| | | | | | | |  | Brunswick County Board of Commissioners
ACTION AGENDA ITEM
September 19, 2022 |
Action Item # VII. - 1. From:
Bill Early, Brunswick Business & Industry Development
| Public Hearing - Economic Development |
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| | | | | | | | Issue/Action Requested:
Request that the Board of Commissioners conduct a Public Hearing to receive comments regarding a proposed economic development incentive from Brunswick County in the amount of $270,000 to Precision Swiss Products, Inc., and following the public hearing, consider approving the Incentive Agreement. |
| | | | | | | | Background/Purpose of Request:
Brunswick County proposes a local Economic Development Incentive Grant of $270,000 payable over a 3-year period. In return for the economic incentives detailed above, the Company must invest $8,433,000 in machinery and equipment. In addition, the Company must create 125 new full-time jobs in Brunswick County within 5 years with an average annual wage of $54,025.
If approved, the County will fund the local payment with available revenues in the County’s General Fund. This project will stimulate and stabilize the local economy and result in the creation of new, permanent jobs in the County. |
| | | | | | | | Fiscal Impact:
Budget Amendment Required, Pre-Audit Certification Required, Reviewed By Director of Fiscal Operations
Budget amendment appropriates fund balance of $100,000 for economic development Precision Swiss Products, Inc year 1 of 3 incentive agreement. |
| | | | | | | | Approved By County Attorney:
Yes |
| | | | | | | | County Manager's Recommendation:
Recommend that the Board of Commissioners conduct a Public Hearing to receive comments regarding a proposed economic development incentive from Brunswick County in the amount of $270,000 to Precision Swiss Products, Inc., and following the public hearing, consider approving the Incentive Agreement. |
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