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Aft lid p rYde. nt. <br />WTribttnexom <br />Serving the greater Cabarrus region <br />Published: May 31, 2011 <br />Concord alters rules for economic grant <br />By Karen Cimino Wilson <br />Concord City Council recently made a change to the city's Economic Development Grant Program that <br />will help businesses cope with recession conditions and make qualifying for grants less dependent on the <br />economic health of a business' landlord. <br />Council members voted unanimously in May to eliminate a provision in the city's Economic <br />Development Grant Program that requires applicants for grants to have a five -year lease if they do not <br />own their location. <br />Economic Development Grants have been awarded to both owners and lessees, as provided for by the <br />city's grant program. The ongoing economic downturn has resulted in the bankruptcy of some <br />industrial /commercial landlords, according to city officials. <br />Tenants that have been awarded incentive grants have no control over the financial status of their <br />landlord. Some tenants are financially strong, but have landlords who are not. <br />City staff recently recommended that the Concord City Council revise the Economic Development <br />Grant Program to allow grant agreements between the city and a tenant grant recipient with no <br />connection to the landlord. <br />The elimination of the five -year lease requirement also allowed Concord to award an Economic <br />Development Grant to F1yRight, Inc., in May. <br />F1yRight Inc. is an existing business in Concord located at 7275 Westwinds Drive near Concord <br />Regional Airport. It offers initial, recurrent and ancillary flight training in Federal Aviation <br />Administration approved full motion simulators. <br />As an FAA - approved 142 Flight Training Center, F1yRight has achieved the highest level of <br />accreditation from the U.S. Federal Aviation Administration. Their programs are insurance company <br />approved and based on leading -edge training knowledge. <br />F1yRight was created to serve the advanced training needs of professional and owner pilots. In 2008, <br />F1yRight was awarded an Economic Development Grant as a lessee based on their Phase 1 investment of <br />Attachment number 1 <br />1 -1 Page 606 <br />