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Commissioner Keigher - EDC - To Accept and Appropriate the NCDOC Rural Economic Development Division’s Building Reuse Grant Funds for Project Repel and Provide the Required 5% Match in an Amount Not to Exceed $3,250
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STAFF CONTACT
Donny Hicks - Economic Development Commission - 704-825-4046
BUDGET IMPACT
budget
In CIF revenues increase $65,000; $3,250 appropriated from fund balance and transfers to CIP increase $68,250. In CIP transfers from CIF increase $68,250 and expenses increase $68,250.
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BUDGET ORDINANCE IMPACT
N/A
BACKGROUND
Project Repel, which has operated in Gaston County since 2001, is proposing a total investment of $7.7 million in renovations to their manufacturing facility in Gaston County and in an expansion of their warehouse space. The firm intends to create fourteen (14) new jobs over five (5) years, of which ten (10) jobs are to be created in the first two (2) years. The average annual wage of these jobs are projected to be $43,856 with the current annual average wage for Gaston County being $42,018. On Oct 21, 2021 the NCDOC Rural Economic Development Division awarded a Building Reuse Grant to Gaston County in the amount of $65,000.00. The General Statutes of North Carolina authorize a County to accept grants from the State of North Carolina for the expansion of industry and the Gaston County Board of Commissioners find that it is in the best interest of the County to assist Project Repel and commits to provide the required five percent local match in an amount not to exceed $3250.00. Approval of this Board Action, and the attached Budget Change Request, accepts and appropriates the NCDOC grant award and the required 5% local match from the Fund Balance and authorizes the Chairman of the Gaston County Board of Commissioners to execute any documents necessary for the NCDOC Building Reuse Grant Agreement.
POLICY IMPACT
N/A
ATTACHMENTS
Budget Change Request (BCR)