2011 - 04-04-2011 Reg. Meeting - Laserfiche WebLink

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BOOK 24 i ,, b; 1 5 PROJECT NARRATIVE 1. Describe in some detail the type of business with which this project is involved and give details of the project itself. blow will it lead to the creation of jobs? What assistance (and how much) is being requested from Commerce? Caterpillar Inc. is the largest maker of construction and mining equipment, diesel and natural gas engines, and industrial gas turbines in the world. It currently employs 355 workers in Lee County. The project involves Caterpillar resourcing the manufacturing of the skid steer loader frames and consolidating the logistics facility into a new facility, nearly 275,000 square feet on the Caterpillar campus located at the Lee County Industrial Park. The total additional investment is expected to be $23.3 million dollars and 325 additional permanent jobs created by Caterpillar Inc. and Caterpillar Logistic Services, Inc. and an additional 160 jobs created through a supplier over a five year period. In addition, had the project located elsewhere, the facility would have lost over 100 jobs. The Industrial Development Fund funds are to be used to pave the extension of Clyde Rhyne Drive to allow a secondary ingress / egress point from the Caterpillar facility to Colon Road near its interchange with US 1. This new access is neccessary to accomodate and allow additional manpower and products to move to the plant. Lee County is requesting a $500,000 CFC Industrial Development Fund grant to be used with $166,667 matching funds to complete the pavement of Clyde Rhyne Drive Extension, including required drainage improvements and engineering costs. Lee County will seek EDA, US Dept of Commerce grant funds to assist in project road and building renovation/equipment costs to p rovide training for Caterpillar's expansion. If the EDA grant is received, EDA grant funds will match IDF grant funds. 2. Name employer and include address and telephone number. Direct Beneficiary: Caterpillar, Inc. and Caterpillar Logistic Services, Inc. Beneficiary Address: 5000 Womack Road, Sanford, NC 27330 -9594 3. Describe any personal or business relationships existing between the parties: the firm or employer, property owner, contractor, local governing board (an example would be where the property that is being renovated is owned by an official of the local governing board). There are no personal or business relationships existing between the parties; the Firm or employers, property owner, contractor, or local governing board.