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Public Hearing - RE: Commissioner Brown - EDC - To Approve a Gaston County Level One Incentive Grant Pursuant to N.C. General Stat. 158-7.1 and To Authorize Gaston County to Enter Into an Economic Development Agreement (EDA) with Project Capped
1. Receive Citizen Comment
2. Close Public Hearing
3. Accept Motion
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STAFF CONTACT
Alisha Summey - Economic Development Commission - 704-825-4046
BUDGET IMPACT
budget
No Budget Impact. Incentive grant payouts are included in the County’s annual budget the year of payout.
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BACKGROUND
Project Capped is considering a total investment of $3,500,000 to expand its existing operations. The investment includes an upfit to its existing facility and the purchase of additional machinery and equipment. Project Capped anticipates creating 10 additional new jobs with an average salary of approximately $56,985 per year in Gaston County. Gaston County will prepare a detailed Economic Development Agreement (EDA), between Project Capped and the County, to provide a Level One Incentive Grant, so as to induce the company to provide good job opportunities and capital investment which will enhance the County’s ability to attract additional business and industry.
POLICY IMPACT
No Policy Impact.
ATTACHMENTS
Resolution