Title
Vote on a request to accept the North Carolina Department of Commerce Building Reuse Grant Award for the Gaines Oil Building Reuse Project and approve the Grant Agreement and supporting document 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.
Gaines Oil Company, located at 9098 Pittsboro Goldston Road in Goldston, is planning to invest approximately $400,000 to expand the footprint of its existing building to be utilized as office space and storage. In so doing, Gaines Oil expects to create 14 new full-time jobs in the first year following the completion of the expansion project in addition to its 39 full-time jobs currently existing.
Commerce's BR program requires that a local government apply for the grant, where, in this case, the county would enter into an agreement with Commerce. Likewise, the county will also enter into an agreement with Gaines Oil. 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 $60,000. A local match is required of the grant. The local match can come from any source. The local match for this grant is set to be funded by Gaines Oil, which will be satisfied through the expenses associated with the cost of ...
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