HomeMy WebLinkAboutC.054.93009_1945Cardinal FG 75,000,000 250 Under Construction 75,000,000 1,350,000 3,375,000 2,025,000
'Based on current $.45 tax rate.
Chairman Haire thanked the economic recruiters and praised them for their willingness to
work together on projects.
PUBLIC HEARINGS
Chairman Haire adjourned the meeting to public hearing session.
CONSIDERATION OF AN ECONOMIC DEVELOPMENT INCENTIVE, NOT TO
EXCEED $86,750, FOR THE GARDEN RIDGE COMPANY: Chairman Haire said this public
hearing was called on August 4, 1998 for the purpose of considering an incentive appropriation in
the amount of $86,750. She said the Garden Ridge Company was based out of Houston, Texas and
was considering the construction of a 250,000 sq. foot facility in the Sherrill Industrial Park. The
initial investment would be $9 million. The company has indicated initial employment would be
around 60 people. During peak times, employment could increase to 100 people.
Jeff McKay, Economic Developer for the Greater Statesville Development Corporation,
urged participation. He mentioned the company would bean anchor tenant for the Sherrill Industrial
Park. The City of Statesville, on August 17, 1998, approved an incentive appropriation up to
$86,750.
No one else spoke in reference to the Garden Ridge request.
Chairman Haire adjourned the public hearing.
Mr. Mashburn said Garden Ridge was requesting the incentive through the water sewer
extension policy and not the economic incentive program. He said there would be some assistance
for stormwater management.
MOTION by Commissioner Johnson to authorize Budget Amendment #5A for the purpose
of assisting the Garden Ridge Company in an amount up to $86,750 and for the funds to be obtained
from the Capital Reserve Fund.
VOTING: Ayes - 5; Nays - 0.
Commissioner Stewart announced that at the recent NCACC Annual Conference the board
of directors reviewed a resolution pertaining to economic incentives. The resolution was
introduced by Guilford County and in essence would have recommended the discontinuance of
incentives statewide. After lengthy discussion, it was found there were not enough votes for
passage. A reason given was the competition from neighboring states for new industries.
RECOGNITION OF R.B. SLOAN JR: Chairman Haire welcomed Mr. R.B. Sloan to the
meeting. Sloan, the current chairman of the Greater Statesville Development Corporation, was
previously the Chairman of the Iredell County Board of Commissioners.
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Mooresville South
Iredeil Development Corporation
Projects
Anticipated
Announced
Announced
Current Current
Co. Assistance 10 -year Tax County
Investment
Jobs
Emolo=ent Tax Value
Amount "Revenue Return
Polar $25,000,000
100
274 $21,238,560
July 1998 = 32,000,000
$ 562,500 $1,440,000 $ 877,500
Southern
Container 20,000,000
200
96 19,417,342
141,455 873,780 732,280
Cardinal FG 75,000,000 250 Under Construction 75,000,000 1,350,000 3,375,000 2,025,000
'Based on current $.45 tax rate.
Chairman Haire thanked the economic recruiters and praised them for their willingness to
work together on projects.
PUBLIC HEARINGS
Chairman Haire adjourned the meeting to public hearing session.
CONSIDERATION OF AN ECONOMIC DEVELOPMENT INCENTIVE, NOT TO
EXCEED $86,750, FOR THE GARDEN RIDGE COMPANY: Chairman Haire said this public
hearing was called on August 4, 1998 for the purpose of considering an incentive appropriation in
the amount of $86,750. She said the Garden Ridge Company was based out of Houston, Texas and
was considering the construction of a 250,000 sq. foot facility in the Sherrill Industrial Park. The
initial investment would be $9 million. The company has indicated initial employment would be
around 60 people. During peak times, employment could increase to 100 people.
Jeff McKay, Economic Developer for the Greater Statesville Development Corporation,
urged participation. He mentioned the company would bean anchor tenant for the Sherrill Industrial
Park. The City of Statesville, on August 17, 1998, approved an incentive appropriation up to
$86,750.
No one else spoke in reference to the Garden Ridge request.
Chairman Haire adjourned the public hearing.
Mr. Mashburn said Garden Ridge was requesting the incentive through the water sewer
extension policy and not the economic incentive program. He said there would be some assistance
for stormwater management.
MOTION by Commissioner Johnson to authorize Budget Amendment #5A for the purpose
of assisting the Garden Ridge Company in an amount up to $86,750 and for the funds to be obtained
from the Capital Reserve Fund.
VOTING: Ayes - 5; Nays - 0.
Commissioner Stewart announced that at the recent NCACC Annual Conference the board
of directors reviewed a resolution pertaining to economic incentives. The resolution was
introduced by Guilford County and in essence would have recommended the discontinuance of
incentives statewide. After lengthy discussion, it was found there were not enough votes for
passage. A reason given was the competition from neighboring states for new industries.
RECOGNITION OF R.B. SLOAN JR: Chairman Haire welcomed Mr. R.B. Sloan to the
meeting. Sloan, the current chairman of the Greater Statesville Development Corporation, was
previously the Chairman of the Iredell County Board of Commissioners.
3