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August 20, 2018 (Regular Meeting) Page 3674
<br />Note: Due to the transition of motor vehicles onto the new North Carolina
<br />Vehicle Tax System (NCVTS), motor vehicle -related refunds and releases will
<br />begin to be displayed on the new report generated by NCVTS.
<br />UPON MOTION of Commissioner Kiger, seconded by Vice Chairman Honeycutt
<br />and unanimously carried, the Board approved the July, 2018 Refund and Release
<br />Reports as submitted, including the NCVTS Refund Report, and granted authority
<br />to the Tax Collector to process the refunds and releases. The report is hereby
<br />incorporated into the minutes by reference and is on file with the Clerk to the
<br />Board.
<br />(G) NEW BUSINESS
<br />(G-1) Economic Development Investment - Project Griffin - Public Hearing 6:30
<br />p.m.
<br />Samantha Grass, Economic Development Corporation, Recruitment Project
<br />Manager, presented a request for an economic development investment for Project
<br />Griffin/Griffin Industrial Realty. Project Griffin proposes to construct two
<br />industrial spec buildings at the intersection of Poplar Tent Road and
<br />International Drive. The projected investment is $12,800,000 in real property.
<br />A three-year grant equivalent to 85 percent of the ad valorem taxes on the
<br />increase in real property is requested. A public hearing is required.
<br />Cabarrus County Economic Development Grant Analysis - Project Griffin
<br />Chairman Morris opened the public hearing at 7:16 p.m. The public hearing
<br />notice was posted on the County's website (www.cabarruscounty.us) on August 8,
<br />2018 in accordance with Article 2, Administration, Section 2.1 (Use of
<br />Electronic Means to Provide Public Notices) of the Cabarrus County Code of
<br />Ordinances.
<br />There was no one present to address the Board; therefore, Chairman Morris
<br />closed the public hearing.
<br />UPON MOTION of Commissioner Shue, seconded by Vice Chairman Honeycutt and
<br />unanimously carried, the Board approved an economic development speculative
<br />industrial agreement (3 years, 85 percent) between Project Griffin (Griffin
<br />Industrial Realty) and Cabarrus County, and authorized the County Manager to
<br />execute the Agreement on behalf of the Board, subject to review or revision by
<br />the County Attorney.
<br />(G-2) Economic Development Investment - Project Key - Public Hearing 6:30 p.m.
<br />Robert Carney, Jr., Economic Development Corporation, Executive Director,
<br />presented a request for an economic development investment for Project
<br />Key/Keysteel Corporation. Project Key proposes to construct two buildings,
<br />77,000 square feet each, in Midland at the intersection of Highway 601 South
<br />and Wallace Road with a proposed investment of approximately $10,900,000 in
<br />real and personal property. Additionally, the project will create 25 full-time
<br />jobs. A five-year grant equivalent to 85 percent of the ad valorem taxes on the
<br />increase in real and personal property is requested. A public hearing is
<br />required.
<br />Cabarrus County Economic Development Grant Analysis - Project Key
<br />Year 1
<br />Year 1
<br />Year 2
<br />Year 2
<br />Year 3
<br />Total
<br />Assessed Value
<br />$12,800,000.00
<br />$12,800,000.00
<br />$12,800,000.00
<br />Count
<br />Taxes at .72
<br />$92,160.00
<br />$92,160.00
<br />$92,160.00
<br />$10,900,000.00
<br />Grant
<br />@ 658
<br />$76,336.00
<br />$78,336.00
<br />$78,336.00
<br />$78,480.00
<br />Net Taxes to County
<br />$13,824.00
<br />$13,824.00
<br />$13,824.00
<br />Grant @ B58
<br />$66,706.00
<br />r66,700.00
<br />3 Year Taxes
<br />$276,480.00
<br />$66,708.00
<br />3 Year Grant $235,008.00
<br />$66,708.00
<br />3 Year Net Revenue $41,472.00
<br />Nei Taxes Co Coun[
<br />Chairman Morris opened the public hearing at 7:16 p.m. The public hearing
<br />notice was posted on the County's website (www.cabarruscounty.us) on August 8,
<br />2018 in accordance with Article 2, Administration, Section 2.1 (Use of
<br />Electronic Means to Provide Public Notices) of the Cabarrus County Code of
<br />Ordinances.
<br />There was no one present to address the Board; therefore, Chairman Morris
<br />closed the public hearing.
<br />UPON MOTION of Commissioner Shue, seconded by Vice Chairman Honeycutt and
<br />unanimously carried, the Board approved an economic development speculative
<br />industrial agreement (3 years, 85 percent) between Project Griffin (Griffin
<br />Industrial Realty) and Cabarrus County, and authorized the County Manager to
<br />execute the Agreement on behalf of the Board, subject to review or revision by
<br />the County Attorney.
<br />(G-2) Economic Development Investment - Project Key - Public Hearing 6:30 p.m.
<br />Robert Carney, Jr., Economic Development Corporation, Executive Director,
<br />presented a request for an economic development investment for Project
<br />Key/Keysteel Corporation. Project Key proposes to construct two buildings,
<br />77,000 square feet each, in Midland at the intersection of Highway 601 South
<br />and Wallace Road with a proposed investment of approximately $10,900,000 in
<br />real and personal property. Additionally, the project will create 25 full-time
<br />jobs. A five-year grant equivalent to 85 percent of the ad valorem taxes on the
<br />increase in real and personal property is requested. A public hearing is
<br />required.
<br />Cabarrus County Economic Development Grant Analysis - Project Key
<br />Year 1
<br />Year 2
<br />Year 3
<br />Year 4
<br />Year 5
<br />Total Asseasetl value
<br />$10,900,000.00
<br />$10,900,000.00
<br />$30 900 000.00
<br />$'0,900,000.00
<br />$10,900,000.00
<br />Count Taxes at .12
<br />910,480.00
<br />$'10, 480.
<br />D0
<br />$78,480.00
<br />$78,480.00
<br />$78,480.00
<br />Grant @ B58
<br />$66,706.00
<br />r66,700.00
<br />$66,706.00
<br />$66,708.00
<br />$66,708.00
<br />Nei Taxes Co Coun[
<br />$11,772.00
<br />$11 772.00
<br />$11,772.00
<br />$11,772.00
<br />$11,772.00
<br />5 Year Taxes
<br />5 Year Grant
<br />5 Year Net
<br />Revenue
<br />$392,400.00
<br />$333,540.00
<br />$58,860.00
<br />
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