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Public Hearing - RE: Commissioner Keigher - EDC - To Approve a Gaston County Level Two Incentive Grant Pursuant to N.C.Gen.Stat. 158-7.1 and To Authorize Gaston County to Enter Into an Economic Development Agreement (EDA) with Project ATLAS
1. Receive Citizen Comment
2. Close Public Hearing
3. Accept Motion
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STAFF CONTACT
Donny Hicks - Economic Development Commission -704-825-4046
BUDGET IMPACT
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No immediate budget impact. If the company chooses to locate/expand within Gaston County, company will then enter into an Economic Development Agreement (EDA). Once the project investment is complete, the qualifying value will be determined by the net new taxable investment assessed by the tax department. The company must pay their taxes on time and in full each year, along with meeting all criteria in the application and recorded EDA to receive grant payouts. Grant funds are a percentage reimbursement directly from the company's property tax payments. Grant payouts, which are budgeted for as part of the annual budget process, occur in July/August. Grant applications typically occur after conclusion of project development.
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BACKGROUND
Project ATLAS is considering a total capital investment of approximately $21 million in real estate and machinery and equipment which is expected to generate more than $17 million in net new taxable value within Gaston County. Project ATLAS anticipates creating 95 new jobs with an average annual salary exceeding $79,710 per year in Gaston County which is well above the County average wage. It is anticipated that the Company's capital investment in and at the Property and its operations there will generate significant ad valorem tax, sales tax and other revenues to the County and will qualify for a Level Two Incentive Grant. The County will prepare a detailed Economic Development Agreement (EDA), between Project ATLAS and the County, and chosen municipality, to induce the company to provide good job opportunities...
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