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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 Tectonic Real Estate
1. Receive Citizen Comment
2. Close Public Hearing
3. Accept Motion to Approve Resolution
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STAFF CONTACT
Sara Gilbert-Kay - Economic Development - 704-825-4046
BUDGET IMPACT
budget
N/A
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BUDGET ORDINANCE IMPACT
N/A
BACKGROUND
Tectonic Real Estate is considering a total investment of $9,430,200 ($50/sq.ft.) to establish a 188,604 square foot warehouse and distribution facility in the Tectonic Building on Jenkins Dairy Rd. with the expectation to complete this investment on or before December 31, 2025. 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 Grant. The County will prepare a detailed Economic Development Agreement (EDA), between Tectonic Real Estate, the County, and the City of Gastonia, 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