TITLE
Title
APPROVE INCREASE TO THE FY 2017 ECONOMIC DEVELOPMENT AND ASSISTANCE BUDGET OF $180,532 FOR RECEIPT OF THE "ONE NC" GRANT FROM THE NC DEPARMENT OF COMMERCE
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SPONSOR
Sponsor
J. Leslie Bell
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BACKGROUND
Background
Honda Aircraft Company, LLC was awarded a grant in the amount of $1,000,000 from the State's "One NC" Grant based on job creation of 419 new jobs and new capital investment of at least $80 million. To be considered for a One NC Fund Grant, local units of government must have agreed to match the One NC Fund Grant. The total match requirements for this grant have been met with Guilford County's commitment of $770,960 (Guilford County Contract #101411-03/12-202) and the City of Greensboro’s commitment of $523,750. Guilford County paid the Company a total of $749,373.12 and the City of Greensboro documents total payments at $402,250. Performance-based payments from the two jurisdictions total $1,151,623.12.
The NC Department of Commerce has documentation verifying the Company has met the requirements set out in the “One NC” Grant (see attached) and has sent a final electronic payment (payment #245110) in the amount of $180,532 to Guilford County on March 20, 2017 to be disbursed to Honda Aircraft, LLC. The terms of the One NC Fund Grant sets out that the grant funds are routed to Guilford County to be disbursed in the full amount of $180,532 to the company.
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BUDGET IMPACT
Budget Impact
Budget Ordinance Amendment
General Fund
$180,532 Increase in Federal/State Revenue
$180,532 Increase in Appropriation to Economic Development & Assistance
NO ADDITIONAL COUNTY FUNDS REQUIRED
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REQUESTED ACTION
Requested Action
Approve increase to the FY 2017 Economic Development and Assistance budget of $180,532 for receipt of the "One NC" Grant from the North Carolina Department of Commerce. The funds will be disbursed to Honda Aircraft Company, LLC in the ...
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