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October 15, 2018 (Regular Meeting) Page 3725
<br />certifications and be empowered to enter into an agreement with the NCDOT to
<br />provide rural, small urban, and urban public transportation services.
<br />(G-2) Economic Development Investment - Project Griffin Building 1 - Public
<br />Hearing 6.30 p.m.
<br />Samantha Grass, Cabarrus Economic Development Corporation (EDC),
<br />Recruitment Project Manager, stated the next four public hearings are for
<br />amendments to projects approved in August to allow for separate agreements for
<br />each building being proposed. She then presented a request for a speculative
<br />economic development investment for Project Griffin Building 1 (Griffin
<br />Industrial Realty). Griffin Industrial Realty is considering construction of
<br />two spec warehouse buildings. Building 1 is 147,000 square feet and is located
<br />at the corner of Poplar Tent Road and International Drive. The projected
<br />investment is approximately $6,600,000 in real property. A three-year grant
<br />equivalent to 85 percent of the ad valorem taxes on the increase in real property
<br />is requested. A public hearing is required.
<br />Cabarrus County Economic Development Grant Analysis
<br />Project Griffin, Building 1
<br />Year 1 Year 2 1Year 3
<br />Total Assessed Value
<br />$6,600,000.00
<br />$6,600,000.00
<br />$6,600,000.00
<br />$6,200,000.00
<br />County Taxes at .72
<br />$47,520.00
<br />$47,520.00
<br />$47,520.00
<br />$44,640.00
<br />Grant @ 850
<br />$40,392.00
<br />$40,392.00
<br />$40,392.00
<br />$37,944.00
<br />Net Taxes to County
<br />$7,128.00
<br />$7,126.00
<br />$7,128.00
<br />$6,696.00
<br />3 Year Taxes $142,560.00
<br />3 Year Grant $121,176.00
<br />3 Year Net Revenue $21,384.00
<br />Chairman Morris opened the public hearing at 7:05 p.m. The Public Hearing
<br />Notice was posted on the County's website (www. cabarrus county. us) on October 5,
<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 />Vice Chairman Honeycutt MOVED to approve an economic development
<br />speculative industrial agreement (3 years, 85 percent) between Project Griffin
<br />Building 1 (Griffin Industrial Realty) and Cabarrus County, and to authorize
<br />the County manager to execute the Agreement on behalf of the Board, subject to
<br />review or revision by the County Attorney. Commissioner Kiger seconded the
<br />motion.
<br />Following a brief discussion, the MOTION unanimously carried.
<br />(G-3) Economic Development Investment - Project Griffin Building 2 - Public
<br />Hearing 6:30 p.m.
<br />Samantha Grass, Cabarrus Economic Development Corporation (EDC),
<br />Recruitment Project Manager, presented a request for a speculative economic
<br />development investment for Project Griffin Building 2 (Griffin Industrial
<br />Realty). Griffin Industrial Realty is considering construction of two spec
<br />warehouse buildings. Building 2 is 136,000 square feet and is located at the
<br />corner of Poplar Tent Road and International Drive. The projected investment is
<br />approximately $6,200,000 in real property. A three-year grant equivalent to 85
<br />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
<br />Project Griffin, Building 2
<br />Year 1 Year 2 Year 3
<br />Total Assessed Value
<br />$6,200,000.00
<br />$6,200,000.00
<br />$6,200,000.00
<br />County Taxes at .72
<br />$44,640.00
<br />$44,640.00
<br />$44,640.00
<br />Grant @ 85%
<br />$37,944.00
<br />$37,944.00
<br />$37,944.00
<br />Net Taxes to County
<br />$6,696.00
<br />$6,696.00
<br />$6,696.00
<br />3 Year Taxes $133,920.00
<br />3 Year Grant $113,832.00
<br />3 Year Net Revenue $20,088.00
<br />Chairman Morris opened the public hearing at 7:08 p.m. The Public Hearing
<br />Notice was posted on the County's website (www.cabarruscounty. us) on October 5,
<br />
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