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Public Hearing - RE: Commissioner Keigher - EDC - To Amend Resolution No. 2025-264 to Include a Gaston County Level Three or Level Four Incentive Grant and To Authorize a Two-Year CIP Incentive Grant Pursuant to NC.Gen.Stat. 158-7.1 for Project DELOREAN
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
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Level Three or Four local Incentive Grant anticipated. Two-year CIP Incentive Grant also anticipated.
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BACKGROUND
Project DELOREAN is considering a total investment of $53,000,000 to expand industrial manufacturing operations in Gaston County. Project DELOREAN anticipates retaining 400 jobs with an average annual wage at $60,000. Gaston County Resolution No. 2025-264, adopted August 26, 2025, authorized a Level Four Incentive Grant for this project, however, the anticipated investment and job creation have been updated which may fall in a Level Three or a Level Four Incentive Grant. It is anticipated that the Company’s capital investment in and at the Property and its operations thereat will generate significant ad valorem tax, sales tax and other revenues to the County and will qualify for a Level Three or Level Four Incentive Grant and a two-year CIP Incentive Grant. The County will prepare a detailed Economic Development Agreement (EDA), between Project DELOREAN, the County, and chosen municipality, 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
N/A
ATTACHMENTS
Resolution