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Commissioner Keigher - EDC - To Authorize an Agreement with The North Carolina Railroad Invests Grant Program on Behalf of Fit Precast LLC (Project Willow)
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STAFF CONTACT
Alisha Summey - Economic Development Commission - 704-825-40496
BUDGET IMPACTbudget
Local Investment grant and no additional funds will be required.
BACKGROUND
FIT PRECAST, LLC. (formerly Project Willow) announced a total investment of $102,000,000 to construct a manufacturing facility in Gaston County and purchase machinery and equipment. The firm intends to create at least 125 new jobs over five years in Gaston County. The North Carolina Railroad Company (NCRR) created the program NCRR Invests to partner with state and local governments and industries to facilitate industrial rail projects in North Carolina that result in job creation, capital investment, and rail use in counties throughout the state. NCRR has agreed to reimburse up to $500,000 in actual costs of new rail spur infrastructure to serve the FIT PRECAST facility. FIT PRECAST will bear the costs of design and construction for the rail spur infrastructure. Gaston County would act only as the “pass through” entity for the reimbursement funds from the NCRR Invests project.
POLICY IMPACT
N/A
ATTACHMENTS
Resolution