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030617 II Project Maiden Closed Session II – Project Maiden— March 6, 2017 At 8:24 p.m., already in closed session on another matter, began closed session on a different matter relating to the location or expansion of business in the area, pursuant to NCGS 143-318.11(a)(4). Commissioners Allen, Frye, Haywood, McDowell and Kidd were present. Also present were County Manager Hal Johnson; County Attorney Ben Morgan; Aimee Scotton, Associate County Attorney; Amanda Varner, Clerk to the Board; and Randolph County EDC President Bonnie Renfro. Randolph County EDC President Bonnie Renfro presented an update on Project Maiden. She said that a private Japanese small parts manufacturer for automotive and farm original equipment manufacturers (OEMs), is seeking a site for their first North American production operation. They had annual sales of $20 million in 2015 and have 130 employees. They plan a new 250,000 square foot facility for aluminum casting and metal processing. She said the West Randleman Business Park is the only NC site under consideration and that they have narrowed their list to two sites – Randleman and Dublin, VA. She said key drivers are incentives, location, customized training, quality workforce, and utility costs. They are seeking a discounted land price plus incentives. Dublin has offered cost of developed land to be practically zero and 50% of property tax paid in five years to be refunded. Ms. Renfro said the company is now planning Phase Two of the project requiring an additional forty acres of land. Both phases are, as follows: Phase One: 2019-2024  $4,300,000 in real property including new facility construction  $11,625,000 in machinery and equipment over five years  $15,925,000 total new investment over six years.  86 jobs in five years Phase Two: 2025-2029  $8,000,000 in real property  $20,125,000 in machinery and equipment  $28,125,000 over four years  111 jobs in four years Total planned investment over ten years: $44,050,000 Total jobs over ten years: 197 with average wages of $37,125 Tax Revenues: $584,413 / five years 50%= $292,206 $1,768,746 / eight years 50%= $884,378 Ms. Renfro said the current loan balance of the West Randleman Business Park is $297,208.21. She suggested proposing an incentive of 35 acres for $300,000. Full market value of the property is $678,000. They would need to develop the site within five years or give the land back. In addition, this project could be considered for a performance based grant of up to 50% of expected property tax revenues over five years. At 8:30 p.m., closed session ended on this topic. _____________________________ ______________________________ David Allen, Chairman Darrell L. Frye _____________________________ ______________________________ Stan Haywood Kenny Kidd _____________________________ ______________________________ Maxton McDowell Amanda Varner, Clerk to the Board