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CABARRUS COUNTY <br />* <br />REGULAR MEETING <br />JANUARY 22, 2013 <br />��fiiffJfl /�� <br />6: 30 P .M. <br />AGENDA CATEGORY: <br />New Business <br />SUBJECT: <br />EDC - Industrial Development Incentive Grant for Simon Properties & <br />Public Hearing - 6:30 P.M. <br />BRIEF SUMMARY: <br />EDC representatives will present an industrial development incentive <br />grant request for Simon Properties pursuant to NCGS 158 -7.1. The Mall <br />Operator proposes to expand its facilities by adding an attraction in <br />Concord, NC with a total projected investment of approximately $10 <br />million and requests a 4 -year grant equivalent to 85% of the ad valorem <br />taxes on the investment. A public hearing is required. <br />REQUESTED ACTION: <br />Hold a public hearing. <br />Motion to approve an Industrial Development Incentive Grant Agreement <br />(4 years, 85 percent) between Simon Properties and Cabarrus County; <br />and authorize the County Manager to execute the Agreement on behalf of <br />the Board, subject to review and /or revisions by the County Attorney. <br />EXPECTED LENGTH OF PRESENTATION: <br />5 Minutes <br />SUBMITTED BY: <br />John Cox, Cabarrus EDC <br />Ryan McDaniels, Cabarrus EDC <br />BUDGET AMENDMENT REQUIRED: <br />No <br />G -1 Page 179 <br />