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Public Hearing RE: Commissioner Keigher - EDC - To Authorize the Sale of Real Property for Economic Development and to Authorize a Level One Economic Development Grant and a Local Match for a One NC Grant - PROJECT KNOCK
1. Receive Comment
2. Close Public Hearing
3. Accept Motion to Approve Resolution
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STAFF CONTACT
Donny Hicks - Economic Development Commission - 704-825-4046
BUDGET IMPACT
budget
N/A
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BUDGET ORDINANCE IMPACT
N/A
BACKGROUND
Project Knock is considering an investment of $899,501.00 to stimulate the local economy, promote business, and result in the creation of 31 jobs in Gaston County that pay at or above the median average hourly wage in the county. The median average hourly wage in Gaston County, as determined by the North Carolina Employment Security Commission, is $42,100 per year. The probable average annual wage at the facility to be constructed by Project Knock is $51,000, which is above the current median annual wage in the county. The determination of the probable average annual wage at the facility is based upon materials provided to the county by Project Knock. The fair market value of the property, subject to the covenants and conditions associated with the Apple Creek Corporate Center, is $963,750.00. This determination of fair market value is based upon the sales prices of comparable tracts of land, as reported to the Board of Commissioners. As consideration for the conveyance of the property, Project Knock has agreed to construct on the property an advanced manufacturing facility at a cost of at least $7,000,000. A copy of the letter of intent is attached to this resolution. As consideration for the conveyance of the property, Project Knock will pay $899,501.00 at closing ($70,000/acre, subject to survey). This facility will generate property tax revenues over the next ten years in an amount at least sufficient to return to the county the total fair market value of the property.
POLICY IMPACT
N/A
ATTACHMENTS
Resolution, Letter of Intent/Exhibit A “Map”