HomeMy WebLinkAboutC.054.93011_0355PUBLIC HEARINGS
Chairman Johnson declared the meeting to be in a public hearing.
Consideration of Economic Development Incentives for Lowe's Companies, Inc.
(Modification of incentives approved on January 20, 2004.): County Manager Mashburn said
the proposed incentives for Lowe's Companies, Inc., were based upon the following terms and
conditions:
The July 13, 2004 public hearing will supersede the public hearing
and all action that occurred on January 20, 2004 relevant to economic
incentive appropriations for Lowe's Companies, Inc.
The July 13, 2004 public hearing will be for the consideration of a grant, over
a five-year period, for the construction of a new building or hangar at the
Statesville Municipal Airport. Upon payment of ad
valorem taxes in Year One (1), the Lowe's Company will be awarded an
incentive grant in accordance with county policy.
The July 13, 2004 public hearing will also be for the consideration of a grant
for the location of Lowe's aircraft in Iredell County. Lowe's Companies, Inc.,
will not be eligible for aircraft incentive grants until Year Six (6), and the
grants will be based on the aircraft's value for the prior five (5) years. In
addition, the incentive grants will occur for a duration of five (5) years
provided the aircraft of the appraised value remain in Iredell County.
The aforementioned incentive grants will be based upon .0036% of the assessed value for
the building and aircraft. A "cap" will not be utilized in the incentive grant determinations;
however, it is estimated that the total assessed value of the Lowe's investments will be $106
million ($100 million in air fleet and $6 million in hangar construction and equipment).
Iredell County's funding source will be general revenue fund and will be provided in
accordance with the Iredell County Industrial Incentive Policy and incentive agreements between
Iredell County and Lowe's Companies, Inc.
The appropriation is based upon the anticipation that the proposed facility will stimulate
the local economy, promote business, create employment opportunities, and increase the tax
base.
s**t*
John Vining, the Vice President of Administration for Lowe's, attended the meeting to
address any questions, but none were asked.
No one else desired to speak, and Chairman Johnson adjourned the hearing.
OTIO by Commissioner Madison to modify the Lowe's incentives as stipulated in
the aforementioned terms and conditions.
VOTING: Ayes — 5; Nays — 0.
Consideration of the Refinancing of Payment Obligations of the Iredell County
Rescue Squad (Equipment Lease -Purchase and Sublease Agreement dated November 9,
1999):
Chairman Johnson announced that this was the hour and day fixed by the Board of
Commissioners for the public hearing upon the proposed refinancing, on a tax-exempt basis,
pursuant to an installment financing agreement (the "Installment Financing Agreement')
between the County of Iredell, North Carolina (the "County") and a financial institution to be
selected by the County, of the payment obligations of Iredell County Rescue Squad, Inc.
("Rescue Squad"), an organization described in Section 501(c)(3) of the Internal Revenue Code
of 1986, as amended, under an Equipment Lease—Purchase Agreement and a Sublease