File #: 24-080   
Type: Resolution (Consent) Status: Passed
File created: 2/27/2024 In control: Economic Development Commission
On agenda: 3/26/2024 Final action: 3/26/2024
Enactment date: 3/26/2024 Enactment #: 2024-081
Title: Public Hearing - RE: Commissioner Keigher - EDC - To Authorize Eligibility for Tribridge Residential Redevelopment Project to Participate in Gaston County's Local Investment Grant Program and 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 Tribridge Residential 1. Receive Citizen Comment 2. Close Public Hearing 3. Accept Motion
Sponsors: Tom Keigher
Attachments: 1. Adopted 2024-081, 2. Resolution

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Public Hearing - RE: Commissioner Keigher - EDC - To Authorize Eligibility for Tribridge Residential Redevelopment Project to Participate in Gaston County’s Local Investment Grant Program and 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 Tribridge Residential

1.  Receive Citizen Comment

2.  Close Public Hearing

3.  Accept Motion

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STAFF CONTACT

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

BUDGET IMPACT
budget

Local Investment Grant.

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BUDGET ORDINANCE IMPACT

N/A

BACKGROUND

The Loray Mill Redevelopment Project’s Legal Entity is considering an investment of approximately $32,000,000 to redevelop Phase Two of the former textile mill located in downtown Gastonia, into a commercial and residential mixed-use project and will greatly assist the City’s revitalization efforts by stimulating the local economy. 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 Incentive Grant.  The final value of the incentive will be based upon 50% of the assessed value as a result of Historical Tax exemption status of the property.

POLICY IMPACT

N/A

ATTACHMENTS

Resolution