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November 19, 2018 (Regular Meeting) Page 3755
<br />County, and authorized the County Manager to execute the Agreement on behalf of
<br />the Board, subject to review or revision by the County Attorney.
<br />(G-2) Economic Development Investment - Project Jersey Hydro - Public Hearing
<br />6:30 p.m.
<br />Samantha Grass, Cabarrus Economic Development Corporation (EDC),
<br />Recruitment Project Manager, presented a request for an economic development
<br />investment for Project Jersey Hydro/Hydromer Inc. Project Jersey Hydro proposes
<br />to relocate operations to Concord and lease approximately 20,000 square feet of
<br />space at 4715 Corporate Drive, Suite 200 located in the International Business
<br />Park in Concord. The projected investment is estimated to be between $1 and $2
<br />million in real and personal property; and the company plans to create 33 full-
<br />time positions (FTP) with an average wage of $70,092. A five-year grant
<br />equivalent to 85 percent of the ad valorem taxes on the increase in real and
<br />personal property is requested. A public hearing is required.
<br />Cabarrus County Economic Development Grant Analysis - Project Jersey Hydro
<br />$1 Million
<br />Year 1 I Year 2 1 Year 3 1 Year 4 1Year 5
<br />Total Assessed value
<br />$1,000,000.00
<br />$1,000,000.00
<br />$1,000,000.00
<br />$1,000,000.00
<br />$1,000,000.00
<br />County Taxes at .72
<br />$7,200.00
<br />$7,200.00
<br />$7,200.00
<br />$7,200.00
<br />$7,200.00
<br />Grant @ 858
<br />$6,120.00
<br />$6,120.00
<br />$6,120.00
<br />$6,120.00
<br />$6,120.00
<br />Net Taxes to County
<br />$1,080.00
<br />$1,080.00
<br />$1,080.00
<br />$1,080.00
<br />$1,080.00
<br />5 Year Taxea $36,000.00
<br />5 Year Grant $30,600.00
<br />5 Year Net
<br />Revenue $5.400.00
<br />Cabarrus County Economic Development Grant Analysis - Project Jersey Hydro
<br />$2 Million
<br />Year 1 1 Year 2 1 Year 3 1 Year 4 1 Year 5
<br />Total Assessed Value
<br />$2,000,000.00
<br />$2,000,000.00
<br />$2,000,000.00
<br />$2,000,000.00
<br />$2,000,000.00
<br />County Taxes at .72
<br />$14,400.00
<br />$14,400.00
<br />$14,400.00
<br />$14,400.00
<br />$14,400.00
<br />Grant @ 858
<br />$12,240.00
<br />$12,240.00
<br />$12,240.00
<br />$12,240.00
<br />$12,240.00
<br />Net Taxes to County
<br />$2,160.00
<br />$2,160.00
<br />$2,160.00
<br />$2,160.00
<br />$2,160.00
<br />5 Year Taxes $72,000.00
<br />5 Year Grant $61,200.00
<br />5 Year Net
<br />Revenue $10,800.00
<br />Chairman Morris opened the public hearing at 7:28 p.m. The Public Hearing
<br />Notice was posted on the County's website (www.cabarruscounty.us) on November
<br />6, 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 (5 years, 85 percent) between Project Jersey
<br />Hydro and Cabarrus County, and to authorize the County Manager to execute the
<br />Agreement on behalf of the Board, subject to review or revision by the County
<br />Attorney. Commissioner Kiger seconded the motion.
<br />Following a brief discussion, the MOTION unanimously carried.
<br />(G-3) Sheriff's Department - North Carolina Governor's Highway Safety Program
<br />Local Governmental Resolution
<br />Lieutenant Aaron Rankin, Cabarrus County Sheriff's Office, reported a
<br />grant is being received through the Governor's Highway Safety Program for the
<br />BikeSafeNC program. The grant is in the amount of $5,000, which will cover the
<br />cost of education event materials, equipment and travel. Lieutenant Rankin
<br />advised this amount is an extension of the original grant and no local match is
<br />required.
<br />UPON INION of Vice Chairman Honeycutt, seconded by Commissioner Shue and
<br />unanimously carried, the Board adopted the resolution and budget amendment.
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