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Commissioner Keigher – EDC – To Authorize Acceptance and Appropriation of the NCDOC ONE NC Grant Funds ($70,000) and a Fund Balance Appropriation for the Required Local Match of the ONE NC Grant of $35,000 for the Benefit of Nuport, LLC D/B/A J&L Machine and Fabrication (Project Olive Tree/Tuscany)
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STAFF CONTACT
Alisha Summey - Economic Development Commission - 704-825-4046
BUDGET IMPACT
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Community Investment Fund: Increase fund balance appropriation by $35,000. Increase transfers out by $35,000.
Capital Fund: Increase State Revenue by $70,000. Increase transfers in by $35,000. Increase capital expenditures by $105,000.00.
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BACKGROUND
Nuport, LLC, D/B/A J&L Machine and Fabrication, is considering making an investment of $2,100,000 to increase their manufacturing and distribution capabilities in Gaston County. The company anticipates creating 53 new jobs with an average salary of $52,657. The required local match will be the Local Investment Grant previously approved in Board Action 2024-096 totaling $35,000. This will potentially increase property tax and sales tax revenue based on Nuport, LLC in committing to the expansion of manufacturing in Gaston County. This will also induce the company to continue 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 and Budget Change Request (BCR)