TITLE
Title
PUBLIC HEARING FOR CONSIDERATION OF AN ECONOMIC DEVELOPMENT INCENTIVE GRANT FOR PROJECT GAMBLE
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SPONSOR
Sponsor
Brantley Craft, High Point Economic Development Corporation
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BACKGROUND
Background
Pursuant to N.C.G.S 158-7.1, the Board of Commissioners will hold a public hearing to receive public input on the proposed allocation funds for an Economic Development Incentive Grant to:
Cascade Die Casting Group, Inc. (aka: Project Gamble), in the amount of approximately $57,284. The County would fund incentive payments with available revenues in the County's General Fund. The company is considering an expansion at 1800 Albertson Road, in addition to other options within the United States, for a projected investment of $8,120,000 in personal property and the creation of forty-three (43) new jobs by December 31, 2029.
The Board of County Commissioners intends to consider entering into a contract; if approved the County will make cash incentive grants pursuant to the County’s Economic Development Investment Guidelines. The company is also requesting state and other local incentives before making a location decision. The local approval of incentives does not commit the company to locate in North Carolina; however, the cash grants are contingent upon, among other things, the company’s entry into a local economic development agreement with Guilford County containing the obligations and agreements of the company and Guilford County.
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REQUESTED ACTION
Requested Action
Pursuant to N.C.G.S. 158-7.1, hold a public hearing and consider approval of an economic development incentive grant to Cascade Die Casting Group, Inc. in an amount not to exceed $57,824; and upon approval, authorize staff to execute grant agreements, in accordance with terms and conditions of the proposal, consistent with the County's economic development incentive policy and North Carolina law.
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