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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 REPI, LLC (Project Manitoba) and To Authorize a Fund Balance Appropriation for the Required Match of $12,500
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STAFF CONTACT
Alisha Summey - Economic Development Commission - 704-825-4046
BUDGET IMPACT
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Community Investment Fund: Increase fund balance appropriation by $12,500. Increase transfers out by $12,500.
Capital Fund: Increase State Revenue by $250,000. Increase transfers in by $12,500. Increase capital expenditures by $262,500.
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BACKGROUND
REPI, LLC is considering a total investment of $7,000,000 to purchase property and expand its existing operations within Gaston County. REPI, LLC plans to invest $7 million in land, building and equipment. REPI, LLC anticipates creating 31 new jobs in Gaston County. The required match will be the Local Investment Grant previously approved in Board Action 2024-063 in the amount of $12,500.00, 5% of the total amount of the grant. This will potentially increase property and sales tax revenue based upon REPI, LLC committing to the upfit of the manufacturing plant in Gaston County. This acceptance will also 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)