The County's share of this amount would be approximately $1.68 million of which the developer would receive $840,000.00 per year for five years. UPON MOTION of Commissioner Niblock, seconded by Chairman Casper with Commissioners Niblock and Carpenter and Chairman Casper voting for and Commissioner Barnhart voting against, the Board approved the Economic Incentive Agreement among Cabarrus County, the City of Concord, Interstate Combined Ventures and Zamias Services, Inc. for the development of a commercial retail shopping center at King's Grant with the following changes as set forth in a Memorandum dated November 2, 1998 by the County Manager. Section 1. Incentive Grants. Pragraph (b), ADD: "The project must begin construction (acquire building permits based upon approved site plans) within twelve months of the date of award of grant by the County to remain eligible. An extension to the' twelve-month period may be considered by the Board of County Commissioners, but is not required." Section 4. Miscellaneous, Paragraph (b), ADD: "No assignment of contracted rights within this agreement shall occur without specific written consent of all parties." The Agreement, which is pursuant to the Cabarrus County Commercial/Retail Development Incentive Grant Program, is on file in the Office of the County Manager and hereby included by reference as a part of the minutes. Consideration of a Request for a Commercial/Retail Incentive Grant for Fourth Quarter Properties IV, Inc. for the Development of "The Pavilion at Kinqs Grant" Mr. Clifton reviewed the request by Fourth Quarter Properties IV, Inc. for a commercial/retail incentive grant to develop the "The Pavilion at King's Grant." The development would qualify for a Level I grant (25 percent of the County's share of local sales tax). Mr. Leonard Sossamon of Hunter and Brown and representing Fourth Quarter Properties IV, Inc. reviewed the proposal to develop a 450,000 square foot commercial retail shopping center complex at King's Grant. He advised the project would be a power center type development and would be a complimentary type project to the Mills project. Based on projections by Mr. Sossamon, Mr. Clifton estimated County property taxes on the project at $277,000.00 to $330,000.00 per year. Further, he stated the project would generate approximately $1.8 million annually in local sales tax. The County's share would be $1.26 million of which the developer would receive $315,000.00 per year for a period of five years. There was lengthy discussion regarding the proposed project, the creation of additional traffic problems in the area and the five-year time period for the incentives. Commissioner Barnhart stated that he had not yet had the opportunity to study the proposal and therefore could not support it at this time. Commissioner Carpenter again stated for the record the need for the Board to review and "fine tune" the commercial/retail incentive grant program. UPON MOTION of Commissioner Niblock, seconded by Chairman Casper with Commissioners Niblock and Carpenter and Chairman Casper voting for and Commissioner Barnhart voting against, the Board approved the Economic Incentive Agreement among Cabarrus County, the City of Concord, and Fourth Quarter Properties IV, Inc. for the development of "The Pavilion at King's Grant" with the addition of the following wording at the end of Paragraph 2(d): "The grant period shall be five years in length but shall not extend beyond seven years from the date of award by the City/County without specific approval by both."