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Public Hearing - RE: Commissioner Keigher - EDC - To Approve a Gaston County Level Two Incentive Grant Pursuant to N.C.Gen.Stat. §158-7.1 and To Authorize Gaston County to Enter into an Economic Development Agreement (EDA) with Tectonic
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
N/A
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BUDGET ORDINANCE IMPACT
N/A
BACKGROUND
Tectonic Real Estate is considering a total investment of $19,740,000 ($70/sq.ft.) to establish a 282,000 sq.ft. manufacturing and distribution facility on Canterbury Rd., Kings Mountain, NC. Tectonic anticipates completing construction in the second quarter 2025, increasing manufacturing and distribution capabilities in Gaston County. 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 Two Incentive Grant. The County will prepare a detailed Economic Development Agreement (EDA), between Tectonic and the County, 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