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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 />City of Kannapolis - Downtown Kannapolis Request Summary and Update <br />BRIEF SUMMARY: <br />In 2015, the City of Kannapolis purchased the majority of its downtown <br />property and buildings from David Murdock in efforts to facilitate a <br />substantial revitalization effort. Since then, the City has 1) completed a <br />Downtown Master Plan with its development partner, the Development <br />Finance Initiative; 2) reached a public-private partnership agreement with <br />its first private investor for a mixed use project to begin in early 2018; 3) <br />embarked upon the design of a new sports and entertainment venue; 4) <br />facilitated the relocation of the RCCC Cosmetology Program to make way <br />for the new construction and 5) began construction on a major <br />infrastructure replacement project and a large scale streetscape <br />overhaul/linear park. Additional private investment is expected in the <br />immediate future. This is a major undertaking and the City respectfully <br />requests financial participation from Cabarrus County to help the City <br />achieve its vision. The Interlocal Agreement that is proposed is a low-risk <br />commitment from the County. The primary foundation of the agreement is <br />that the County would provide the City with 85 percent of new tax <br />revenues generated in the downtown area of Kannapolis over the next <br />twenty years. The County is not responsible for a specific amount and it is <br />not tied specifically to any debt obligations of the City. The City will be <br />solely responsible for the financial commitments supporting the effort. <br />REQUESTED ACTION: <br />Motion to approve the interlocal agreement between Cabarrus County and <br />the City of Kannapolis. <br />G-2 Page 150 <br />