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Public Hearing - RE: Commissioner Chad Brown - EDC - To Authorize Gaston County to Apply for a One North Carolina Grant and Enter into an Economic Development Agreement (EDA) with Project LENO and to Authorize a Fund Balance Appropriation of $50,000 for a Local Match
1. Receive Citizen Comment
2. Accept Motion to Approve
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STAFF CONTACT
Donny Hicks - Economic Development - 704-825-4046
BUDGET IMPACT
budget
Fund Balance Appropriation - Required Local Match ($50k)
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BUDGET ORDINANCE IMPACT
N/A
BACKGROUND
Project LENO is considering a total investment of $3.4 million in purchasing a building and machinery and equipment to maintain an advanced manufacturing facility in Stanley with the expectation to complete this investment on or before December 31, 2020. The firm intends to create at least twenty-nine new jobs expecting to pay an average annual wage of $38,900 with the current average annual wage of Gaston County being $39,852. Gaston County is required to provide a local match for the One North Carolina Grant of $50,000.
POLICY IMPACT
N/A
ATTACHMENTS
Resolution, Budget Change Request and Economic Development Agreement