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00003 <br />Nay: None <br />Absent: Dalrymple <br />The Vice Chair ruled the motion had been adopted unanimously. <br />At 6:00 P.M. the Board conducted a public hearing and considered a request for approval of <br />an economic development incentive for "Project Panda." Vice Chair Sloan turned the gavel <br />over to Commissioner Oldham to preside over the public hearing due to a potential financial <br />interest in the proposed project. Due to the potential conflict of interest, Vice Chair Sloan <br />abstained from taking part in the Public Hearing. <br />Economic Development Director Bob Joyce stated that "Project Panda" consists of a life <br />sciences research and product manufacturing process in the amount of $100.00 million dollars <br />and the hiring of 50 people over the five year life of the project. The average annual wage is <br />$90,000.00. A large majority of the new jobs will add unique skills to the local labor pool. The <br />facility construction would start in the first quarter of 2018 with operations commencing in <br />January 2020. The Board intends to consider investing up to $1,412,715.00 of the cost of the <br />project with revenues from the County's General Funds. This project will stimulate the local <br />economy, promote additional business and result in the creation of jobs and increased payroll. <br />Commissioner Oldham opened the public hearing that had been advertised for this date <br />and time. <br />No one spoke in favor or in opposition of the project. <br />Commissioner Oldham closed the public hearing. <br />Commissioner Reives moved to waive the Board's policy to vote on a matter following a <br />public hearing at the next scheduled Board meeting. Upon a vote, the results were as follows: <br />Aye: Dodson, Knecht, Oldham, Reives, Sharpe <br />Nay: None <br />Absent: Dalrymple <br />Abstained: Sloan <br />Commissioner Oldham ruled the motion had been adopted upon a vote of 5 to 0. <br />Commissioner Reives moved to approve the incentive for "Project Panda." Upon a vote, the <br />results were as follows: <br />Aye: Dodson, Oldham, Reives, Sharpe <br />Nay: Knecht <br />Absent: Dalrymple <br />Abstained: Sloan <br />Commissioner Oldham ruled the motion had been adopted upon a vote of 4 to 1. <br />Vice Chair Sloan rejoined the meeting. <br />Pursuant to N.C. General Statute §153A-52.1, Vice Chair Sloan opened the floor for Public <br />Comments. The following signed up to speak and were allowed 3 minutes for comments. <br />Page 214 <br />