File #: 24-545   
Type: Public Hearing Status: Passed
File created: 10/23/2024 In control: Economic Development Commission
On agenda: 11/12/2024 Final action: 11/12/2024
Enactment date: 11/12/2024 Enactment #: 2024-381
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 and To Authorize Gaston County to Enter Into an Economic Development Agreement (EDA) - Project Exchange 1. Receive Citizen Comment 2. Close Public Hearing 3. Accept Motion
Sponsors: Tom Keigher
Attachments: 1. Adopted 2024-381, 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 and To Authorize Gaston County to Enter Into an Economic Development Agreement (EDA) - Project Exchange

1. Receive Citizen Comment

2. Close Public Hearing

3. Accept Motion

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STAFF CONTACT

Donny Hicks - Director of Economic Development Commission - 704-825-4046

BUDGET IMPACT
budget

NA

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BACKGROUND

Project Exchange is considering a total investment of approximately $35,000,000 million dollars to establish a 305,760 sq. ft. industrial facility on 37.2 acres located near I-85 and Hwy. 321. Project Exchange expects to complete this investment on or before the fourth quarter in 2026. North Carolina Gen. Stat. §158-7.1 authorizes a County to undertake an economic development project by providing grants for the location of industry. 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. The actual qualifying Local Investment Grant to be provided will be determined by the actual value of the net new taxable investment as determined by the Gaston County Tax Assessor.

POLICY IMPACT

N/A

ATTACHMENTS

Resolution