The deal will bring the 85-employee firm, which expects to add up to 70 jobs over the course of the next few years, to the city. As part of the contract, Kannapolis will provide a Level 1 incentive grant worth $212,243.85 over five years.
“The Gateway Business Park's proximity to Concord Regional Airport, Lowe's Motor Speedway, and I-85 was a good fit for our firm.”
With this deal and another recent land sale with MarkPiercePoole Inc., all developable land in the Kannapolis Gateway Business Park is under contract. MarkPiercePoole recently contracted with the city to purchase almost 4 acres for future development. Plans for these tracts include Class A office space and possibly retail buildings.
"The Kannapolis Gateway Business Park has been a tremendous success for the city," said Kannapolis City Manager Mike Legg. "We will receive $3.1 million from our land sales over the course of the next few fiscal years. Our remaining loan balance is $1.3 million, leaving us nearly $1.8 million to invest in other economic development projects."
Since the Kannapolis Gateway Business Park is sold out, city officials are aggressively looking at other land parcels for a new business park.
"Having a city-owned business park to work with has been a tremendous asset for the Cabarrus Regional Partnership," said Ryan McDaniels, director of economic development, Cabarrus Regional Partnership. "It has provided us with the necessary product for prospects interested in locating to the county, and flexibility in our incentive packages."
Over the course of the past several months City officials and the Cabarrus Regional Partnership worked with Haas CNC Racing in an effort to help them expand their current Cabarrus County operations.
"We're excited about the deal with Haas CNC Racing," said Patrick Pierce, partner, MarkPiercePoole Inc. "They are well-financed and provide a valuable presence in the Park. Their interest also validates the City's strategy to create a first class business park to help drive economic development "
Haas CNC Racing fields the No. 0 car driven by Mike Bliss in the NASCAR NEXTEL Series and the No. 44 car driven by Justin Labonte in the NASCAR Busch Series. The company intends to add one or more race teams over time to the site. Haas CNC Racing also operates a large automated CNC tool manufacturing company based in California.
"We currently operate out of a 40,000 square foot facility and needed more space," said Joe Custer, general manager, Haas CNC Racing. "The Gateway Business Park's proximity to Concord Regional Airport, Lowe's Motor Speedway, and I-85 was a good fit for our firm."
Haas CNC Racing's decision to remain in Cabarrus County is a strong indicator of the County's deep ties to motorsports-related industries according to John Cox, CEO, Cabarrus Regional Partnership.
"Cabarrus County is proving to be the destination of choice for motorsports companies which wish to compete at that industry's highest level," said John Cox, CEO, Cabarrus Regional Partnership. "By bringing this project to a satisfactory conclusion, we have been able to create more jobs for citizens of this county."
According to Kannapolis City Manager Mike Legg, the deal would provide a solid source of tax revenue for the City as well as high paying jobs. "Not only are we excited to land such a valuable corporate citizen as Haas, but we are also proud of our success at the Gateway Business Park. In the future we hope to develop another business park and build off our success."
For more information about Haas CNC Racing, please visit www.haascncracing.com. For more information about the City of Kannapolis, please visit www.cityofkannapolis.com.
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