File #: 23-500   
Type: Public Hearing Status: Passed
File created: 10/6/2023 In control: Economic Development Commission
On agenda: 10/24/2023 Final action: 10/24/2023
Enactment date: 10/24/2023 Enactment #: 2023-343
Title: Public Hearing - Re: Commissioner Keigher - EDC - To Approve a Gaston County Level Two or Level Three Incentive Grant Pursuant to N.C.Gen.Stat.158-7.1; To Authorize Gaston County to Enter Into an Economic Development Agreement (EDA) with Project Sequoia 1. Receive Citizen Comment 2. Close Public Hearing 3. Accept Motion to Approve Resolution
Sponsors: Tom Keigher
Attachments: 1. Adopted 2023-343, 2. Resolution

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Public Hearing - Re: Commissioner Keigher - EDC - To Approve a Gaston County Level Two or Level Three Incentive Grant Pursuant to N.C.Gen.Stat.158-7.1; To Authorize Gaston County to Enter Into an Economic Development Agreement (EDA) with Project Sequoia

1. Receive Citizen Comment

2. Close Public Hearing

3. Accept Motion to Approve Resolution

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STAFF CONTACT

Alisha Summey - Economic Development Commission - 704-825-4046

BUDGET IMPACT
budget

Local Incentive Funds.

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BUDGET ORDINANCE IMPACT

N/A

BACKGROUND

Project Sequoia is considering a total investment of $34,000,000 to construct and equip its facility, and anticipates creating 230 additional job opportunities with an average annual salary of $46,413. Gaston County developed an economic grant policy to provide global advanced manufacturing companies and distribution facilities with incentives to develop high quality industries within the County. 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 Two or Level Three Incentive Grant.

POLICY IMPACT

N/A

ATTACHMENTS

Resolution