4-1-19 Regular Meeting - Laserfiche WebLink

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Upon a vote, the results were as follows: Aye: Dalrymple, Del Palazzo, Dodson, Knecht, Reives, Sharpe, Smith Nay: None The Chair ruled the motion had carried unanimously. III. PUBLIC HEARING A. Public hearing on a modification to an economic development incentive agreement with Caterpillar. Economic Development Executive Director Bob Joyce stated that the Board originally approved an incentive grant in the amount of$346,246 for 5 years, 80% in year 1, 70% in year 2, 60 % in year 3 and 50% in the following 2 years. This was based on a proposed investment of$29.5 million in real property, machinery, and equipment. The company subsequently purchased a different building on the opposite side of town in June of 2018 and began renovations. In the meantime, it was discovered that the original incentive was undervalued. At their new building, the company proposed to spend an additional $1.3 million. The new incentive is $400,418 with an increase of$54,172 compared to what was approved in March 2018. The mistake was in the formulas. The actual incentive payout is based on the tax value real and personal that is determined by the tax administrator. $400,418 would be the max amount of the investment. In the future, all schedules will be reviewed with the County finance office prior to being presented. The incentive is a performance based grant which will create 40 jobs at an average annual wage of$41,526. The modification would require the same performance terms as the original agreement. Chair Dalrymple opened the public hearing for comment. The following people spoke in favor of the economic development incentive agreement modification: - Jimmy Randolph, 3405 Windmere Drive, Sanford, NC (Existing Industry and Development Manager for the Sanford Area Growth Alliance) - Michael Smith, 115 Chatham Street, Sanford, NC (CEO of the Sanford Area Growth Alliance) No one spoke in opposition to the modification of the economic development incentive. Chair Darlymple closed the public hearing. IV. PROCLAMATION / RESOLUTION A. Proclamation celebrating the Week of the Young Child. The Week of the Young Child is an annual celebration sponsored by the National Association of Young Children. Kristy Arey, Director of the Lee County Partnership for Children, was present to provide information regarding the activities that surround the Week of the Young Child. The purpose of the Week of the Young Child is to direct attention to the needs of young children and their families and to recognize early childhood programs and services. The Lee County Partnership for Children along with the Coalition for Families in Lee County are working in conjunction with the North Carolina Association for the Education of Young Children to support the Week of the Young Child taking place April 7-13, 2019. Commissioner Del Palazzo presented the proclamation. Commissioner Del Palazzo moved to adopt the Proclamation for the Week of the Young Child as presented, a copy of which is attached to these minutes and by this reference made a part hereof. Upon a vote, the results were as follows: Page 216