It involves the fate of the 2,200-acre Philip Morris USA factory site, once cigarette production ends in Concord in 2010.
John Cox, chief executive officer of the Cabarrus County Economic Development Corp., touched on that issue and others during the agency's annual meeting Tuesday in Kannapolis. About 100 people attended.
Cox said he hoped local officials could have some influence over how the Phillip Morris property is used. The company has not decided what to do with the site yet.
And even though the economy continues to pose challenges, Cox said, other events in the past year were more encouraging. He hit on some of the highlights:
--Great Wolf Resorts is building an indoor water park and hotel in Concord. The company has estimated the cost at $123 million.
--PreGel, an Italian producer of raw materials used to make gelato, is spending $15 million to launch its North American headquarters in Concord's International Business Park.
--Work continues on the $1.5 billion North Carolina Research Campus, being developed in Kannapolis by billionaire David Murdock.
--The total number of new or expanded businesses increased from 194 in 2006 to 256 last year, and annual job creation rose from 1,770 to 1,955 last year. Total investment in new or expanded businesses decreased, however, from $292 million in 2006 to $263 million last year.
--Billionaire Lowe's Motor Speedway owner Bruton Smith plans to spend $200 million to upgrade the track and is building a $60 million drag strip, in exchange for $80 million in incentives. The deal came together after Smith had threatened to move the track following a dispute with Concord City Council over his drag strip plans.
"The word 'incentives' is probably the most misunderstood word associated with economic developers," Cox said. "But it is an important part of what we do."
The EDC continues not just to focus on big companies but to work with small business entrepreneurs as well. The agency also is continuing to work to bring in diverse, high-paying jobs, Cox said. But not enough land in Cabarrus County is zoned for industry to accommodate new businesses.
Cox also said the county's unemployment rate of 4.1 percent is tied for lowest in the Charlotte region and is one of the lowest in the state. But for people still looking for jobs, he said, it is still too high.
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