Other Economic Development
FY 2023 Program Summary
DESCRIPTION
Non-profit and other government agencies that provide public services which complement or are not found in the array of services provided by the County.
Obligation to Kannapolis (Inter-local Agreement- North Carolina Research Campus)
Payment to the city of Kannapolis which goes towards paying 50% of the debt service on public improvements in Kannapolis which includes the Cabarrus Health Alliance facility. (Inter-local agreement with the City of Kannapolis to fund a portion of the Development Financing Plan not to exceed $168,400,000) – Cabarrus County has authorized execution and delivery of an inter-local agreement pursuant to which the County will pledge a portion of its ad valorem taxes actually received by it on the incremental valuation of property in the Development Financing District in support of the Bonds issued by the City of Kannapolis for the public improvements. The incremental ad valorem tax revenues are to be used for the payment of no more than one-half of the annual payments of principal and interest due on the Bonds issued and outstanding per the inter-local agreement. The term of the agreement coincides with the term of the bonds issued for the public improvements covered in the inter-local agreements.
Economic Development Corporation (EDC)
The Economic Development Corporation promotes economic development within Cabarrus County by recruiting new businesses and encouraging retention and expansion of existing businesses. The funding amount of $400,000 remained the same from FY 2018 actual budget to FY 2020 proposed budget.
Carolina Farm Stewardship (Caro Farms)
The County owns the Elma C. Lomax Incubator Farm, which has been utilized as a unique County Park for training and developing local farmers as part of the larger local sustainability effort. $40,000 was budgeted for FY16 for equipment, maintenance and repairs, grounds maintenance and management staff, fuel and utility costs, landscape design and site plan for greenhouses and staff and support for community programs and activities. For FY 2018, $40,000 was budgeted with the goal to phase out funding allocated to the farm over the next few years, per Board recommendation. The FY 2020 proposed budget excludes the allocation for the Carolina Farm Stewardship.
Concord Downtown Development Corporation (CDDC)
In the late 1980s the Downtown Concord Revitalization Committee pursued participation in the North Carolina Main Street Program, a downtown revitalization program administered by the NC Department of Commerce. The City also pledged financial support for a downtown non-profit corporation by endorsing the establishment of a municipal service district. The Concord Downtown Redevelopment Corporation (CDRC), currently known as CDDC, was formed with the mission of implementing the four-point approach to downtown revitalization. For FY 2020, $25,000 is proposed for the CDDC to continue assisting with the full-time Marketing Coordinator.