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Commissioner Keigher - EDC - To Authorize Acceptance and Appropriation of NC Department of Commerce (NCDOC) One NC Grant Funds ($75,000) and a Fund Balance Appropriation for the Required Local Match of the One NC Grant of $37,500 for the Benefit of Heyco Werk
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STAFF CONTACT
Alisha Summey - Economic Development Commission - 704-825-4046
BUDGET IMPACT
budget
Appropriate State revenues in the amount of $75,000.00. Local Match of $37,500.00.
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BUDGET ORDINANCE IMPACT
N/A
BACKGROUND
Heyco Werk, which is locating to Apple Creek Lot 8, Dallas, NC, is planning a total investment of $21 million to design and construct a manufacturing facility in Gaston County. The firm intends to create 46 additional job opportunities over the next five years with an average annual salary of $59,348. The required local match of 50% ($37,500) will be the Local Investment Grant previously approved (Project Creign - 10/24/23 via Resolution 2023-342). This will potentially increase property and sales tax revenue based upon Heyco Werk in committing to the expansion of distribution and manufacturing in Gaston County.
POLICY IMPACT
N/A
ATTACHMENTS
Resolution and Budget Change Request (BCR)