TITLE
Title
PUBLIC HEARING: NC DEPARTMENT OF COMMERCE RURAL BUILDING REUSE GRANT - BETHANY MEDICAL CENTER, P.A.
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SPONSOR
Sponsor
J. Leslie Bell
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BACKGROUND
Background
During its August 18, 2022 regular meeting, the Guilford County Board of Commissioners adopted a resolution supporting the submission of an application to the NC Department of Commerce for a Rural Building Reuse Grant to assist Peters Development, L.L.C. and Bethany Medical Center, P.A. in renovating a vacant building in Jamestown, NC (see attached). The Department has awarded the County a grant in an amount not to exceed $300,000 to renovate the 4,912 sq. ft. space located at 108 W. Main St., Jamestown, NC, to be occupied by Bethany Medical Center, P.A. The Board has been requested to conduct a public hearing to receive public input regarding this grant funding.
If approved, this grant would be distributed in the form of pass-through funding as a loan to the property owner, Peters Development, L.L.C. The loan would be forgivable upon achieving the following requirements: an investment of $615,000; creation of thirty (30) new full-time jobs by Bethany Medical Center, P.A. above its baseline; and paying wages at least equal to minimum wage. These funds would reimburse the property owner for eligible project expenses, contingent upon performance review and verification by the State (see attached Supplemental Agreement). In lieu of encumbering the property with a Deed of Trust, the parties agree by the Supplemental Agreement that Guilford County will not request grant funds from the NC Department of Commerce until the entirety of the investment, job creation and maintenance requirements imposed upon Bethany Medical Center are satisfied and verified by the Department. Guilford County will be responsible for and will work with Peters Development, LLC and/or Bethany Medical Center, PA to meet annual reporting requirements twice per year (January 15 and July 15), in addition to job ve...
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