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Commissioner Keigher - EDC - To Authorize Acceptance and Appropriation of NC Department of Commerce (NCDOC) One NC Grant Funds ($100,000) and a Fund Balance Appropriation for the Required Local Match of the One NC Grant of $50,000 for the Benefit of Lynddahl Telecom A/S
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STAFF CONTACT
Alisha Summey - Economic Development Commission - 704-825-4046
BUDGET IMPACT
budget
Appropriate State revenues in the amount of $100,000. Local match in the amount of $50,000.
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BUDGET ORDINANCE IMPACT
N/A
BACKGROUND
Lynddahl Telecom A/S, which is locating to 408 Brook Street, Belmont, NC is planning a total investment of $7 million in an existing building to upfit, to establish an American subsidiary. The firm intends to create 50-100 jobs over the next five years with an average annual salary of $61,624. This will potentially increase property and sales tax revenue based upon Lynddahl Telecom A/S in committing to the expansion of telecom manufacturing in Gaston County.
POLICY IMPACT
N/A
ATTACHMENTS
Resolution and Budget Change Request (BCR)