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Public Hearing - RE: Commissioner Keigher - EDC - To Authorize a Gaston County Level One Incentive Grant and Approve the Conveyance of Approximately 1.5 Acres of Land at the Southridge Business Park Pursuant to N.C.Gen.Stat. 158-7.1; Authorize Gaston County to Enter Into an Economic Development Agreement (EDA) with Project Garland
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 Budget Impact. Incentive grant payouts are included in the County’s annual budget the year of the payout.
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BACKGROUND
Project Garland is considering an expansion to their existing operations in Gaston County, N.C. General Statute 158-7.1 authorizes a county to undertake an economic development project by conveying property to a company in order to cause the company to locate or expand its operations within the county. Gaston County is the owner and developer of Southridge Business Park. Gaston County and Project Garland have engaged in private negotiations for conveyance of the parcel described in Exhibit A. Gaston County and Project Garland have reached tentative agreement on the terms for conveyance. The conveyance will stimulate the local economy, promote business, and result in the proposed investment of $13,000,000 to design and expand their existing facility. Based on the information provided by the company, Project Garland proposes to create 30 additional job opportunities with an average annual salary in excess of $50,746, which is currently the County average. It is anticipated that the Company’s investment in and at the property will generate significant ad valorem tax, sales, tax and other revenues to the County and will qualify for a Level One Incentive Grant.
POLICY IMPACT
No Policy Impact.
ATTACHMENTS
Resolution and Exhibit A - Map