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Commissioner Brown - EDC - To Appropriate the NC Department of Commerce (NCDOC) Building Reuse Grant Funds ($175,000) and Authorize the Acceptance and Appropriation of the NCDOC One NC Grant ($50,000) for Polykemi, USA
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STAFF CONTACT
Alisha Summey - Economic Development Commission - 704-825-4046
BUDGET IMPACT
budget
No additional County funds.
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BUDGET ORDINANCE IMPACT
N/A
BACKGROUND
Polykemi USA (Project Frosty), which located in the Gastonia Technology Park in 2021, is planning a total investment of $11.8 million in a 50,000sf speculative building in Gastonia to upfit, customize and operate a plastics compounds production facility and the firm intends to create 22 new jobs over the next two (2) years. The General Statutes of North Carolina authorizes a County to accept grants from the State of North Carolina for the expansion of industry.
The Gaston County Board of Commissioners held a public hearing to consider whether to authorize a match for a One NC Grant and a Building Reuse Grant to be provided by the Department of Commerce. Via Resolution 2021-136, the Board of Commissioners declared its support of Polykemi’s application to the NCDOC Rural Economic Development Division Building Reuse Grant and to the One NC Grant, and authorized a cash match of 5% and 50%, respectively. Resolution 2022-283 authorized the acceptance of the Building Reuse Grant funds ($175,000) and approved the Fund Balance appropriation of the $8,750 match.
Approval of this Board Action 1) appropriates $175,000 Grant Funds for the Building Reuse Grant; 2) Authorizes the Acceptance of the One NC Grant of $50,000 and the necessary budget transfers to appropriate the grant funds (note - no additional appropriation is needed for the One NC 50% match - the match will come from the approved Incentive Grant (Resolution 2021-073 - approved 3/23/21).
POLICY IMPACT
N/A
ATTACHMENTS
Resolution; Budget Change Request (BCR)