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January 7, 2008 (Recessed Meeting) <br />Page 662 <br />The Board of Commissioners for the County of Cabarrus met in recessed <br />session in the Multipurpose Room at the Cabarrus County Governmental Center <br />in Concord, North Carolina on Monday, January 7, 2008, at 3:30 p.m. <br />Present - Chairman: H. Jay White, Sr. <br />Vice Chairman: Joni D. Juba <br />Commissioners: Robert W. Carruth <br />Grace M. Mynatt <br />Coy C. Privette <br />Also present were <br />Attorney; Mike Downs, <br />Manager; Kay Honeycutt, <br />the Board. <br />Call to Order <br />John Day, County Manager; Richard M. Koch, County <br />Deputy County Manager; Pam Dubois, Deputy County <br />Clerk to the Board and Lori Hinson, Deputy Clerk to <br />Chairman White called the meeting to order at 3:31 p.m. <br />Addition to the Agenda - Resolution Approving Refinancing Installment <br />Contract Financing in an Aggregate Principal Amount up to $20,000,000.00 <br />John Day, County Manager, asked to have the following item added to the <br />agenda: Resolution Approving Refinancing Installment Contract Financing in <br />an Aggregate Principal Amount up to $20,000,000.00. He explained the <br />County's bond attorney would like the resolution adopted prior to tomorrow's <br />meeting with the Local Government Commission (LGC) and that the refinancing <br />will save the County approximately $69,000.00 a year. <br />UPON MOTION of Commissioner Carruth, seconded by Commissioner Mynatt <br />and unanimously carried, the Board added the following item to the agenda: <br />Resolution Approving Refinancing Installment Contract Financing in an <br />Aggregate Principal Amount up to $20,000,000.00. <br />£or Industrial <br />Incentive Grant - American <br />Communications Network, Inc., a Subaioiary or LKN_ Communications NetworK, <br />At 3:33 p.m., Chairman White opened the public hearing on the <br />Industrial Development Incentive Grant for American Communications Network, <br />(ACN) Inc., a subsidiary of LKN Communications Network, Inc. The Public <br />Hearing Notice was published on December 29, 2007 in THE INDEPENDENT TRIBUNE. <br />Clay Andrews, Cabarrus Economic Development Recruiter, presented the <br />following information on the incentive grant request: ACN is interested in <br />moving its headquarters operation and two call centers from Michigan to <br />Cabarrus County with a total expected new investment of $5 million; the <br />company is trying to purchase the former CTC headquarters building; ACN will <br />bring approximately 300 headquarters-related jobs (at an estimated annual <br />average salary of $80,000.00 each) to the County with the possibility of <br />several hundred more call-center-related jobs coming later; the State of <br />North Carolina will participate in the project by providing a One North <br />Carolina Fund grant of $1,000.00 per job, up to 300 headquarters jobs (not to <br />exceed $300,000.00); the State will not provide any incentive for the jobs <br />related to the call centers; in order to qualify for the grant funding, the <br />local government has to match the grant dollar-for-dollar; the EDC (Economic <br />Development Corporation) requests an incentive of 99 percent of ad valorem <br />taxes on approximately $5 million of net new investment for a five-year <br />period; if ACN creates the jobs, makes an investment greater than $5 million <br />in less time, the grant period will be reduced; any taxes currently paid on <br />the CTC building will continue to be paid; and the incentive is based on the <br />portion of new investment made by ACN. <br />Mr. Andrews and Ryan McDaniels, also with the Cabarrus EDC, responded <br />to several questions from the Board concerning the incentive grant request. <br />Jerry Williamson, resident of 2206 Moose Road in Kannapolis, stated the <br />County does not have the resources that the State has and therefore cannot <br />match the State. He also said he heard ACN has an office in Mecklenburg <br />County and asked the following questions: if the Mecklenburg jobs will be <br />transferred to Cabarrus County; did ANC receive an incentive in Mecklenburg <br />County; and if so, how long did they stay. He also stated the need to <br />conduct further research before incentive grants are approved. <br />There was no one else present to address the Board; therefore, Chairman <br />White closed the public hearing. <br />