Agenda Package - 1-23-2012 - Laserfiche WebLink

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003 The Board considered final agreements for the WST Industrial grant project. Economic Development Director Bob Heuts discussed the project and stated that the Rural Economic Development Center (REDC) proposes to provide a grant to Lee County in the amount of $85,689 to partially finance the renovation and reuse of a building located on Beechtree Drive in Sanford owned by WST Industries. WST will use the building to expand its current operations in Sanford. The total value of capital improvements exceeds $1,100,000. Under the proposed agreement with REDC, the County will loan the grant funds to WST under a Loan /Performance Agreement that will require WST to create within 24 months and maintain for at least six months, 12 new, full -time jobs. The company currently has 35 positions that were moved from their Wilson Road facility. Failure to me t t ° he job creation objective will require them to repay the amount loaned on a pro rata (per job) Iasi\ at $7,140.75 per job for each job not created or maintained. The County must provide a 5% ($4,284) cash match which WST will refund to the County upon execution of the Loan /Performance Agreement and Promissory a �, Note. Mr. Heuts stated it was an opportunity for the county to help a small business t has been part of the community for several years. After discussion, Commissioner Hayes moved toapprove the Grant Agreement with the Rural Economic Development Center in the amount of X85,689 and Loan /Performance Agreement between WST Industries and th/County, copies of which are attached to these minutes and by this reference made a part herein. Upon. a vote\the results were as follows: Aye: Hayes, Oldham, Paschal, and Reives Nay: Parks, Shook, and Womack The Chairman ruled the motion had been adopted by a 4 to 3 The Board considered a grant agreement-froFn'One North Carolina Fund for the Zurn Industries, LLC project. Economic Development Director Bob Heuts sstatedithat on October 10, 2011 the Board adopted a resolution and approved an agreement authorizing/the County to provide funds to the Lee County Economic Development Corporation ( LCEDC) which would be used as an economic incentive for Zurn Industries, LLC. The documents provide\ that the County will grant to the LCEDC and the LCEDC will in turn grant to Zurn Industries $38,000`A an economic incentive to expand its existing manufacturing and warehousing operations in the� maintain approximately 95 jobs at the existing facility and create and maintain for three years 38 additional new jobs. The One North Carolina Fund has notified the C-ou my t aVit_has approved the grant application and will award Lee County $38,000 upon approval of ,Commissioners of the Grant Agreement and Company Performance Agreement. After discussion, Commissioner Oldham moved to approve the Local Government Grant Agreemen\by�,One North Carolina in the amount of $38,000 and Company Performance Agreement between Zurn Industries, LLC and the County, copies of which are attached to these minutes by-this reference made a part hereof. Upon a vote, the results were as follows: Aye: HHayes, Oldham, Paschal, and Reives Nay: Parks, Shook, and Womack The'Chairmar'ruled the motion had been adopted by a 4 to 3 vote. The Boar conducted the first of two required public hearings in reference to the 2011 Community Development Block Grant (CDBG) program. Community Development Director Karen Kennedy stated that two public hearings must be held as part of the application process to discuss the CDBG program options available to Lee County and specific application information. This was the first public hearing in preparation of the Scattered Site Housing funds to be received by Lee County. The second public hearing will be scheduled for the second meeting in February. Ms. Kennedy stated that the North Carolina Department of Commerce's Division of Community Investment and Assistance and Commerce Finance Center administer the State of North Carolina's Community Development Block 2