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August 20, 2018 (Regular Meeting) Page 3675
<br />Chairman Morris opened the public hearing at 7:19 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 Vice Chairman Honeycutt, seconded by Commissioner Kiger
<br />and unanimously carried, the Board approved an economic development agreement
<br />(5 years, 85 percent) between Project Key and Cabarrus County, and authorized
<br />the County Manager to execute the Agreement on behalf of the Board, subject to
<br />review or revision by the County Attorney.
<br />(G-3) Economic Development Investment - Project Meadows - 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 />Meadows /Fortius-Richardson LLC. Project Meadows proposes to construct two
<br />industrial spec buildings at 700 Pitts School Road with a projected investment
<br />of approximately $9,900,ODO in real property. A three-year grant equivalent to
<br />85 percent of the ad valorem taxes on the increase in real property is requested.
<br />A public hearing is required.
<br />Cabarrus County Economic Development Grant Analysis - Project Meadows
<br />Vice Chairman Honeycutt thanked the Economic Development Corporation
<br />representatives for their efforts and announced Cabarrus County was named second
<br />highest in job growth between 2013 and 2017.
<br />Chairman Morris opened the public hearing at 7:23 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 Kiger, seconded by Commissioner Shue and
<br />unanimously carried, the Board approved an economic development speculative
<br />industrial agreement (3 years, 85 percent) between Pioject Meadows (Fortius-
<br />Richardson, LLC) 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-6) County Attorney - Approval of Tax -Exempt Bond Financing for Carolina
<br />International School - Public Hearing 6:30 p.m.
<br />Brandon Loftin, Attorney representing Carolina International School,
<br />requested a public hearing on behalf of Carolina International School for their
<br />tax-exempt bond financing. Mr. Loftin advised the County is under no financial
<br />obligation in connection with the bond.
<br />Chairman Morris opened the public hearing at 7:25 p.m. The public hearing
<br />notice was published on August 3, 2018 in The Independent Tribune. The public
<br />hearing notice was also posted on the County's website (www.cabarruscounty.us)
<br />on August 7, 2018 in accordance with Article 2, Administration, Section 2.1
<br />(Use of Electronic Means to Provide Public Notices) of the Cabarrus County Code
<br />of Ordinances.
<br />There was no one present to address the Board; therefore, Chairman Morris
<br />closed the public hearing.
<br />Year 1
<br />Year 2
<br />Year 3
<br />Total
<br />Assessed Value
<br />$9,900,000.00
<br />$9,900,000.00
<br />$9,900,000.00
<br />Count
<br />Taxes at .72
<br />$71,280.00
<br />$71,280.00
<br />$71,280.00
<br />Grant
<br />@ 858
<br />$60,588.00
<br />$60,588.00
<br />$60,588.00
<br />Net Taxes to County
<br />$10,692.00
<br />$10,692.00
<br />$10,692.00
<br />3
<br />3 Year Taxes
<br />3 Year Grant
<br />Year Net Revenue
<br />$213,890.00
<br />$181,769.00
<br />$32,076.00
<br />Vice Chairman Honeycutt thanked the Economic Development Corporation
<br />representatives for their efforts and announced Cabarrus County was named second
<br />highest in job growth between 2013 and 2017.
<br />Chairman Morris opened the public hearing at 7:23 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 Kiger, seconded by Commissioner Shue and
<br />unanimously carried, the Board approved an economic development speculative
<br />industrial agreement (3 years, 85 percent) between Pioject Meadows (Fortius-
<br />Richardson, LLC) 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-6) County Attorney - Approval of Tax -Exempt Bond Financing for Carolina
<br />International School - Public Hearing 6:30 p.m.
<br />Brandon Loftin, Attorney representing Carolina International School,
<br />requested a public hearing on behalf of Carolina International School for their
<br />tax-exempt bond financing. Mr. Loftin advised the County is under no financial
<br />obligation in connection with the bond.
<br />Chairman Morris opened the public hearing at 7:25 p.m. The public hearing
<br />notice was published on August 3, 2018 in The Independent Tribune. The public
<br />hearing notice was also posted on the County's website (www.cabarruscounty.us)
<br />on August 7, 2018 in accordance with Article 2, Administration, Section 2.1
<br />(Use of Electronic Means to Provide Public Notices) of the Cabarrus County Code
<br />of Ordinances.
<br />There was no one present to address the Board; therefore, Chairman Morris
<br />closed the public hearing.
<br />
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