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Commissioner Keigher - EDC - To Authorize Acceptance and Appropriation of the NCDOC Rural Economic Development Division Building Reuse Grant for the Benefit of Lynddahl Telecom A/S (Project Server) and to Authorize a Fund Balance Appropriation for the Required Match of $7,500
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STAFF CONTACT
Alisha Summey - Economic Development Commission - 704-825-4046
BUDGET IMPACT
budget
Community Investment Fund: Increase fund balance appropriation by $7,500. Increase transfers out by $7,500.00
Capital Fund: Increase State Revenue by $150,000. Increase transfers in by $7500. Increase capital expenditures by $157,500.
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BACKGROUND
Lynddahl Telecom A/S is planning a total investment of $7 million in an existing building to upfit, to establish an American subsidiary. The firm intends to create 50-100 jobs over the next five years with an average annual salary of $61,624. This will potentially increase property and sales tax revenue based upon Lynddahl Telecom A/S in committing to the expansion of telecom manufacturing in Gaston County and induce the company to continue to provide good job opportunities and capital investment which will enhance the County’s ability to attract additional business and industry.
POLICY IMPACT
N/A
ATTACHMENTS
Resolution and Budget Change Request (BCR)