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Public Hearing - RE: Commissioner Keigher - EDC - To Approve a Gaston County Level One Incentive Grant Pursuant to N.C.Gen.Stat. 158-7.1 and To Authorize Gaston County to Enter Into an Economic Development Agreement (EDA) with Project Palmetto
1. Receive Citizen Comment
2. Close Public Hearing
3. Accept Motion
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STAFF CONTACT
Alisha Summey - Economic Development Commission - 704-825-4046
BUDGET IMPACT
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No immediate budget impact. If the company chooses to locate/expand within Gaston County, company will then enter into an Economic Development Agreement (EDA). Once the project investment is complete, the qualifying value will be determined by the net new taxable investment assessed by the tax department. The company must pay their taxes on time and in full each year, along with meeting all criteria in the application and recorded EDA to receive grant payouts. Grant funds are a percentage reimbursement directly from the company's property tax payments. Grant payouts, which are budgeted for as part of the annual budget process, occur in July/August. Grant applications typically occur after conclusion of project development.
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BACKGROUND
Project Palmetto is considering a total investment of $6,000,000 to expand its existing facility and operations in Gaston County. North Carolina General Statute §158-7.1 authorizes a County to undertake an economic development project by providing grants for the location of industry; should any grants and incentives be offered by the State of North Carolina and a local match be required, the Local Investment Grant will be used as the match and no additional funds will be obligated by the County. It is anticipated that the Company’s capital investment in and at the Property and its operations thereat will generate significant ad valorem tax, sales tax and other revenues to the County and will qualify for a Level One Incentive Grant. The County will prepare a detailed Economic Development Agreement (EDA), between Project Palmetto and the County, so as to induce the company to provide good job opportunities and capital investment which will enhance the County’s ability to attract additional business and industry.
POLICY IMPACT
N/A
ATTACHMENTS
Resolution