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CABARRUS COUNTY <br />BOARD OF COMMISSIONERS <br />REGULAR MEETING <br />AGENDA CATEGORY: <br />New Business <br />JANUARY 16, 2018 <br />6:30 P.M. <br />SUBJECT: <br />Economic Development Investment - Project M - Public Hearing 6:30 p.m. <br />BRIEF SUMMARY: <br />Representatives from the Cabarrus Economic Development Corporation <br />(EDC) will present a request for an economic development investment for <br />Project M pursuant to NC General Statute 158.7.1. Project M proposes <br />the potential expansion of an existing manufacturing process in Concord <br />of $1.5 million in real and personal property to be invested in 2018 if the <br />location is chosen, doubling the footprint and capacity, and hiring 6-12 <br />additional employees over 3 years. <br />A three-year grant equivalent to 85 percent of the ad valorem taxes on <br />the increase in personal property tax values is requested. A public hearing <br />is required. <br />REQUESTED ACTION: <br />Motion to approve an economic development investment agreement <br />(three-year, 85 percent) between Project M and Cabarrus County, and to <br />authorize the County Manager to execute the agreement on behalf of the <br />Board, subject to review or revision by the County Attorney. <br />EXPECTED LENGTH OF PRESENTATION: <br />5 Minutes <br />SUBMITTED BY: <br />LeeAnn, Existing Industry Project Manager, EDC <br />Robert Carney, Jr., Executive Director, EDC <br />G-1 Page 140 <br />