Title
Vote to accept the North Carolina Department of Commerce Building Reuse Grant Award for the Conveyor Tech, LLC/Project Colt and approve the Grant Agreement and supporting documents associated with the same.
Abstract
Introduction & Background: The NC Department of Commerce's Building Reuse (BR) Grant provides matching funds for three different types of projects and awards are based on net new job creation. The expansion of an existing industry is one project-type that falls within the BR program.
Conveyor Tech, LLC (CTI), located at 751 Church Street in Goldston, is planning to invest approximately $1,000,000 to replace or repair the roof on a 200,00 square foot manufacturing facility, which will allow CTI to expand its operations of printing circuit boards and surface mount technology. In so doing, CTI expects to create 20 new full-time jobs in the first year following the completion of the expansion project. These new jobs will offer an average annual wage of $52,589 which is higher than the current county average ($48,143).
Commerce's BR program requires that a local government apply for the grant, where, in this case and if awarded, the county would enter into an agreement with Commerce. Likewise, the county would also enter into an agreement with CTI. Chatham County will be accountable to the State for the performance of job creation along with other requirements of the grant, and Gaines Oil, through its agreement with the county, will be accountable to the county for the same. If Gaines Oil does not perform, it will be the county's responsibility to repay Commerce any portion of the grant that has already been expended. As part of the agreement, the county will have the ability to secure the funds with a Deed of Trust listing Chatham County as the beneficiary in the amount of the total grant award.
The grant amount awarded for this project is $100,000. A local match of 5% is required of the grant. The local match can come from any sour...
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