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October 15, 2018 (Regular Meeting) Page 3726
<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 Vice Chairman Honeycutt
<br />and unanimously carried, the Board approved an economic development speculative
<br />industrial agreement (3 years, 85 percent) between Project Griffin Building 2
<br />(Griffin Industrial Realty) and Cabarrus County, and authorized the County
<br />Manager to execute the Agreement on behalf of the Board, subject to review or
<br />revision by the County Attorney.
<br />(G-4) Economic Development Investment - Project Meadows Building 1 - Public
<br />Hearing 6:30 p.m.
<br />Samantha Grass, Cabarrus Economic Development Corporation (EDC),
<br />Recruitment Project Manager, presented a request for an economic development
<br />for a speculative industrial investment for Project Meadows Building 1 (Fortius-
<br />Richardson LLC). Fortius-Richardson LLC is considering the construction of two
<br />industrial spec buildings. Building 1 is 112,000 square feet and is located at
<br />700 Pitts School Road in Concord. The projected investment is approximately
<br />$5,900,000 in real property. A three-year grant equivalent to 85 percent of the
<br />ad valorem taxes on the increase in real property is requested. A public hearing
<br />is required. She also responded to questions from the Board.
<br />Cabarrus County Economic Development Grant Analysis
<br />Project Meadows, Building 1
<br />Year 1 1 Year 2 1 Year 3
<br />Total Assessed Value
<br />$5,900,000.00
<br />$5,900,000.00
<br />$5,900,000.00
<br />County Taxes at .72
<br />$42,480.00
<br />$92,480.00
<br />$42,480.00
<br />Grant @ 85%
<br />$36,108.00
<br />$36,108.00
<br />$36,108.00
<br />Net Taxes to County
<br />$6,372.00
<br />$6,372.00
<br />$6,372.00
<br />3 Year Taxes $127,440.00
<br />3 Year Grant $108,324.00
<br />3 Year Net Revenue $19,116.00
<br />Chairman Morris opened the public hearing at 7:10 p.m. The Public Hearing
<br />Notice was posted on the County's website (www.cabarruscounty. 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 />UPON MOTION of Vice Chairman Honeycutt, seconded by Commissioner Shue and
<br />unanimously carried, the Board approved an economic development speculative
<br />industrial agreement (3 years, 85 percent) between Project Meadows Building 1
<br />(Fortis -Richardson LLC) and Cabarrus County, and authorized the County Manager
<br />to execute the Agreement on behalf of the Board, subject to review or revision
<br />by the County Attorney.
<br />(G-5) Economic Development Investment - Project Meadows 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 an economic development
<br />for a speculative industrial investment for Project Meadows, Building 2
<br />(Fortius-Richardson LLC). Fortius-Richardson LLC is considering the
<br />construction of two industrial spec buildings. Building 2 is 80,000 square feet
<br />and is located at 700 Pitts School Road in Concord. The projected investment is
<br />approximately $4,000,000 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 Meadows, Building 2
<br />Year 1 Year 2 Year 3
<br />Total Assessed Value $4,000,000.00 $4,000,000.00 $4,000,000.00
<br />iCounty Taxes at .72 $28,800.00 $28,800.00 $28,800.00
<br />Grant @ 85% $24,480.00 $24,480.00 $24,480.00
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