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Commissioner Keigher - EDC - To Authorize Acceptance and Appropriation of the NCDOC Rural Economic Development Division Building Reuse Grant ($187,500) for the Benefit of Depalo Foods, Inc (Project Family 2025) and To Authorize a Fund Balance Appropriation for the Required Match of $9,375
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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 $9,375. Increase transfers out by $9,375.
Capital Fund Increase State Revenue by $187,500 Increase transfers in by $9,375. Increase capital expenditure by $196,875.
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BACKGROUND
DePalo Foods, Inc is considering a total investment of $8,000,000 to purchase new machinery and equipment and expand and upfit its existing manufacturing facility in Gaston County. The Company anticipates creating 30 new jobs with an average annual salary exceeding $54,736 per year in Gaston County which is above the County average wage. This will potentially increase property and sales tax revenue based upon DePalo Foods, Inc committing to the upfit of the manufacturing plant in Gaston County and could 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. Board previously approved local match in Board Action 2025-262 in the amount of $9375.
POLICY IMPACT
N/A
ATTACHMENTS
Resolution and Budget Change Request (BCR)