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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 Conner Brothers Machine Co., Inc. (Project Precise) and To Authorize a Fund Balance Appropriation for the Required Match of $11,500
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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 $11,500. Increase transfers out by $11,500.
Capital Fund: Increase State Revenue by $230,000. Increase transfers in by $11,500. Increase capital expenditures by $241,500.
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BACKGROUND
Conner Brothers Machine Co., Inc. is considering a total investment of $4,000,000 to expand its existing operations within Gaston County. Conner Brothers Machine Co., Inc. plans to invest $4 million to upfit an existing facility and purchase machinery and equipment. Conner Brothers Machine Co., Inc. anticipates creating 31 new jobs in Gaston County. The required match will be the Local Investment Grant previously approved in Board Action 2023-293 totaling $11,500.00. This will potentially increase property and sales tax revenue based upon Conner Brothers Machine Co., Inc. committing to the upfit of the manufacturing plant in Gaston County and will 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)