The Rowan EDC requests that the Board of Commissioners schedule a public hearing for October 3rd to consider a revised incentive offer for 'Project Finishing.'
On August 1st, the Board of Commissioners approved a Level 1 Grant for 'Project Finishing.' The company behind this project is located in the northeastern United States and is evaluating locations in the south to relocate their manufacturing operations. If Rowan County were chosen, the project would create 29 new jobs and invest $6.85 million in building renovations and new equipment.
The total value of the approved Level 1 Grant, which is based on 75% of the new taxes to be paid on the project, is estimated to be $125,000. The grant is typically paid over five annual installments. The company is now requesting that the Board consider awarding the full value of the grant ($125,000) in a single payment and that the incentive be structured as a forgivable loan.
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