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Commissioner Keigher - EDC - To Authorize an Application to the Department of Commerce Rural Economic Development Division Building Reuse Grant Program on Behalf of Project Box
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STAFF CONTACT
Alisha Summey - Economic Development Commission - 704-825-4046
BUDGET IMPACT
budget
Appropriate State revenues. No additional County funds.
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BUDGET ORDINANCE IMPACT
N/A
BACKGROUND
Project Box proposes to relocate, design and up-fit one existing building used for manufacturing and distribution which includes an investment in machinery & equipment for approximately $2,500,000 in Gaston County, NC. It is anticipated that the Company' s capital investment in and at the property and its operations will generate significant ad valorem tax, sales tax and other revenues to the County. NC Department of Commerce has preapproved Project Box for a Building Reuse Grant up to, but not more than, $350,000. The EDC is asking for authorization to apply for the Building Reuse Grant on behalf of Project Box. Once the application is completed and accepted, a building reuse grant amount will be confirmed, and the EDC will then request acceptance and appropriation of funds. No additional County funds are requested, the required 5% local match will be the previously approved Local Investment Grant.
POLICY IMPACT
N/A
ATTACHMENTS
Resolution