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Public Hearing - RE: Commissioners Fraley & Hovis - EDC - To Approve a Gaston County Level Four 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 LEGACY
1. Receive Citizen Comment
2. Close Public Hearing
3. Accept Motion
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STAFF CONTACT
Donny Hicks - 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 occurs after conclusion of project development.
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BACKGROUND
Project LEGACY is considering a total capital investment of approximately $70-75 million in real estate and machinery and equipment in Gaston County. Project LEGACY anticipates creating at least 150 new jobs with average annual salaries exceeding the County’s average annual wage of $54,736. 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. The County will prepare a detailed Economic Development Agreement (EDA), between Project LEGACY and the County, and chosen municipality, 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